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HomeNewsLocal News$20 million reportedly missing from Development Bank of St. Kitts and Nevis

$20 million reportedly missing from Development Bank of St. Kitts and Nevis

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By Devonne Cornelius

St. Kitts and Nevis (WINN): Millions are reportedly missing from the coffers of the Development Bank of St. Kitts and Nevis. 

That was revealed by Prime Minister and Minister of Finance Hon. Dr. Terrance Drew during a sitting of the National Assembly on Wednesday, February 22, 2023. 

“Madam Speaker, what took place at the Development Bank is enough to make a big man cry. We have stabilized the Development Bank, and the bank is now solid. Lots of work to be done but it is solid…but what has been uncovered is over $20 million can’t be accounted for in cash…how does one explain this? After prudent research, the bank had not been subjected to audits since 2018,” said Prime Minister Dr. Drew. 

The Anti-Corruption Bill, 2023; Integrity in Public Life (Amendment) Bill, 2023; and Freedom of Information (Amendment) Bill, 2023, were successfully passed during the sitting on Wednesday. The bills were moved by Attorney General and Minister of Justice and Legal Affairs, Hon. Garth Wilkin.

Prime Minister Dr. Drew emphasized the importance of the bills. He said, “that is why we need this because sometimes we have put laws in place to protect us from ourselves. That is why I believe there should be a limited time for people to be in office…” 

WINN understands that a forensic audit was done on the Development Bank of St. Kitts and Nevis; however, that report is yet to be made available for public scrutiny.

More on this as information becomes available.

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