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NUKU‘ALOFA: The 2023–24 audit report for Tonga Asset Managers and Associates Ltd (TAMAL) on page 104 of the June 2025 Special Audit Report raises serious concerns. The Auditor-General questions the payment processes and the allocation of $7.4 million in government grants made to TAMAL during the 2023–2024 financial year.
According to the report, the Auditor-General states that financial records for over $7 million in expenditures are unclear and inconsistent with actual records. The report notes: “THIS IS INCONSISTENT WITH ISA 20, Accounting for Government grants and Disclosure of Government Assistance.”
Key findings from the audit include:
- Unclear Expenditures: Discrepancies involving $6,140,501 ($6.1 million) in spending.
- Deferred Income: An amount of $1,250,049 recorded as “deferred income liability.”
- Employment Contracts: Administrative irregularities, including missing employment contract records.
- Accountability Gaps: An overall lack of transparency regarding how millions in public funds allocated to TAMAL by the government were spent.
