Saturday, August 20, 2011

Fijian Holdings Limited Being Plundered by Illegal Regime & Supporters

Posted by Raw Fiji News - 20 August 2011


Fijian Holdings Limited (FHL), once revered by Fiji’s business sector as one of Fiji’s most successful indigenous Fijian company has become Frank Holdings Limited.

This publicly listed company owned by indigenous Fijian people was giving other established players in the business community a good run for their money but not any more after team Frank decided to take-over the company by force.
He replaced its top Board members and executives with his own cronies who immediately went on a buying spree by placing an over-rated bid of $190million to buy BP Oil Pacific.
They sold their most lucrative bluechip shares in Fosters to prop up their cash holdings but it wasn’t enough to convince bankers to lend FHL the remaining balance to buy off BP Oil.
The bankers main concern – they did not have confidence in the new look FHL team whose business experience and credibility were highly questionable.
The bankers were right for the FHL military appointed board chairman, Isoa Kaloumaira, deputy chairman Colonel Aziz Mohammed, CEO Sereana Qoro and others were again removed by Frank only to be replaced by yet another bunch of undesirables who all lack the business discipline FHL was well known for.
An unknown lawyer, Carl Ngamoki-Cameron is now FHL’s board chairman and he is also a board member of finacially strapped Fiji Rugby Union.
In keeping with their undisciplined business ethics, FHL has now ventured into financing the Flying Fijians song for the upcoming Rugby World Cup.
In other words, FHL is slowly but surely becoming a financier for cultist Fiji Rugby Union through its Chairman Carl.
The idea may be noble to some, however, FHL has lost it’s focus on its main core business while it masquerades in other unprofitable ventures and sponsorships that doesn’t add value to its bottom line except to fan the egos of those running it.
Since FHL has set the precedence by sponsoring the Flying Fijians song, why is it then that they’re not interested in sponsoring the same for Fiji Soccer, Fiji Netball or even Fiji South Pacific Games team?
Now that they’ve opened themselves up to sponsoring rugby, FHL’s motive will forever be questioned for not sponsoring other upcoming major sporting events, and this is where the problem lies – lack of financial discipline in FHL where money is spent recklessly on professional beggers like Fiji Rugby Union for a delusional short term feel good song we doubt will change the bleak reality that exist in Fiji today.
FHL has not only lost the plot like the regime but it is now another money vault available to team Frank to dip into like Fiji National Provident Fund to finance more of their illegalities.
But the day will come when the regime and all their cronies in FHL will have to face the long arm of the law for their crime.
Here is Fiji Sun’s spread on FHL’s recent sponsorship.
Fijian Holdings Limited (FHL) sponsored the Flying Fijians song for the Rugby World Cup 2011 which was released in Suva yesterday.
FHL board chairman Carl Ngamoki-Cameron said it was the first time for the company to back a sporting team.
“We hope that this Flying Fijians music video ‘Never Give Up’ is going to have the same impact as what Waka Waka had for the soccer World Cup,” he said.
Mr Ngamoki-Cameron said it took them a week to put together the music video.
“The song is sung by Steve Macomber and is a collaboration between FHL and the Ministry of Information’s Film and TV Unit.” FRU board chairman Colonel Mosese Tikoitoga said the song will inspire fans to support the Flying Fijians.
“Full credit to Fijian Holdings for coming up with the idea and it will no doubt remind the players of the support they have back home and will also unite the country to get the Flying Fijians like never before,” he said.
Permanent Secretary for Information Sharon Smith-Johns indicated that it was very important for the Government to support such initiative.
“This is nation building. We hope this song is going to inspire the boys to try harder and never give up,” she said.
Mr Macomber said it was an honour to be part of the initiative.
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