11 Dec 2009

Vanuatu government to revoke VCMB Act

2:50 pm on 11 December 2009

The Vanuatu Government is to revoke the Act setting up the Vanuatu Commodities Marketing Board, the VCMB.

The Finance Minister, Sela Molisa, has told Parliament this week that the VCMB Act will be abolished following the misuse of over one million US dollars by politicians and their officials.

An Ombudsman's report showed that the money was not used to subsidise the price of copra as the government had intended.

There have been calls for the politicians involved to be prosecuted, while Mr Molisa says the Government will no longer allocate subsidises.