NEWS

Companies Bill Gets Parliament Approval

The new Companies Bill was passed in Parliament yesterday. Debate on the Bill did not proceed because the Opposition members boycotted yesterday’s sitting. Attorney-General Aiyaz Sayed-Khaiyum expressed his disappointment. “It
23 May 2015 10:17
Companies Bill Gets Parliament Approval
Minister for Defence, Ratu Inoke Kubuabola at Parliament. Photo: FILE

The new Companies Bill was passed in Parliament yesterday.

Debate on the Bill did not proceed because the Opposition members boycotted yesterday’s sitting.

Attorney-General Aiyaz Sayed-Khaiyum expressed his disappointment.

“It is such a pity that the Opposition is not here.

“The company’s law/ Company Act in Fiji has not been reviewed for nearly over 50 years, the world has moved along, technology has changed. The way business has been done has changed but our laws remain stagnant in this particular area and this Bill will help bring Fiji into the 21st Century,” he said.

Mr Sayed-Khaiyum highlighted that the Bill would help to bring along efficiency and transparency that was critical in the corporate sector.

Recommendations by the Committee for amendments to the Companies Bill included harsher sentences for the reckless breaches of director’s duties.

The committee focused on increasing the sentence for a breach of section 484, from one year to five years.

The section involves destruction or falsification of financial records and other company books.

The members of the Standing Committee on Justice, Law and Human Rights are Ashneel Sudhakar (Chairperson) Semesa Karavaki (Deputy Chair), Lorna Eden, Niko Nawaikula and Iliesa Delana.

Employment law

Mr Sayed-Khaiyum also moved a motion for Parliament to consider the Employment Relations Amendment Bill 2015 without delay.

The motion to amend the employment legislation was passed in Parliament and has been referred to the Standing Committee on Law, Justice and Human Rights.

The Committee will present their report to Parliament   when it sits in July

where the Bill will be debated and voted upon.

Feedback:  litia.cava@fijisun.com.fj

 




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