Allegations concerning misuse of company resources, mismanagement, and unauthorized financial transactions have emerged following an internal audit at Fiji Pine Ltd. The company’s executive chairman, Ratu Rakuita Vakalalabure, confirmed that these issues arose during the tenure of previous management.
“An internal audit investigation is currently being conducted for the Fiji Pine Group, and the internal Audit Report indicates that the company, a leader in the pine industry, is facing significant governance challenges stemming from past management failures,” he stated.
He highlighted problems such as the absence of clear policy guidelines, leading to potential misuse of resources, mismanagement, and unauthorized financial actions.
“The Internal Audit has successfully completed the first two phases of a thorough investigation into the company’s operations,” Ratu Rakuita added. The company has also sought independent legal advice in light of the audit findings, given the serious nature of the criminal elements discovered and the substantial financial losses incurred.
More details will be available in tomorrow’s business section of the Fiji Times.