Allegations involving the misuse of company resources, poor management, and unauthorized financial transactions have emerged following an internal audit at Fiji Pine Ltd. The executive chairman, Ratu Rakuita Vakalalabure, confirmed that these issues occurred during the tenure of previous management.
An internal audit investigation is currently being conducted for the Fiji Pine Group, as highlighted in the internal Audit Report. The report indicates that the company, a leader in the pine industry, is grappling with significant governance problems stemming from past management failures.
Key issues identified include a lack of clear policy guidelines, which have led to resource misuse, mismanagement, and unauthorized disbursement of company funds. Ratu Rakuita stated that the Internal Audit has successfully completed the first two phases of a thorough investigation into the company’s operations.
He also mentioned that the company has sought independent legal advice based on the findings of the Internal Audit, emphasizing the existence of criminal elements and considerable financial losses tied to these issues.