7 Jul 2006

American Samoa Development Bank waits for audit report

9:59 am on 7 July 2006

The Development Bank of American Samoa is still waiting for the U.S. Department of Interior's Office of the Inspector General to issue its final audit report regarding the bank.

The audit started early last year as a result of extensive local media coverage about the bank approving loans for high government officials and their families and bank employees.

The bank's acting president, Utu Abe Malae said the bank has not received any word on the audit, which was completed around September last year.

Utu says the inspectors were given all necessary information and the bank is providing the same data to the independent auditors, who have completed 80 percent of the field work for the 2004 and 2005 audits.

The independent audit is required by the federal government.