An internal audit of Fiji's largest financial institution, the 2-billion US dollar Fiji National Provident Fund, has revealed that a senior employee misused funds worth 600-thousand US dollars.
The Fiji Sun newspaper says documents it has obtained show that the senior executive had abused authority and breached policies to obtain the funds.
The newspaper quotes an FNPF board member, Daniel Urai, as saying the executive has been given 14 days to explain the alleged abuse of funds.
The audit report revealed that the loan taken from the Provident Fund by the employee was far greater than the value of the property he purchased in Suva and that the property was for investment purposes which was a breach of the Fund's housing policy.
The executive is also alleged to have taken a loan from the Provident Fund to settle a debt at another financial institution and the repayment period stretched to twice the usual 8 years.
The same person also took a loan from the Fund to buy an upmarket car which he used and later sold to the Provident Fund to avoid paying the loan.
The military says the executive is on their travel blacklist and is not allowed to leave the country.
The chief executive of the Fund and his deputy were suspended earlier this year while investigations take place.
