9 Mar 2007

Audit reveals further alleged abuses in Fiji's biggest financial institution

10:25 am on 9 March 2007

An audit of Fiji's biggest financial institution has uncovered further alleged abuse by its two top executives.

The audit has revealed that the chief executive of the 2-billion US dollar Fiji National Provident Fund, Olota Rokovunisei, and his deputy, Foana Nemani, obtained numerous loans at low or no interest from the Fund.

The money was used to buy properties in Fiji and New Zealand for their real estate businesses in breach of the Fund's rules.

Radio Legend reports that the two executives were also paid exorbitant local and overseas travel and entertainment allowances.

FNPF board member, Daniel Urai, says they are now awaiting the response of the two top executives to the allegations highlighted in the audit report before taking action.

They were suspended by the military at the beginning of the year when the audit was begun.

Mr Urai says staff can obtain a loan to buy a home to live in, but the rules do not allow the granting of loans to buy many homes to build up a real estate empire.

A recent newspaper report this week said the chief executive, Mr Rokovunisei, was in New Zealand selling his properties but journalists were not able to trace the whereabouts of Mrs Nemani.