Wednesday, March 31, 2010

Ba Holdings Ltd Documents Destroyed

Radio Fiji News - Thursday, April 01, 2010

The 2006 to 2008 financial reports of the Ba Holdings Company Limited was limited in its scope as various company documents and records had been destroyed.

This was revealed at the company’s AGM yesterday by independent auditors KPMG Chartered Accountants.

Chairman Ratu Meli Saukuru confirmed that considerable tangible investments and assets have been disposed and the directors are unable to form an opinion as to whether the balance sheet gives a true and fair view of the group’s affairs up to the end of 2008.

Remaining accounting documents were not adequate to permit the application of necessary auditing procedures and the KPMG chartered accountants were unable to obtain all information and explanations required to form an opinion.

The board at the time was Ratu Tevita Momoedonu, Ratu Wiliame Bouwalu, Ratu Tevita Lewaravu, Ponipate Lesavua, Sivaniolo Naulago, Aisake Semisi Saukawa, Josaia Driso, Saimoni Naivalu and Peni Veidreyaki.

Shareholders agreed yesterday to pursue all legal and commercial avenues for compensation for lost investments and assets disposed off without proper shareholders approval.

Saukuru says they now await a legal opinion on the matter.

Former Board chairman Ratu Tevita Momoedonu could not be reached for comment.

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