DBT tries to recoup written-off loan money
By Silafaga Lalua
The Development Bank of Tuvalu is still trying to recoup money from written-off bad loans lent out to businesspeople in the past.
General Manager of DBT Taukave Poolo tells Tuvalu news that 1.3 million dollars was lost to these kinds of loans borrowed by businesspeople with the objective to start up their businesses.
Poolo says that this happens when businesses collapse and he together with Tuvalu National Chamber of Commerce Coordinator Nakala Nia agree that businesses collapse because of the mismanagement of money meant to run the businesses.
Taukave Poolo says that they are still trying to find ways to recoup the 1.3 million dollars DBT has lost.
He says that because of this failure to repay loans, policies were established, with more complicated criteria to fully secure any loan made from the bank.
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