NEWS

PM Reveals Council Companies’ Crisis

Companies managed by provincial councils lack transparency, good governance and good business practice. This was revealed by Prime Minister, Minister for iTaukei Affairs and Sugar Industry, Voreqe Bainimarama while responding
08 Jul 2015 09:08
PM Reveals Council Companies’ Crisis
Students of Noco Secondary School in Rewa smile as Prime Minister Voreqe Bainimarama greets them at yesterday’s Parliamentary session. Photo: Parliamentary Media Unit.

Companies managed by provincial councils lack transparency, good governance and good business practice.

This was revealed by Prime Minister, Minister for iTaukei Affairs and Sugar Industry, Voreqe Bainimarama while responding to a question raised by Opposition member, Niko Nawaikula in Parliament yesterday. The Opposition parliamentarian had wanted the Prime Minister to explain why provincial councils were still holding onto yasana (province) assets and properties and not enabling their transfer into vanua-registered companies.

“We have seen over the years that many provincial- based companies have not necessarily met the test of transparency – equal distribution of shares, good governance, proper management of finances. Many have been run virtually by a handful of individuals or families and they tend to be the main beneficiaries,” said Mr Bainimarama.

Opposition MP Mosese Bulitavu told Parliament that Macuata House in Labasa, run by Macuata Holdings Ltd was running at a loss due to loans taken previously.

He also said that provincial assets should be handed over to Macuata as there was a qualified management team within the company.

Opposition MP Ratu Sela Nanovo had also asked the Prime Minister to consider the debt levels of these provincial companies.

He sugested that the Prime Minister ask companies renting their premises not to move out until the debt levels were manageable.

Feedback: litia.cava@fijisun.com.fj

 


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