Enough meat to catch Entrust directors
There’s enough ‘meat’ to prosecute directors of the scandal-hit primary dealer Entrust Security (Entrust), a Central Bank (CB) official says. ”We cottoned on to more than enough (doubtful) cash transactions to prosecute them,” a CB official told the Business Times. After the CB requested two commercial banks to look into personal accounts of some Entrust directors in an attempt to get the complete trail of cash gone missing in the company, new evidence emerged, the official said.
A forensic audit conducted by the KPMG auditors identified some eight other accounts that Entrust monies have gone into. Certain transactions through the company have been routed to personal accounts of some top officials, he said adding that these details were handed to the CID. The CB took over the crisis-hit firm on January 5 and handed it to a management team from NSB after it was revealed that liabilities far exceeded assets.