Monday, July 05, 2010

FHL approves loan to FAB to Please Illegal Fiji PM

Fiji Broadcasting Corporation - 5 July 2010
By: Vijay Narayan

FHL managing director Sereana Qoro

Following cabinet's announcement to convert the $20 million government grant to the Fijian Affairs Board to a loan, Fijian Holdings Limited has today confirmed it has approved the $20 million loan to the FAB.

FHL managing director Sereana Qoro said this loan to the Fijian Affairs Board is to assist FAB in the payment of the $20 million government loan that was used by FAB as equity investment in Fijian Holdings Limited in 1991.

Qoro said since the acquisition of Class B shares, Fijian Holdings has already paid $24.75 million in the form of dividends to FAB and the Fijian Trust Fund.

She said the actual terms of the loan agreement are purely commercial in nature and are expected to be finalized with FAB next week.

Prime Minister Commodore Voreqe Bainimarama earlier said that in 1989, the government provided a $20 million interest free loan to FAB to help accelerate and broaden the participation of indigenous Fijians in commerce and business.

In 2001, the then cabinet headed by Laisenia Qarase agreed to convert the loan to a grant and the relevant amendments to the Loan Agreement were agreed to.

Commodore Bainimarama said given the need to instill prudent and transparent financial practices in the use of government revenue, it is imperative that the $20 million loan be recovered by the government and repaid to its coffers.

He confirmed that the FAB will remain liable for this loan.

FHL divests shares in Good Luck Investments

Fijian Holdings Limited has today announced the divestment of its shares in Good Luck Investments Limited.

This was a joint venture with Tappoo Group, which together with a NZ investor owned Mercure and Novotel Hotels in Nadi.

FHL managing director Sereana Qoro confirmed that the Tappoo Group will now acquire FHL's 50 percent holding in Good Luck Investments.

Qoro said the decision to divest is in line with FHL’s investment policy and based on a proper review of FHL's investment portfolio.

She said this divestment means FHL will have only Blue Lagoon Cruises in the tourism sector, which would improve and strengthen their focus on the subsidiary.

Qoro also confirmed that the divestment will be at cost and there will be no loss or gain in FHL's books.

FHL invested $600,000 in Good Luck Investments Limited in May 2004.

Comments posted on
  • These kinds of retrospective laws and decisions will certainly kill off any foreign investment. They did it with the Media Decree and tried to spin their malicious lies that the same kind of law is in the US, Singapore and Australia.

    I say lies because although these countries do have similar laws, its enactment is very different. In other words, companies knew of these local laws before deciding to invest into these countries or not?

    In Fiji, you have the Fiji Times which has been in existence for over 100 years, only to find out they were invited to the Consultation for the Media Decree, with only 2 hours to read the 200 or so page document before actual consultation and that was it. Now they have 3 months to divest it of 90% shares. This malicious procedures is where Fiji is nowhere near the US, Australia or Singapore.

    Here we have another retrospective decision of this cash stricken illegal junta by reversing an earlier Cabinet decision made over 5 years ago. What’s the legal ramification? Does this mean that FHL will now transfer new charges to shareholders because of these retrospective laws?

    Sereana Qoro has just shown another side to this ambitious woman, who has no moral fiber in her whole being. News coming out before this announcement was Sereana was going to her Board Members to sign this agreement.

    She will rot in jail for the rest of her natural life after all is said and done and what’s happened now is Tappoo’s becoming the major benefactor with FHL forced out from a lucrative business???

    Now folks, do you think Vore has the brains to think of a stupid law like this, or Aiyarse and friends!!!!THINK PEOPLE!
  • We can see that Sereana Qoro is what Bainimarama wants in his illegal adminstration. Everywhere she goes and everything she touches has turned to cow-dung. Moral and principle aside, she is definately a dangerous woman for Fiji's financial sector, as she knows how to syphon funds towards her personal interests.

    Her husband, daughter and village have benefitted from her prefered devious manners instead of doing things the proper and honest way. They all have to answer for their crimes, anyone who serves in this illegal regime must justify before a court of law how they chose to serve such an administration.
  • I was a Member of the Housing Authority Board from 1994-1995 under the SVT Government and we selected her for the position of CEO. It was only after we left the Board, that her true colours begun to shine forth. I suppose we should have seen it from her time with NLTB and Rewa Dairy prior coming to HA, but she's so exposed today, yet it doesn't frazzel her at all? She so focused on her illegal ways, that she's so blinded by her unlawful actions! Well, she'll be held accountable one day.
  • I am not sure if the people that she works with and those that have worked with her in the past can see the manipulative person she really is, because the illegal regime cannot !

    You are right, she has to be held accountable and she has to pay back the things she has taken illegaly, otherwise she can spend the next 20 years doing tax-returns for prison officers at Korovou.
  • Qoro also confirmed that the divestment will be at cost and there will be no loss or gain in FHL's books

    She sounds very suspicious. Every share holders should be worried because FHL is heading down too. Not supprise if more losses is on it way.

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