VI OIG INR-03-76-19: Inspection of the Use of Loan Proceeds of Select Projects in the GERS Alternative Investment Program: VI Finest Foods

Collection: Audits & Oversight
Entity: Government Employees Retirement System (GERS)
Date: 2021-09-27
Type: Audit

SEPTEMBER 27, 2021 INR-03-76-19 THE UNITED STATES VIRGIN ISLANDS OFFICE OF THE VIRGIN ISLANDS INSPECTOR GENERAL INSPECTION OF THE USE OF LOAN PROCEEDS OF SELECT PROJECTS IN THE GERS ALTERNATIVE INVESTMENT PROGRAM: VI FINEST FOODS ILLEGAL OR WASTEFUL ACTIVITIES SHOULD BE REPORTED TO THE OFFICE OF THE VIRGIN ISLANDS INSPECTOR GENERAL BY: Calling: Sending Written Documents to: Office of the Virgin Islands Inspector General (340) 774-3388 2315 Kronprindsens Gade # 75 St. Thomas, Virgin Islands 00802 Web Site: E-Mail: www.viig.org taskforce@viig.org GOVERNMENT OF THE UNITED STATES VIRGIN ISLANDS OFFICE OF THE V. I. INSPECTOR GENERAL 2315 Kronprindsens Gade #75, Charlotte Amalie, St. Thomas, V. I. 00802-6468 No 1. Commercial Building, Lagoon Street Complex, Frederiksted, St. Croix, V. I. 00840 Tel: (340) 774-3388 STT STEVEN VAN BEVERHOUDT (340) 778-9012 STX V.I. INSPECTOR GENERAL Fax: (340) 774-6431 STT (340) 719-8051 STX EXECUTIVE SUMMARY • GERS did not effectively manage VI Finest Foods’s loan. • GERS advanced $2.7 million in funds without adequate review. …

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