NEWS

Three Directors Expected To Go

Three directors of one of the country’s biggest businesses, Fijian Holdings Limited, are likely to be replaced in the coming weeks. Their terms come to an end soon and it
12 Jul 2016 09:48
Three Directors Expected To Go
Board Of Directors

Three directors of one of the country’s biggest businesses, Fijian Holdings Limited, are likely to be replaced in the coming weeks.

Their terms come to an end soon and it is believed highly unlikely that an extension will be given.

This comes as accounting firm KPMG has been appointed to investigate complaints regarding some board affairs.

Fijian Holdings Limited chairman, Iowane Naiveli, in a press conference at Ra Marama Building yesterday confirmed that they had received a letter from the iTaukei Affairs Board, a major shareholder.

He said: “As a Chairman of the board of directors, we have to carry out  what they have required and we have done that so today. They have directed me to instigate an investigation on the loan of $6 million by one of our subsidiaries.

“I have instructed one of our Independent Audit Firms to carry out this investigation.”

Fiji Sun has been able to establish that the borrower whose loan is allegedly involved in the investigations was not in the wrong and not in arrears.

The alleged failure was on the part of certain FHL directors.

FHL chief executive director Nouzab Fareed and Mr Naiveli both refused to elaborate on the investigation. Nor would they comment on the directors.

Fijian Holdings Limited was established in 1984 to create an entity that meaningfully represented iTaukei in the business sector and ensured their meaningful participation in the Fijian economy.

The FHL directors currently listed on FHL’s website are:

Mr Naiveli;

Isikeli Tuituku;

Ratu Aisea Waka Vosailagi;

Viliame Cegumalua;

Ulaiasi Taoi;

John O’Connor;

Sakiusa Raivoce; and

Rear Admiral Viliame Naupoto.

 

Edited by Naisa Koroi

Feedback:  jyotip@fijisun.com.fj

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