The Fiji National Provident Fund has received the investigation report from accounting firm Deloittes Australia on the Natadola Hotel Development project.
FNPF CEO Aisake Taito said the board has forwarded the recommendation to FICAC for further investigation.
According to Taito, FNPF intends to pursue civil actions against those implicated in the report.
He said they have taken on board recommendations made by the consultancy firm, to strengthen the governance, internal control and capacity building within the organization to prevent such happenings in future.
He said they have learned from their mistakes that were costly and will ensure that there is no repetition.
Meanwhile, Taito highlighted that the Natadola Intercontinental Hotel is fully operational following the completion of club villas in May.
He added the hotel's financial performance so far is encouraging and they have received $2 million already from the hotel as owners.
FNPF is now finalizing the hotel budget for 2011 which shows significant improvements in the hotel's projected gross operating profit.
Taito announced yesterday that FNPF has recorded a net profit of $209.49 million this year compared to a net loss of $181.15 million in 2009.
Story by: Ronal Deo
Feature
FNPF receives investigation report from Deloittes
