Friday, October 15, 2010

Illegal PM hopes sugar industry could bounce back without Capital!

Sai's comments:
  • Everyone bar the illegal PM and his regime knows that what FSC needs is capital to modernise the archaic mills and provide farmers with financial assistance for improved and consistent crop production. We also know that such capital was on tap from donors such as the EU when Fiji was run by a democratic government. It has since been withheld since the 2006 coup and will be available again when Voreqe and his illegal regime yield to returning Fiji to democratic rule. 
  • Yet we know that the current regime instead prefers to prolong its rule for fear of being justly taken to task for its treasonous coup act. Voreqe would rather see the sugar industry die a natural dead than relent its dumb and intransigent position denying farmers and the nation much needed capital to revitalise the sugar industry.
  • Putting in his other favourite financial guru, Prasad, to manage the FSC is like hiring a fox to guard ones chicken coop. Placing an opportunistic and suspicious character like Prasad in such a sensitive and key area will only worsen matters. It has been reported elsewhere that the lure of money with the possibilities of contracts and kickbacks easily makes him succumb to the temptation to pig out on the largesse.  What is needed is cool heads and a consultative approach given the different stakeholders involved and the various interests that will need to be accounted for. Having a one eyed lackey of the regime at the FSC helm will only antagonise other key parties involved. 
  • Perhaps this was why he was deposited there in the first place - to infuriate and poison the relationships between growers and management such that the regime can have someone to blame other than itself for the impending slow death of Fiji's sugar industry.

The future of the Fiji Sugar Corporation which has been under-performing for some time with multimillion dollar loans and government guarantees is now being assessed before the final decision is made on the best way forward.

Speaking to Fijivillage News from Lautoka, Prime Minister, Commodore Voreqe Bainimarama who was briefed by the board and management of FSC yesterday, said the Deloitte report on the performance of FSC will be thoroughly discussed to map out FSC=s future.

Commodore Bainimarama said any steps taken would have to be assessed carefully based on the number of people depending on the sugar industry.

He confirmed that one of the proposals include the privatization of FSC however he stressed that these need to be analysed.

Commodore Bainimarama also confirmed that FSC has huge liabilities and he said that they are also assessing what the Corporation would do next after it was temporarily de-listed from the South Pacific Stock Exchange due to a lack of working capital for the next 12 months.

The Prime Minister said they hope that the sugar industry, including the FSC, can bounce back and deliver positive results for the people involved and the country as a whole.

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