Interim Finance Minister Mahendra Chaudhry has been cleared of allegations of tax evasion made by the three member inquiry team of Bruce Cowley, Taufa Vakatale and Russel Postle.

According to the three member inquiry team tax assessments by FIRCA regarding Mahendra Chaudhry between 2000 and 2006 were carried out in accordance with the Tax Act and other relevant laws of Fiji.

The Inquiry team has not identified any breaches of the Exchange Control Act by Chaundhry between 2000 and 2006.

Speaking at a press conference Interim Attorney General Aiyaz Sayed-Khaiyum said the Interim Prime Minister Commodore Frank Bainimarama is satisfied with the result of the three member inquiry team.

The independent inquiry team that investigated tax evasion allegations against the Interim Finance Minister said there was a reasonable basis for FIRCA to conclude that the principal sum paid into Mahendra Chaudhry's financial institution accounts in Australia and NZ, were not taxable in Fiji.

The report of the team which was made public by the Interim Attorney General earlier today, also states that the imposition of a flat 10 percent penalty on Chaudhry in respect of the undisclosed interest earned on his Australian and NZ bank accounts, was consistent with FIRCA's policies and the treatment of other taxpayers in similar situations.

The report further states that there is no evidence to suggest any basis on which Chaudhry should have been charged with the offence of tax evasion under the Tax Act.

The Bruce Cowley Inquiry Team also states that the payment of the principal sum into Chaudhry's Australian institution accounts does not appear to constitute a breach of the Exchange Control Act. In relation to the payment of amounts from that account, there is some doubt as to whether the Exchange Control Act applies to monies in a foreign bank account where that account was lawfully established. In any event, the inquiry team members say that they are not aware of any reason to believe that a breach of the act has occurred.

Meanwhile, Ousted Opposition Leader Mick Beddoes said the results of the Inquiry read out by the Interim Attorney General Aiyaz Saiyed Khaiyum are not unexpected.

Beddoes said the people will have to put up with whatever is " tailor made" by the Interim Government until a democratically elected government is in place.