The Fiji Broadcasting Corporation is reporting that the Australian accounting firm, Deloittes, has started a forensic investigation into the FNPF’s Natadola development, and subsequent dealings that led to the $302 million write-down of the project.
FBC says five experts will conduct the investigation over the next 6 weeks, and that their findings will be submitted to the FNPF Board for further action.
The FNPF board reently wrote off $327million from its 2009 financial accounts, much of which was money invested in Natadola.
FBC quotes Fund Board Chairman, Ajith Kodagod, as saying the investigation will begin immediately in the interest of transparency and accountability.
He adds that the Board needs to ensure that members’ funds are protected, and those found to have acted in bad faith are held accountable.