THE Bua Provincial Council has agreed to the auditing the accounts of the Bua Provincial Investment Company, which has just completed its eighth month of operations.
This follows the presentation of the company's financial report during the council meeting on Wednesday.
Speaking at the meeting, company representative Jo Tuinaosara said the company would need an extra $80,000 apart from the original funding it was given to start the provincial investment. Mr Tuinaosara told the council it was an investment and like any other business deal, there were risks to consider.
He told the council the majority of the money from the initial funding was used on the company's gravel extraction licence initiative, including other business dealing that its sister company — the Bua Provincial Investment Limited — undertook.
Responding to the report, Tui Wainunu Ratu Orisi Baleitavea said none of the financial statements submitted to the council were genuine and that an audit needed to be done on the expenses incurred by the company.
Ratu Orisi said it was appropriate for an audit to be carried out to ensure the money was not used negligently.
The council has ordered that an audit be conducted.
Council chairman Alipate Radrodro had earlier told the council the Ministry of iTaukei Affairs was also asking for an audit of the company accounts.