Mcmahon succeeds Nelson Werner who was fired in October last year.
In a letter to Attorney General Ernestine Rengiil, Toribiong said McMahon “is hereby authorized to assume the duties and authority of the independent counsel and is further authorized to take appropriate action against any individuals involved with the failure of the Pacific Savings Bank who may have violated the laws of Palau.”
Due mismanagement and fraud committed by several top bank officials, PSB collapsed and was placed under receivership in late 2006. Individuals involved in the failure of the bank are to stand trial this coming June.
Aside from being the new independent counsel, McMahon is also one of the four assistant AGs.
A graduate of the University of Arkansas, McMahon previously served as district and county attorney in Wyoming.
