The Police Credit Union has faced serious financial mismanagement issues.
This was uncovered following an audit conducted by the Central Bank of Solomon Islands (CBSI) based on a request by the Police Commissioner.
A statement from the Police Media Unit yesterday said, in late January 2017, responding to complaints from RSIPF members and having serious concerns into the management of the Police Credit Union, the Commissioner of Police requested the Central Bank of Solomon Islands (CBSI) to conduct an audit into the financial management of the Credit Union.
“On 8 March 2017, the Commissioner of Police was provided with an interim summary of the audit by the CBSI.
“The CBSI and the Commissioner now have serious concerns that the Police Credit Union has been mismanaged and that it has lent monies beyond the proper lending criteria.
“This has jeopardised the financial stability of the Credit Union.
“The Commissioner is concerned about allegations of misconduct by office holders of the Credit Union, some of whom are serving police officers.”
It was revealed on 8 March the Commissioner instructed that a taskforce be established to investigate the alleged misconduct.
The taskforce consists of officers from Professional Standards & Internal Investigation (PSII) and the National Criminal Investigations Division (NCID).
The RSIPF will cooperate closely with the CBSI on this matter.
Yesterday RSIPF investigators from the taskforce executed a search warrant on the Police Credit Union office to seize documents and records.
Commissioner Varley said, “these are allegations of serious misconduct involving a small number of police officers elected to positions within the credit union.
“We are taking this matter very seriously and we are working to establish the facts as quickly as possible.”
The Commissioner and Deputy Commissioners are closely monitoring this investigation and will ensure timely communication to all Police Credit Union members affected.
The Police Credit Union is a member operated fund under the Solomon Islands Credit Union Act.
It is separate legal entity to the RSIPF however members of the RSIPF contribute funds to this Credit Union and draw personal loans from it.
