18 Feb 2013

Vanuatu auditor calls for key government agency to submit financial statements

4:10 pm on 18 February 2013

Vanuatu's Auditor General says the Vanuatu Financial Service Commission has not yet submitted its financial statements for the past three years.

The Daily Post reports that John Path's statement is in response to a call by the Commission for government assistance in getting the Auditor General to complete audits of its accounts.

Mr Path has indicated that public sector entities such as the Commission need to first prepare and submit their statements for any audit to commence.

The Vanuatu Financial Service Commission has recently been responsible for establishing the lucrative Hong Kong Permanent Residence Visa scheme.

Under this scheme, over 600 investors are reported to have gained Vanuatu residence last year alone.

A government source says the scheme netted the government over a million US dollars last month alone.