THE newly appointed Minister for Commerce and Trade, Hon. Wake Goi, has ordered all accounts linked to the Government’s Small and Medium Enterprise (SME) program to be frozen pending an audit and investigation into the recent SME funds saga.
Minister Goi made the announcement during a press conference at the APEC Terminal following his appointment under the Marape-Rosso Government. He said the Ministry of Commerce and Trade, under his leadership, would operate with integrity, accountability, and in accordance with the rule of law.
As part of the immediate measures, he directed that all SME-related accounts be frozen while a comprehensive audit and investigation are carried out.
He also announced that the department would undergo a period of transition to determine whether changes to its leadership and management are necessary.
In addition, Minister Goi instructed all banks to suspend the processing of SME-related transactions until further notice and to report any suspicious cheques or accounts to his office.
“As of today, I order all banks to stop all cheques waiting to be cleared. There will be no transactions and no approvals until an investigation into the SME funds saga is completed,” he said.
Minister Goi added that he would determine whether the Prime Minister would order a formal investigation. If not, he said he would take the necessary steps within his authority to ensure those responsible are held accountable.
The directives mark the minister’s first major actions since assuming the Commerce and Trade portfolio.