Allegations involving the misuse of company resources, mismanagement, and unauthorized disbursement of funds have emerged after an internal audit at Fiji Pine Ltd. The executive chairman, Ratu Rakuita Vakalalabure, confirmed that these incidents occurred in recent years under the previous management.
“An internal audit investigation is currently ongoing for the Fiji Pine Group, and according to the internal Audit Report, the company, which is a major player in the pine industry, is facing significant governance challenges stemming from past management failures,” he stated. He elaborated that these issues include unclear policy guidelines leading to the misuse of resources, management discrepancies, and unauthorized fund disbursement.
Ratu Rakuita indicated that Phases I and II of a comprehensive investigation into the company’s operations have been completed. The company is now seeking independent legal advice based on the findings from the internal audit, which raised concerns about serious criminal implications and notable financial losses.
Further details will be available in tomorrow’s business section of the Fiji Times.