11 Jul 2013

Reports Solomons Central Bank will shut down logging operators

7:31 pm on 11 July 2013

The Central Bank of Solomon Islands is planning to close down logging company accounts held by commercial banks in the country amid concerns that they may have been operating illegally.

Our correspondent in Solomon Islands, Dorothy Wickam says she has been told some logging companies may not be properly licensed, or have ignored certain environmental laws or not honoured the Banking Act.

"It's a clause inside the Logging Licensing Act and it's also to do with the Banking Act and I think they're not adhering to some or both. And these 14 companies have been investigated and have been identified. And the banks will be closing down the accounts at the end of this month."

Dorothy Wickham in Honiara.