Allegations of 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 past years under prior management.
“An internal audit investigation is currently in progress for the Fiji Pine Group, and according to the company’s Internal Audit Report, the group, a major player in the pine industry, is facing significant governance problems stemming from management failures in the past,” he stated.
“This includes a lack of clear policy guidelines, which has led to abuse of company resources, mismanagement, and unauthorized fund releases. The Internal Audit has completed Phases I and II of a thorough investigation into the company’s operations.”
Ratu Rakuita noted that the company is seeking an independent legal opinion based on the findings of the Internal Audit, emphasizing the serious nature of the criminal elements involved and the substantial losses incurred by the company.