NEWS

Recent Loans Over $1m In FHL Probe

All loans above $1 million by Fijian Holdings Limited (FHL) subsidiary Merchant Finance Limited are being included in an investigation directed by major shareholder iTaukei Affairs. International chartered accounting firm
13 Jul 2016 10:27
Recent Loans Over $1m In FHL Probe
Loans

All loans above $1 million by Fijian Holdings Limited (FHL) subsidiary Merchant Finance Limited are being included in an investigation directed by major shareholder iTaukei Affairs.

International chartered accounting firm KPMG has been hired to investigate certain board matters. This includes all loans above $1 million by Merchant Finance Limited over the past 18 months, the Fiji Sun has learnt.

The financial subsidiary’s chief executive officer Napolioni Batimala could not immediately be reached for comment yesterday. Fiji Sun was told by an employee that Mr Batimala was away.

Permanent Secretary for iTaukei Affairs Naipote Katonitabua wrote to Fijian Holdings chairman Iowane Naiveli over what was described as unsatisfactory performance by some FHL directors. His letter alleged abuse of power and raised questions over loans.

Fijian Holdings was set up to develop iTaukei participation in business. It has become one of the country’s biggest companies.

Mr Naiveli and FHL chief executive officer Nouzab Fareed have both declined to comment on the investigation into the Merchant Finance Limited loans over $1 million.

Edited by Naisa Koroi

Feedback:  jyotip@fijisun.com.fj

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