DBS refutes Weekly allegations |06 April 2013

“The Bank would like to confirm that all three loans granted to Mr Roger Toussaint, managing director of DBS during 1996 – 2013, were applied for, processed, approved and sanctioned in accordance with standard and established procedures and policies in relation to DBS staff loans and commercial loans accordingly,” says a communiqué from the bank.

“The Bank would like to record that the said three loans were approved prior to the Bank’s decision in February 2012, to put all its lending activities on hold.  The subsequent registration of three charges merely includes a change of collateral for two earlier loans which again has been done in line with internal procedures,” addes the communique.

“The Bank would like to further record that the then managing director did not participate in any of the Bank’s approval discussions for any of the loans, in accordance with loan sanctioning procedures,” says the communiqué.

The Development Bank of Seychelles would like to take this opportunity to assure its customers and the public in general that the bank operates within the required standards and as per its powers and obligations laid out by the laws of Seychelles and that it is audited by several organisations and no evidence of malpractice or misuse of its funds have ever been found.