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PAC Quizzes Public Trustee

Fiji Public Trustee Corporation Limited was called yesterday before the Public Accounts Committee to respond to issues highlighted in its 2010 Auditor General’s report. Opposition Member of Parliament, Aseri Radrodro,
31 Aug 2016 09:18
PAC Quizzes Public Trustee

Fiji Public Trustee Corporation Limited was called yesterday before the Public Accounts Committee to respond to issues highlighted in its 2010 Auditor General’s report.

Opposition Member of Parliament, Aseri Radrodro, said 2009 recorded a high net operating profit because of increase in fees.

He then questioned the trustee what the fees were for and whether they were legislated or scheduled fees.

Mr Radrodro then further asked how the fees to be levied were determined by the trustee.

Trustee chief executive officer, Atonio Takala responded as a Government commercial company they provided estate administration services, trustee services, will making and other selected legal services to the public.

He said these services were provided at a fee that was regulated and legislated as governed under the Fiji Public Trustee Corporation Act 2006.

Mr Takala said fees were for the services provided for estate administration services, trustee services and will making.

He said the latest was outlined under the Legal Notice No.114 on the FPTCL (Fees and Charges) Regulations 2008.

“The increase is due to the levying of new legislated fees in 2009 and improvements in operational performance from the new systems implemented during the year,” Mr Takala said.

He said these core business fees are determined by the board after the review of the Commerce Commission as outlined under the Section 29 of the Fiji Public Trustee Corporation Act 2006.

“The Corporation is self-funded and does not receive grants or subsidies from Government,” Mr Takala said.

Mr Radrodro then asked whether the trustee had reviewed the depreciation rates used for depreciating its assets and what the assets were.

Mr Takala said the corporation did review depreciation rates.

 

Edited by Nemani Delaibatiki

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