Meriang disclosed that this was made possible after Pres. Johnson Toribiong was able to secure a grant from the Republic of China (ROC).
“Some of the depositors asked for help from the President. The President heeded their request and was able to secure a grant to pay some of the claims made against the bank,” he pointed out.
Meriang revealed that the ROC government agreed to give $900,000 to Palau for such purpose.
Because the funds will come in installments, the official said that initially only persons with claims of $4,000 or less will be eligible of the refund.
The press secretary said that beginning December 1, every person with an unpaid claim against PSB totaling $4,000 or less should go to the former Senate chamber at the old OEK building from 9:00-11:30 am and 1:00-3:30 pm.
He said claimants should bring one form of photo identification like passport or driver’s license.
Once a claimant will be able to satisfy such requirement, he will be given an authorization form to fill out and sign instructing the PSB Receiver to release information concerning his unpaid claim against the PSB.
Meriang informed that once the Office of the President has received from the PSB Receiver all the information it needs to process the claim, a claimant will be contacted at the telephone number and mailing address provided in the authorization form.
He added that an appointment will then be made for the depositor to come in and receive his reimbursement.
Mismanagement and fraud committed by its top officials caused the PSB to be placed on receivership on November 2006. The “collapse” of the bank affected more than 7,000 depositors, it was learned.
