FIJI -- Fiji National Provident Fund is to be investigated by Ernst & Young after an internal audit found "huge discrepancies" in the previous administration.
It is alleged there were “huge gaps” in investment projects by the F$3.14bn fund (US$1.88bn).
The contributes 60% of Fiji’s GDP and controls 4% of the country’s financial system according to FNPF board chairman and interim finance CEO Asiake Taito.
Taito stressed members’ funds were secured and protected.
The investigation is expected to start next week and to last six to eight weeks.
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The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.