11/19/2022 0 Comments Post office![]() ![]() In case of death of a Joint holder, the surviving holder will be the sole holder, if surviving holder already has single account in his/her name, Joint account have to be closed.Only one account can be opened in the name of minor/above 10 years of age (self)/person of unsound mind.Only one account can be opened by an individual as a single account.(iv)a minor above 10 years in his own name (iv)a guardian on behalf of person of unsound mind 4.0% per annum on individual / joint accounts Minimum Amount for opening of account and maximum balance that can be retained As Post Office Limited reported negative net assets in their more recent published accounts, the Department has reduced its valuation to reflect this.Post Office Savings Account(SB) Interest payable, Rates, Periodicity etc. The Post Office's accounts show that its recognition of costs related to the scandal resulted in the firm having net liabilities for the first time since 2012.Ī government spokesman said: "The Department’s valuation of Post Office Limited in the BEIS annual report is based on the Post Office’s net assets. Victims who had their convictions overturned were offered up to £100,000 each, even before final settlements are reached.Īn independent inquiry into the scandal is ongoing. It later emerged the Government was setting aside £233m. The ruling left the Post Office open to a deluge of compensation claims, with the firm initially estimating it would face £153m in liabilities. “It amounts to the 21st century equivalent of maintaining that the earth is flat,” he wrote in a judgement. However, a landmark High Court ruling overturned the wrongful convictions, with Mr Justice Fraser accusing Post Office bosses of maintaining “bare assertions and denials” despite a mountain of contrary evidence. They were blamed when money went missing from branch accounts, even though it later emerged that it was caused by faults in the Horizon computer system developed by Fujitsu.ĭespite knowing the software was potentially faulty, the Post Office covered up evidence of bugs and aggressively prosecuted postmasters for theft and fraud, demanding repayments for the "missing" cash. Since it was spun off from Royal Mail in 2012, the firm has operated as a commercial entity providing banking, postal, travel and other services.Ī sharp decline in the number of letters being sent has eroded its business, while the firm has been obliged to keep loss-making branches open to comply with its statutory duties.Īlthough the chain had revenues of £951m, it sunk to a £305m loss in 2019/20 due to costs related to what is known as the Horizon scandal.īetween 19, hundreds of innocent postmasters were sacked, bankrupted and even jailed in what is now regarded as one of Britain's biggest miscarriages of justice. The Post Office, which has about 11,500 branches across the UK, is owned by the Government but run by the Post Office Ltd board. The Department for Business annual report states that it agreed in July to make £94m available to the Post Office for compensation to postmasters.īut it said of its shares in the firm: “The fair value of the investments as at 31 March 2021 was nil.” ![]() Without this bailout, the chain’s future would have been called into question, separate accounts show. It follows a court ruling that found hundreds of postmasters had been wrongly prosecuted for theft and false accounting when a faulty computer system was to blame.Īs a result the Post Office had to put aside £233m to compensate victims, forcing the 361-year-old institution to seek a cash injection from the Government to stay afloat. In its annual report, the Department for Business said the value of its holding in Post Office Ltd had plummeted from £145m to “nil” in the year to March 31. ![]() The Government has written down the value of the Post Office to zero after the state-owned chain was hit by the postmasters scandal. ![]()
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