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The Fiji government has sought the advice of the Fiji Institute of Accountants on a damming report by the Commerce Commission on pricing and business practices in the country’s hardware sector.
Attorney General Aiyaz Sayed-Khaiyum told FijiLive that there were various agencies that needed to have an input on the findings of the report.
“For example, the reasons pertaining to the Fiji Islands Revenue and Customs Authority, National Fire Authority, Ministry of Investment and Trade Commerce so we have sent them that,” Sayed-Khaiyum said.
“We have also sent it to the Institute of Accountants asking for their comments on what the report has found.”
“Once we get their feedback and then we will make certain decisions and the Prime Minister will make some decisions on it,” he added.
Commerce Commission chairman, Dr. Mahendra Reddy handed the investigation findings to Sayed-Khaiyum last month.
The investigation found evidence of price-setting between hardware companies, exorbitant mark-ups of hardware prices ranging from 15 percent up to 34,000 percent, issues of violation of accounting practices by company accountants as well as audit firms, profit shifting to off-shore parent companies, and importation of sub-standard hardware products into the country.
By Edwina Chand
