Fiji Time: 10:28 AM on Monday 3 August

Fiji Times Logo

/ Front page / News

9200 lose $710k in savings

Ropate Valemei
Friday, February 21, 2014

ABOUT $710,000 is missing from 9200 microfinance savers accounts in four sectors around Fiji.

And this has led to the government making major reforms of the Micro Financing sector in Fiji.

However, government has approved the reimbursement of those savers provided they produce receipts and proper ID cards in the coming months.

The reimbursement funds will come from various government ministries.

This was confirmed yesterday by Attorney-General and Minister for Industry and Trade Aiyaz Sayed-Khaiyum.

He said the matter was investigated by police.

"There have been anomalies existing for Microfinance West which include Kadavu, Nakoilava, Microfinance co-operative Central/Eastern, Microfinance Labasa and Microfinance in tikina Vuya in Bua."

Mr Sayed-Khaiyum said this was revealed after the Reserve Bank of Fiji carried out initial queries into micro finance institutions.

He said this was done with the Ministry of Industry and Trade with the assistance of the Ministry of Finance and the Auditor-General's Office that conducted a focused audit of these specific microfinance institutions.

Mr Sayed-Khaiyum said this was conducted because of the numerous complaints they received.

The Ministry of Trade was involved because National Centre for Small Micro Enterprises Development for a number of years used to give grants to these microfinance institutions.

"A number of 9200 people who had deposited small amounts of money all totalling $712,000 no longer can access those funds.

"This is obviously an enormous abuse of powers by those people who were managing it but it also goes to show that unfortunately microfinance instructions were set up and there was no proper governance as such," Mr Sayed-Khaiyum said.

He said there were no laws regarding the governance of those institutions.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.61530.5963
JPY 59.284856.2848
GBP 0.30290.2949
EUR 0.43260.4206
NZD 0.72270.6897
AUD 0.65180.6268
USD 0.47520.4582

from

$0.00

Exchange Rate updated on 31st July 2015

Today's Most Read Stories

  1. World cup dream for Lockington
  2. Possible delay in military farewell, Tikoitoga busy
  3. Mind game
  4. In the hall of fame
  5. Opposition agree to acting post
  6. Nurse scoops carnival title
  7. Spill injures miller
  8. Increasing consumption worry
  9. Medical appeal
  10. Ba magic

Top Stories this Week

  1. Dad dies, kids worry Tuesday (28 Jul)
  2. Distraught mum recalls promise Tuesday (28 Jul)
  3. Sex trafficking source Thursday (30 Jul)
  4. Teary farewell for trio Friday (31 Jul)
  5. Final goodbye Wednesday (29 Jul)
  6. No say over lease Friday (31 Jul)
  7. Police investigate trio's death Tuesday (28 Jul)
  8. Suspended teacher to explain Wednesday (29 Jul)
  9. Commander resigns Sunday (02 Aug)
  10. Ministry suspends teacher over alleged assault Tuesday (28 Jul)