Few public Micro Finance Institutions being investigated
Few public Micro Finance Institutions being investigated
By
fijivillage.com
Friday 21/02/2014
A few public Micro Finance Institutions are now being investigated and could be shut down following the mis-use of $712,000 of member savings.
Minister of Industry and Trade Aiyaz Sayed-Khaiyum said an audit report by the Reserve Bank of Fiji revealed that the savings of 9,200 members are un-accounted for.
Sayed-Khaiyum says the audit had to be carried out after it was discovered that Government grants given through the National Centre for Small and Micro Enterprises Development were not being dispersed fairly.
Sayed-Khaiyum highlights the Micro Financial Institutions that are implicated in the incident.
He said along with legal action, Government will also step in to assist those whose savings were stolen.
He said the Reserve Bank of Fiji and the Solicitor General's office will put in place a legal framework regarding the governance of Micro Finance Institutes.
Sayed-Khaiyum said a campaign will also be conducted around the country to identify those whose savings were mis-used.
Khaiyum added that those who have invested in these Micro Finance Institutes and know that their savings were mis-used need to register with the Ministry of Trade and Commerce during the campaign.
A verification exercise will be carried out and those identified to have had their saving mis-used will be reimbursed.
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