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?