By Bernadette H. Carreon
Horizon news staff

The Federal Deposit Insurance Corporation will assist in the forensic audits of the Pacific Savings Bank fiasco.
The president announced on Wednesday that the FDIC has made commitment to send a lawyer and an accountant in Palau to look into the defunct PSB snafu.
Earlier Remengesau asked the United States government for technical assistance from the FDIC or other suitable agencies to assist in forensic audit.
Through Mark Bezner,U.S. Charge d’ Affaires, Remengesau said Palau needs help to facilitate the investigation process in the bank’s crisis and maximize recovery of the depositors’ money.
Bezner for his part said he has immediately contacted the U.S. Department of State to coordinate an appropriate response to the president’s request.
In his request the president cited that Sections 222 and 224 of the Compact of Free Association provide that Palau may request for technical assistance.
“We also critically need additional expertise and technical assistance to conduct the forensic audits necessary to unravel the years of complex and incompletely documented transactions which led up to the large capital deficit of Pacific Savings Bank,” Remengesau said in his request letter.