As we've reported Prime Minister Said Musa has officially received the report of the Commission of Inquiry into the Development Finance Corporation, or might we say Lord's report. Today the Government Press Office posted the report on the government web site. The report catalogues the work of the commission from Lord's vantage point since March of 2005.
While the tale of the demise of the DFC has long been known through reports and testimonies at the hearings, Lord's report encapsulates them all. In the end Lord places all blame for the downfall of the DFC on the shoulders of the board of directors for DFC between 1999 to 2003 saying, "some members, its Chairman and deputy handled this institution as an extension of their own private business." It goes on: "the board of directors, the general manager and chief executive officer are the responsible officers along with other senior managers who made decisions to enter into many transactions with inadequate collateral."
Lord continues asking that his report be copied to the Director of Public Prosecutions for assessment of criminal wrongdoing with a view to prosecute those found to have broken the law. It also asks that civil litigation be taken against persons who received loans which are yet to be paid. The report concludes with recommendations asking that amendments be made to the DFC Act as well as altering the membership of the board of directors to include one member from the NTUCB and one from the NGO community.
