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Vanuatu Commodities Marketing Board Utilisation of the Vt 1.3 Billion 1986-1987 Stabex Funds Subsidy [1996] VUOM 2; 1996.03 (6 August 1996)

REPUBLIC OF VANUATU

OFFICE OF THE OMBUDSMAN

PUBLIC REPORT

VANUATU COMMODITIES MARKETING BOARD

UTILISATION OF THE VT. 1.3 BILLION

1986 – 1987 STABEX FUNDS SUBSIDY

6th August 1996

TABLE OF CONTENTS

1. INTRODUCTION

2. BACKGROUND

3. JURISDICTION

4. VCMB CHARTER

5. SCOPE OF THE REVIEW

6. FINDINGS OF FACTS AND OF MALADMINISTRATION

6.1 Dates and Results of the Statutory Audits of VCMB
6.2 Utilisation of the Stabex Funds
6.3 Overview of VCMB Funding - 1988 to 1995
6.4 Cash Deposits
6.5 Bank Overdraft VT. 318,742,404 (31.12.95)
6.6 Short Term Government Advances VT. 150,000,000
6.7 Types of Investments made with Stabex Funds and the quality thereof
6.8 Fixed Assets VT. 65.23 Million
6.9 Purchase of Government Bonds
6.10 Investment in Vanuatu Coconut Products Limited (VCPL) Guarantee: VT. 16,000,000 Approximately
6.11 Investment in Vanuatu Tropical Products Limited (VTPL) Total: VT. 3,000,000
6.12 Loan to Melanesian Shipping Line (MSL) Total: VT. 56,544,000
6.13 Staff Housing Loans Total: VT. 21,012,615 (31/12/95)
6.14 Mode of Management of Stabex Funds
6.15 Board of Directors

7. OPPORTUNITY TO REPLY TO COMPLAINTS
   
8. SUMMARY AND RECOMMENDATIONS
   

APPENDIX A
APPENDIX B.

REPORT ON THE VANUATU COMMODITIES MARKETING BOARD UTILISATION OF THE VT1.3 BILLION 1986 - 1987 STABEX FUNDS SUBSIDY.

1. INTRODUCTION

"Better is a little with righteousness than great revenues without right"

Proverbs 16 v 8.

This report on the Vanuatu Commodity Marketing Board (VCMB) illustrates once more the difficulties which are prone to arise when leaders place political and personal considerations before the well-being of the institutions which have been committed to their charge and which the public expect them to care for.