10 Feb 2005

ANZ Bank drawn into Fiji securities fraud case

8:42 am on 10 February 2005

Fiji's largest commercial bank, the ANZ, is under police investigation for a securities fraud case involving Fijian Holdings Securities Limited and its managing director, Sitiveni Weileilakeba.

Radio Fiji reports that the case has been brought by Mr Weileilakeba's estranged wife, Laisa Digitaki, and involves the shares in two Fiji companies they once jointly held.

Ms Digitaki's complaint to the police serious fraud unit alleges that Fijian Holdings Securities and Mr Weileilakeba colluded to commit insider trading, unlawful conversion of money, oppressive conduct and other white collar crime associated with the illegal sale of shares she had held.

She is alleging that Weileilaba later converted the money for his own use.

Ms Digitaki has accused the ANZ Bank of colluding in the unlawful conversion of the money into Weileilakeba's account.

A police detective says investigations are under way.