Multi-million fraud found at Banks DIH
-promotional goods diverted
Stabroek News
July 3, 2003

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A multi-million dollar fraud has been uncovered at Banks DIH Limited and at least five employees have been fired and the sales and promotions executive, Ramsay Ali has had to resign.

Ali, who heads the sales team promoting Bank’s products, was held ultimately accountable for the transgressions in his department and tendered his resignation effective last Friday.

Ali could not be reached for comment yesterday and Banks Chairman and Managing Director, Clifford Reis is overseas. Repeated efforts by Stabroek News yesterday to contact Azam Khan, Finance Director, were unsuccessful.

Stabroek News understands that products were intended for promotional events and at reduced prices, but did not reach the intended beneficiaries and employees of the company profited off the goods. Five of these employees’ services were terminated last week.

A source close to Ali indicated that his resignation was tendered because he was head of the department in which the transgressions took place. Ali had 12 years of service with the company, having started out as a branch executive.

Banks DIH, a public company, is a registered issuer under the Securities Industry Act and would be expected to make a statement relevant to the fraud and its findings.

When Guyana’s first stock exchange opened on Monday, a number of shares in Banks DIH were offered for sale with the best offer (lowest price) of $7.50. The shares were offered by persons holding the company shares and not by Banks itself. The Securities Industry Act of 1998 has full disclosure requirements as it relates to shares transactions.