THE DEPUTY COMMISSIONER for the Vanuatu Financial Service Commission (VFSC) Sarah Obed confirmed in court this morning that the Greens Confederation Community Development Fund Ltd is an active registered international company.
Mrs. Sarah also confirmed that the Greens Alliance Community is a charitable organization active and registered in the VFSC.
However, Mrs. Sarah told the court this morning that there is no entity for Green Company Ltd, Green Confederation Development fund or neither a Green confederation trust in the VFSC.
Since last week, prosecution witnesses testified in court to have signed a loan agreement given by the Greens Confederation Community Development Fund which was what was on the bank statements.
However, this morning witnesses from the Customs In land Revenue and Taxes and Reserve bank confirmed there is no registry for Greens Confederation Community Development Fund Ltd in Customs and Reserve Bank records.
In fact, Governor for the Reserve Bank confirmed to the court that there are only five commercial Banks registered in the Reserve Bank: ANZ, Westpac Bank, National Bank of Vanuatu, Bred Bank and the European Bank.
Lending institutions registered under the Reserve Bank are Vanuatu National Provident Fund, Credit Corporation, Agriculture Development Bank and Credit Unions.
The said commercial banks and lending institutions have met the required criteria upon application, thus categorized into their current status under the Financial Institutions Act, confirmed by Reserve Bank Governor.
This afternoon the prosecution will call in its last witness at 2pm.
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