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Methodist Church Debt Free: Qoro

The Methodist Church in Fiji and Rotuma is debt free. This was revealed by board member of the Lako Yani Management Limited (LYML), Sereana Qoro, dur­ing the Methodist Church’s Bose
23 Aug 2018 10:38
Methodist Church Debt Free: Qoro
Methodist Church Holding Trust (Lako Yani Vou Management) Board Member, Sereana Qoro speaks during Methodist Church annual conference at Centenary Church on August 22, 2018. Photo: Ronald Kumar.

The Methodist Church in Fiji and Rotuma is debt free.

This was revealed by board member of the Lako Yani Management Limited (LYML), Sereana Qoro, dur­ing the Methodist Church’s Bose Ko Viti (annual con­ference) yesterday.

Lako Yani is the business arm of the church. It man­ages church properties under the Methodist Hold­ing Trust. The chair is Laisenia Qarase, former SDL Prime Minister.

Ms Qoro said: “All the debts have been paid off. As I speak right now, there is no debt in the Methodist Church Holding Trust. I believe that is a good thing so that we can invest in other areas.

“There were debts that have been not paid for years but now it is all clear.”

Last year Church members were not happy with the sale of the church property currently used as a Suva car park lot.

It was bought by the Church in the 1960’s for $150,000.

It was sold for $2.1 million.

“There were two companies that were interested to buy the car park and a bid was done. It was then sold at $2.1 million,” Ms Qoro said.

“From the $2.1 million we took $1 million to use it for investments. The $1 million was divided into three. We invested $500,000 into the Unit Trust of Fiji, $300,000 as a term deposit for Kontiki Finance and $200,000 bond for Reserve Bank.

“We have already been receiving the profits of six per cent from Kontiki Finance, five per cent bonds from Reserve bank and 6.5 per cent from the Unit Trust of Fiji.”

Edited by Ranoba Baoa

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