Fund frauds face $50 000 fine
(FP) (Minister of Finance Chris Sinckler)
Tue, August 21, 2012 - 12:08 AM
PEOPLE WHO TRY to rip off a Government fund set up five years ago to help low income earners whose homes were damaged by a catastrophe will be slapped with a stiff new $50 000 fine or five years in jail or both.
Minister of Finance Chris Sinckler is down to pilot an amendment to the 2007 Catastrophe Fund Act when the House of Assembly meets today at 10 a.m.
The legislation set up the Fund to provide financial aid to any low income earner who owns and occupies a chattel house (wood and wall) valued at not more than $125 000 where that house is damaged or destroyed by a catastrophe.
It was initially funded by annual contributions from financial year $2006- 2007 of $2.5 million voted by Parliament for not less than five years, buttressed by monthly contributions by every employed person and self-employed person of 0.1 per cent of the earnings on which that person pays NIS. (AB)
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