Shady Deals

Meanwhile Pramuka Merchant Corporation, an affiliate financial firm, of the bank also stopped repaying its maturing bondholders.rn

rnEmployees say that the bank has invested their provident funds in the banks own securities leading to a US style loss of retirement funds. rn

rnHowever, top bank officials say the primary cause of their present troubles were bad loans arising from poor economic conditions of the recent past.rn

rnFour weeks after its suspension Pramuka Bank depositors are awaiting a final decision from the Monetary Board on whether the bank can be re-opened or whether it will have to be liquidated.rn

rnMeanwhile, Finance Minister K N Choksy told Parliament that bank supervisors have discovered accounting irregularities. rn

rnIt is alleged that the bank avoided making full provisions on its loans in order to reduce accounting losses. The bank is also alleged to have rolled over loans with interest capitalized as new loans to avoid classification as nonendash performing loans.

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