Banking

BSP pleads guilty to breach of Trust Accounts Act

The Bank of the South Pacific (BSP)  appeared at the Suva Magistrates’ Court before Magistrate Priyantha Liyanage charged with  breaching the Trust Accounts Act today. The court heard that the Bank was charged with failing to comply with the requirements of opening a trust account contrary to section 3 (1) (c) of the Trust Accounts Act […]

Salote Qalubau

September 1, 2016 4:43 pm

The Bank of the South Pacific (BSP)  appeared at the Suva Magistrates’ Court before Magistrate Priyantha Liyanage charged with  breaching the Trust Accounts Act today.

court-gravel

The court heard that the Bank was charged with failing to comply with the requirements of opening a trust account contrary to section 3 (1) (c) of the Trust Accounts Act 1996.

It is alleged that Bank of the South Pacific of Level 12, Suva Central Building, between 1 March 2016 and 30 April established a trust account without a copy of the written approval of the Minister of Justice as required by law.

The accused pleaded guilty to the offence.

The State served the summary of facts and the Defence served its mitigation submissions  in Court.

The matter has been adjourned to September 2nd  for sentencing.

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