30 Sep 2005

Fiji banks probed in US$1.7m Rewa scam

10:18 am on 30 September 2005

Fiji police are investigating several local banks linked to a US$1.7 million scam at the Rewa Dairy Company which until recently was managed by the coup front man George Speight's father, Sam Speight Senior.

The Fiji Sun quotes the police media relations officer, Sylvia Low, as saying the investigation relates to the misuse of the company's revolving fund.

She says police are looking at engaging an accountant to analyse and verify all the documents relating to the misuse of the money.

The fund was set up in 1994 to provide loans to dairy farmers but was alleged to have been used by company executives and board members.

Rewa Dairy's new chief executive, Savenaca Seniloli, says while the police investigation is under way, the board has commissioned an audit every three months to better monitor the loan scheme.