Allegations regarding the misuse of company resources, mismanagement, and unauthorized disbursement of funds have emerged following an internal audit at Fiji Pine Ltd. The company’s executive chairman, Ratu Rakuita Vakalalabure, confirmed that these issues occurred over the years under previous management.
An internal audit investigation is currently ongoing for the Fiji Pine Group, and the findings suggest that the firm, a major player in the pine industry, is grappling with significant governance challenges stemming from past management failures. The report indicates a lack of clear policy guidelines, leading to the abuse of company resources, mismanagement, and unauthorized fund releases.
Ratu Rakuita noted that the internal audit has concluded the initial phases of a thorough investigation into the company’s operations. He added that the company has sought independent legal counsel in light of the internal audit findings, which reveal potential criminal elements and considerable financial losses.
Further details will be available in tomorrow’s business section of the Fiji Times.