“The president must be given credit for extending Harley’s contract,” Koshiba said. Harley’s contract has been extended, President Remengesau announced during his weekly press conference, Wednesday last week.Harley’s contract is supposed to expire Aug. 14, the contract extension came a day before the contract ended.Harley will continue his work as investigator into the collapse of the Pacific Savings Bank.“I thank him for understanding our policy,” Remengesau said.The president said Harley has accepted the contract renewal which will be for another year.Remengesau said Harley has previously assured that he will make efforts to recover depositors’ money and bring to court any individuals who were involved in the illegal activities that caused the failure of the bank.PSB collapsed in Nov. 2006, after it was declared insolvent by the Financial Institution Commission (FIC).The bank has been placed under receivership but there are more than 6,000 depositors who lost their savings in the bank.The receiver however had made payoffs earlier but depositors who have more than $2,000 in their accounts are still awaiting the recovery of their money.Bank officers have been charged as a result of the investigation, trials are scheduled in November.
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