According to reports from the abc news service, Barak Sope, the former Prime Minister of Vanuatu has been implicated in a multi-million dollar scam that could threaten to bankrupt the Pacific Island. To help it sort the mess out the Vanuatu government has called in the New Zealand Serious Fraud Office to launch an investigation on the issuance of state-backed 'letters of guarantee'.
Valued at around a minimum of $200 million at least, the letters are the equivalent to open state cheques and can be traded by anyone and presented for payment at any time. Mr Sope is alleged to have given the letters to an Indian businessman and if called up for payment the Vanuatu government, which only has revenues of $190 million this year, would be in serious hot water.
Two investigators from New Zealand's Serious Fraud Office are believed to have arrived in Vanuatu to help with the government's enquiries.
Sope was ousted from his position as Prime Minister in April this year after he received a resounding vote of no confidence from Parliament and opposition leader Edward Natapei was overwhelmingly voted in as the country's new Prime Minister.
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