Walesi’s Financial Woes: Millions Invested, Little to Show?

Walesi Fiji received a total of $123.6 million in government grants from 2015 to 2022, as revealed by a recent audit of the company’s finances. The audit disclosed that Walesi invested $70 million in equipment during this timeframe. Minister for Communications Manoa Kamikamica presented these findings in Parliament, emphasizing that despite this significant investment, the company has continued to rely heavily on government funding due to its inability to generate sufficient revenue.

Mr. Kamikamica noted that ten payments amounting to $9.3 million could not be verified due to missing documentation. This lack of records hindered the audit from ensuring that these payments adhered to the intended purposes or legal requirements of the funding. Furthermore, the absence of a project closure report made it challenging to assess the actual project costs against the budget. Initial analyses suggested that project costs exceeded $70 million, indicating potential wastage of at least $80 million, or 68% of the total funds disbursed up to 2022.

The Minister characterized Walesi as a failure of the previous administration, describing it as a “stain” and a glaring example of negligence and poor leadership. He lamented that the funds wasted could have funded vital infrastructure projects such as hospitals, roads, and bridges, underscoring that the country deserves better governance and effective use of public funds.

In summary, the audit reveals a troubling reliance on government funding by Walesi Fiji, with significant financial mismanagement highlighted by unsubstantiated expenditures and inadequate record-keeping.

Despite these challenges, this situation presents an opportunity for reform and improvement in governance. Addressing these issues can lead to better oversight, enhanced accountability, and ultimately, a more efficient use of resources for the benefit of the community. Moving forward, there is hope that lessons learned from this audit will foster stronger leadership and a commitment to transparency in future projects.