The board of Fiji's largest financial institution, the Fiji National Provident Fund, has sacked its chief executive Olota Rokovunisei, and his deputy, Foana Nemani.
The board chairman, Peceli Vocea, says the decision was taken following full consideration of the charges laid against the two who were suspended in February.
Mr Vocea says after an internal audit and legal advice, the board felt that both be terminated immediately.
He says the board noted the long service of the two top executives but felt that all employees need to adhere strictly to all policies binding them.
The audit found that both executives had taken numerous loans at no or low interest from the 2-billion US dollar Fund to buy properties in Fiji and New Zealand in breach of the rules.
They had also paid themselves exorbitant local and overseas travel and entertainment allowances.