Shine A Light

Shine A Light: A Debt-Ridden Ba Provincial

Touted as a multi-million-dollar company, the Ba Provincial Holdings Company Limited (BPHCL) is in fact facing challenging debts, according to a prominent chief.
05 Dec 2020 09:29
Shine A Light: A Debt-Ridden Ba Provincial
The Magistrates complex in Lautoka. Photo: Ivamere Nataro

Its total debt stands at $12.8 million as of December 2019.

This was reported in the company’s Audited Finance Report 2019.

Bose ni Momo chairman and member of the Ba Provincial Council, Tui Tavua Ratu Nacanieli Uqeuqe said the financials showed a good figure.

But he said: “There’s no liquidity.

“Liquidity shows how good the company is.”

Efforts to get comments from Ba Provincial Holdings Company Limited chief executive officer Isimeli Savutini Bose were unsuccessful.

Questions were sent to his email and phone calls made remained unanswered.

Mr Bose was also paid a visit to his office, but he was unavailable. Mr Bose has held the position since 1995.

 

Where is the money?

Ratu Nacanieli was one of the directors from 2017 to 2018.

He recalled the company owed a lot of debt during his time as a board member.

“The worst part is, it wasn’t listed where the company owed money to,” he said.

“There are assets, but how the company acquired it is questionable.

“When I found out about it, I had wanted to leave.”

So he did.

“Assets are not listed. This is just a figure; anybody can come up with any figure….. to read the full story, subscribe to our e-edition. You can also pay through Vodafone’s MPAISA platform.

Feedback: ivamere.nataro@fijisun.com.fj

 

 



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