SIPA tightens screw on internal financial control

By Alfred Sasako


THE Solomon Islands Ports Authority (SIPA) has tightened the screws on internal financial control following forensic audit has uncovered anomalies, it was revealed yesterday.

“Most of the anomalies have now been sorted out and we have implemented (a) number of internal controls.

“There is a strong procurement/tender committee to evaluate transactions and an internal auditor for better control and discipline now,” Chief Executive Officer Eranda Kotelawala said.

A recent forensic audit undertaken by KPMG found that former CEO, Colin Yow, had deposited SIPA money to individual accounts during his time, according to Mr Kotelawala.

“This matter has gone through the KPMG forensic audit and sorted out during the last audit cycle. The subjects had to give explanations and evidence before Police,” he said.

Mr Kotelawala confirmed that $50,000 was deposited in each account.

“You are correct in the statement you made and I agree that Colin deposited SIPA money to individual accounts during his time. The only correction is the amount. It was $50,000 instead of $500,000 (as reported in your story).

“What you stated (in the paper) was correct and SIPA has taken action on it,” he said.

Mr Kotelawala said he is pleased that both the Board and Management are working together to improve SIPA’s operations and financial standing.

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