SUNBIZ

Fiji Pine Group Pays $600,000 Of $12 Million Owed To Government

The Fiji Pine Group yesterday paid back $600,000 of a $12 million loan it owed Government. It marked the continuing success of the company under its current leadership. Minister for
08 Jul 2015 12:53
Fiji Pine Group Pays $600,000 Of $12 Million Owed To Government
Minister for Finance, Aiyaz Sayed-Khaiyum, received the cheque from Fiji Pine executive chairman, Faiz Khan. Photo:DEPTFO

The Fiji Pine Group yesterday paid back $600,000 of a $12 million loan it owed Government.

It marked the continuing success of the company under its current leadership.

Minister for Finance, Aiyaz Sayed-Khaiyum, received the cheque from Fiji Pine executive chairman, Faiz Khan, .

Mr Sayed-Khaiyum said this was an organisation and many had written off as many thought they would not have been able to pay off the debt.

“The Fiji Pine had not shown that the Fiji Pine was not commercially viable,” he said.

“Then we discovered that since 2010 or so Fiji Pine has been making applications to get their actual debt written off or converted into some form of a grant.

“But under the leadership of the executive chair and his team, they pledged last year by way of signing a MOU that they will actually repay that loan.

“They themselves have proactively undertaken to actually pay off this loan.”

With government getting most of these loans paid, Mr Sayed-Khaiyum said they will be able to do more of that.

Feedback: stella.moresio@fijisun.com.fj

 

Fijisun E-edition
Tanoa Plaza Hotel Suva
Subscribe-to-Newspaper
Fiji Sun Instagram
Fiji Plus
Subscribe-to-Newspaper
error: