The Central Bank on Thursday responded to the public debate on Pramuka Savings & Development Banks crisis, by saying it will reveal all as the weeks go on.
In a lengthy six-page statement, the monetary authorities gave a brief description of its actions since Pramukas licence was cancelled in December 18, 2002.rn
rnDespite several warning letters, the Central Bank said, Pramukas management continued its lquote unsound, improper and mismanagement practices.rn
rnOfficials from the Banking Supervision Dept. brought it to Pramuka officials notice that the bank was insolvent, but the lquote directors and shareholders did not show a meaningful and practical commitment to revive the bank.rn
rnThe Central Bank says it cannot respond to the ongoing public debate on Pramukas affairs as it has been challenged before courts.rn
rnldblquote In view of its obligations under the law, the Central Bank has not responded in detail to these statements despite serious inaccuracies and misrepresentations contained i