CRIB denies allegations of corruption

In reference to a Daily FT article titled ‘Cracks in CRIB over corruption charge’ published yesterday, CRIB claims the article contains material without any factual foundation and allegations amounting to corruption and dereliction of duties on the part of the Board of Directors and the management of the CRIB.

“The CRIB totally denies these allegations and State that the procedure adopted in the process of selection of a vendor to acquire an IT system referred to in the news item has been transparent and fair. CRIB has engaged the services of a reputed audit firm as a consultant to this project and obtained the observations of a cross section of the CRIB stakeholders namely banks, leasing and finance companies in the vendor evaluations to shortlist the most suitable for CRIB. The selection process as per the set guidelines is yet to be concluded and therefore the news item is both incorrect and malicious.The Board of Directors of CRIB assures all stakeholders that due process is being followed to select the appropriate IT solution in the best interest of CRIB,” the statement said.

Editor’s Note: The Daily FT stands by its article and denies CRIB allegations. We aren’t sure whether the statement issued is approved by the financial sector industry represented Board of Directors of CRIB, which is finally accountable. A full expose on the irregularities and other connected issues will be published soon in the Daily FT.