Internal audit finds allegations of corrupt practices in Fiji Pine Ltd

Allegations of abuse of company resources, mismanagement and unauthorised release of company funds have surfaced following an internal audit at the Fiji Pine Ltd. The company’s executive chairman Ratu Rakuita Vakalalabure confirmed these allegations happened over the past years under the previous management. “An internal audit investigation is currently underway for the Fiji Pine Group and according to the company’s internal Audit Report, the Fiji Pine Group, a behemoth in the pine industry, is facing major governance issues from past management failures,” he said.

“This include the lack of clear policy guidelines that tantamount to abuse of company resources, mismanagement, and unauthorised release of company funds. “The Internal Audit had completed Phases I and II of an intensive and extensive investigation into the Company’s affairs.” Ratu Rakuita said the company has sought an independent legal opinion based on the Internal Audit, findings noting the materiality of criminal elements attached in the Internal Audit and significant losses of company funds.



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