The Public Expenditure Review Committee has confirmed it is investigating the Cook Islands Investment Corporation (CIIC).

In response to queries from Cook Islands News, PERC chairman Geoff Stoddart said: “We are examining the finances of CIIC itself.”

Stoddart said “we do not issue progress reports to the newspaper on the work of the Public Expenditure Review Committee”.

As such, he declined to comment on when the investigation started and when will the final report be ready for Parliament, and whether there were other high-profile investigations being undertaken.

Cook Islands News made enquiries with the CIIC on why PERC is undertaking this examination, what is the expected timeframe of it, whether this is a regular occurrence, and who will be interviewed about it.

However, a spokesperson for CIIC said “these are questions only PERC can answer”.

PERC is an independent committee tasked with investigating the use and appropriation of public funds.

The CIIC manages all Cook Islands Government assets including land, buildings, interests on Rarotonga and the Pa Enua (outer islands). The Corporation also manages the governance of Crown Enterprises (subsidiaries, associates, State owned enterprises and Crown Controlled Entities) on behalf of Government.