#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Six-week investigation into Natadola project underway

Thursday, May 20, 2010

Six-week investigation into Natadola project underway

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.

2 comments:

Anonymous said...

Another water under the bridge saga.

Anonymous said...

One things for sure - won't be getting any money back. Kiwi based firm (corp) behind all this caught Australian investors for over a billion. Any charges laid would have to be in NZ jurisdiction - this ain't gonna happen.
Case of one thief (Bainimarama) pointing the finger at another - good money after bad. Whats done is done - lets all move on & hopefully learn from it.