Fiji Insurer Refuses to Reveal Due Diligence After Convicted Consultant's Exit

Sun Insurance Company Limited, a significant market participant in Fiji, has confirmed that its engagement with a senior consultant, Mohammad Nouzab Fareed, has concluded following his conviction on two counts of indecent assault.

Fareed was convicted by the Suva Magistrates Court and is currently on remand. The company issued a market announcement stating that Fareed had been engaged as chief transformation consultant for a 20-month assignment, which had now concluded.

The announcement described Fareed's work in achieving the objectives set for him as 'sterling', but refused to answer questions about the due diligence conducted before his appointment. The company acknowledged the court's decision and stated that it was aware of the recent publicity surrounding Fareed, but stressed that the matter related to his previous employment and not to Sun Insurance's operations, financial reporting, or customers.

The Fiji Women's Rights Movement (FWRM) has confirmed that significant shareholders raised concerns in writing to Sun Insurance, and subsequently to both the South Pacific Stock Exchange (SPX) and the Reserve Bank of Fiji (RBF), with FWRM stating that none of those bodies responded directly. The RBF holds the power to direct an insurer to revoke such an appointment under its fit and proper framework.