Fiji Pine Limited has revealed that all payments to Fiji Pine Trust are suspended with immediate effect.
Fiji Pine Limited and its group of companies including Tropik Wood Limited make an annual grant of $250,000 and annual wood supply management fee of $50,000 to the Fiji Pine Trust and these payments are made on a monthly basis.
Fiji Pine Chairman Ratu Tevita Uluilakeba Mara said the decision was made after an audit conducted by KPMG on the business dealings of Fiji Pine Trust and Fiji Pine Group.
Ratu Tevita said it is a gross misconduct and they cannot continue to tolerate misappropriation and misuse of funds in this manner.
He said these funds belong to the state and their zero tolerance policy will continue.
Ratu Tevita said in future, all services provided by Fiji Pine Trust will be carried out internally by Fiji Pine Group staff.
The internal audit report into Fiji Pine Trust has been forwarded to the Prime Minister’s Office.
Story by: Roneel Lal
