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Thousands of BSP Dormant Bank Accounts to be closed

Up to 14,000 dormant accounts at Bank of South Pacific Financial Group Limited will be closed and funds remitted to the Department of Finance at the end of 2022. BSP Group Chief Executive Officer Robin Fleming told NBC News that most of these customer accounts have less than K20 and have not been charged account maintenance fees since. He said under Sections 6 (3) and 7(1)(a)(b)(i) of the Unclaimed Monies Act 1963, customer funds which remained unused for more than seven (7) years will be paid to the Finance Department, and therefore is encouraging customers concerned to approach the Bank and claim their monies or reactivate their accounts, among other options. “One of the main reasons we have such a large number of accounts that haven’t been activated is because we stopped charging a monthly maintenance fee on those accounts. And we stopped charging that monthly maintenance fees many years ago now.” “We actually have almost 6,000 accounts which have balances les...

PNG Police will investigate Dr Kwa’s case without fear or favour says Manning

Police Commissioner David Manning says the Royal Papua New Guinea Constabulary will do its job without fear or favour in relation to the traffic accident involving Secretary for Justice & Attorney General Dr Eric Kwa. Police Commissioner Manning said, “We will not be swayed by public comments and debates but ensure that the law is applied, and justice prevails. “We have reviewed the evidence with the investigators of the case since and are satisfied with the weight of the evidence to support the charge of “Dangerous Driving Causing Death”. Furthermore, there are separate police actions to be taken on other parties involved in this matter.” The Commissioner said he had a brief discussion with Dr Kwa on Friday January 27 to reassure him that due diligence will be taken in perusing the file by senior experienced traffic investigators to ensure that police have: 1. Satisfied the essential elements of the alleged offence; and 2. Ensured all other circumstances leading up to, during...