#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Deloitte Auditors, FNFP and Natadola Resort: A Conflict of Interest

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Saturday, May 29, 2010

Deloitte Auditors, FNFP and Natadola Resort: A Conflict of Interest

A team of forensic accountants from the Australian branch of international firm Deloitte are in Fiji investigating the controversial past Fiji National Provident Fund (FNPF) deals. According to Aiyaz Sayed Khaiyum, the Deloitte team have been brought in by the current FNFP Board to investigate without fear or favour.

How can the team investigate without fear or favour when, in fact, Coup Fourpointfive has found out, that Deloitte (Fiji) was  auditors for APRIL, NLH, NBRL and YBRL (All companies involved in Natadola) at the commencement of the project?


Deloittes was part of the APRIL team that sold the idea to FNPF to invest in Natadola. In 2007, when the new FNFP Board came into the scene, Deloittes for some reason handed over all accounts and documents in their custody to APRIL.

The Board had to institute legal action to recover the documents which was partly recovered when the appointees themselves were removed from the Board. As a result, the 2007, 2008 FNPF accounts were qualified. The mess took place when Deloittes were in charge. 


Now they are supposed to tell us what is wrong.

Coup Fourpointfive has been told that the same goes for FNFP legal advisor, Suruj Sharma. He was supposed to advise FNPF on all major agreements it entered into for the project. All these agreements were a total mess for FNPF and did not adequately protect FNPF interest. Now he is brought back to advise FNPF. A full circle!
 

Sayed Khaiyum had told a news conference that the current board had written down the FNPF’s assets to reflect the true value. Anyone found responsible, he said,  for breaching any law would be prosecuted. He revealed the write off included $301 million from the Natadola Bay project and $18 million from the Momi Bay project. 

Frank Bainimarama had also pledged recently that those found responsible for the loss will be taken to task. He said the loss of FNPF members’ money due to any unscrupulous dealings was a very serious matter and those responsible should answer for it. 

We ask: How can Deloittes be neutral investigators: it is like asking the fox to guard the hen house. How much are Deloittes paid for a second bite of the FNFP “cherry” – presumably thousands of Fiji taxpayers’ dollars?

8 comments:

Girmit said...

Good investigation Coup 4.5 - gosh we wouldn't know these things until it's pointed out by good digging that your team is obviously doing.

Sayed Khaiyum probably thought he could fool Fiji yet again!

We know what the end result of Deloitte's investigation will be!

Unless hopefully this article brings enough attention to stop the corruption and boot Deloittes out!

Fiji's destructive military said...

The reputation and integrity of Deloittes is on the line here. Is it now supporting this illegal human rights abusing junta? What is its relationship with the illegal military appointed AG kaiyum?

Anonymous said...

What do you expect from this slime ball AG? He will gerrymander everything to suit the dictatorships interest. An with respect to the to task taking Frank has announced, Well we all know how much truth has ever come out of his treasonous mouth.

Anonymous said...

I wonder if their is a financial body to which we could report Deloittes to - like a watchdog, asking for an investigation in the conduct of this company in Fiji?

Anonymous said...

All checks will be pre-2006 and nothing after.

Anonymous said...

Pay companies such as Deloittes an agreed amount and they'll say anything you want. Perfectly illustated by continuing financial crisis. Anybody who believes Deloittes aren't aware of a monumental conflict of interest doesn't understand who and what companies like Deloittes do - what motivates them - definately shoudn't be having anything at all too with them. Let face it? Anybody seriously believe Deloittes are going to admit their own book keeping was shonky? Recommend suing themselves as a result? This is the path taken overseas?

Girmit said...

Of course they will keep their mouths shut and do whatever whoever is paying them wants ...everyone is suffering as a result of the financial crisis ...including Deloittes. Yes companies overseas are also doing this ...no principles left in this world ...money talks!

Dr. Mere Tuisalalo Samisoni said...

3/6/10

Deloitte Auditors, FNPF, Natadola Resort: Conflict of Interest.

Aiyaz Sayed Khaiyum (ASK) has bragged about the philosophy of the new digital age, which basically means knowing your customer and values, in order to sustain your business.
It also means being prepared to do what is right over what is wrong, as anyone student of business finance who observed the global financial meltdown, the Enron fiasco or closer to home the collapse of the NBF, can attest.
Obviously, this has not happened with regard to the FNPF. Why?
To add insult to injury, the Regime has re-appointed as forensic audit investigators a sister company of original project consultants Deloittes. Also re-appointed is lawyer Suruj Sharma (SS). I am not sure what new light the same personalities with the same biases and perspectives might be able to bring.
But the illegal AG and his team are thereby compromising the credibility of the investigation, and possibly the interests of the FNPF. When and where did the due diligence take place for this warped thinking??
This is a moral issue not a narrow legalistic one, where strong legal personalities like ASK and SS have out-maneuvered the spirit of the law in preference to their own personal agendas. Through a lack of moral fiber and good faith, they are making yet another mess of the purpose and role of FNPF in protecting the peoples’ life savings.
When will we learn? when will we ever learn?

Dr. Mere Tuisalalo Samisoni elected SDL Member for Lami Open Constituency,