8 Feb 2003

Manager of collapsed credit union denies responsibility

11:58 am on 8 February 2003

The former general manager of the American Samoa Government Federal Credit Union, Bernard Gurr, says the government is wrong in saying that he is solely to blame for the collapse of the institution.

Gurr's lawyer, Joseph Conte has filed papers in Washington DC showing that he was only responsible for the loss of 29-thousand US dollars of credit union funds.

The papers said that devastation caused by two successive hurricanes plummeted the territory's economy and borrowers were unable to make loan repayments which was the real reason the fund collapsed.

The prosecution says it believes thaht Gurr was responsible for the total collapse of the 4-POINT-5 million dollar fund.