Police Credit Union mismanaged, Police mounts investigation

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AN audit into the Police Credit Union have discovered alleged mismanagement of the funds.

Police say responding to complaints two months ago, the police commissioner requested CBSI to conduct an audit into the financial management of the funds.

This week, the police commissioner was provided with an interim summery of the audit by 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.

Yesterday, 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.

Today RSIPF investigators from the taskforce executed a search warrant on the Police Credit Union office to seize documents and records.

“These are allegations of serious misconduct involving a small number of police officers elected to positions within the credit union,” the police commissioner says.

“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.