6 Feb 2007

ADB suspends all road upgrading project loans to Fiji

11:24 am on 6 February 2007

The Asian Development Bank has suspended all road upgrading project loans to Fiji until the 2005 accounts are audited to their satisfaction.

This is revealed in a report from the ADB auditor general's integrity division which focuses on fraud, corruption and misconduct.

It says an audit of the 28-million US dollar loan or 71 per cent of the money given to Fiji in 2005 was not able to conclude whether the funds were used for their intended purpose.

It said the ADB's integrity division was not able to perform all auditing procedures to obtain sufficient evidence because of inadequate project procurement and financial records.