A-G Clears Air On Nabou Green Ltd And Tropik Wood/Fiji Pine Group Relationship
Mr Sayed-Khaiyum said the company, Nabou Green Energy Limited, is a private enterprise that, at one time, was composed of four shareholders, including Tropik Wood/Fiji Pine Group.
Wednesday 24 April 2019 | 18:20
From left: GIMCO chairman Yong Hee Song, GS Power president and CEO Young Ki Son, Fiji Pine Group executive chairman Faiz Khan, and KDB’s Daewoo Securities managing director Eung Chul Jun at the Sofitel in Nadi on April 13th, 2015 during the official signing ceremony of the shareholders agreement of the Nabou Biomass IPP Project in Fiji. Photo: Waisea Nasokia
The Attorney-General Aiyaz Sayed-Khaiyum in a statement released by DEPTFO News, last night, cleared the air on the Nabou Green Energy Limited’s (NGEL) operations and its relationship with Tropik Wood/Fiji Pine Group.
Mr Sayed-Khaiyum said the company, Nabou Green Energy Limited, is a private enterprise that, at one time, was composed of four shareholders, including Tropik Wood/Fiji Pine Group.
Tropik Wood/Fiji Pine Group has since made a commercial decision to surrender its shares in the company.
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“It’s not Government’s role to interfere with the commercial decision-making of any private company including Tropik Wood/Fiji Pine Group, seeking to do as well as possible by their shareholders.
“As we’ve seen in recent years, Tropik Wood/Fiji Pine Group has been transformed into a thriving company that is paying out historic dividends to its shareholders. Their success is owed to their leadership’s ability to prudently make commercial decisions that are in their best interest, and that is how the company continues to operate.
“In the interest of supporting the cleanest possible energy mix for Fiji, we obviously are keen to see the Nabou Green Energy Limited biomass power plant resume operations.
“Regardless of who holds the shares in NGEL, it’s important that we have a diverse range of renewable energy power sources operating in the country, to help us reduce our carbon footprint and reliance on expensive fossil fuel.
“As for the landowners in question, the conditions and terms of lease arrangements are governed by their lease with the iTaukei Land Trust Board.
“Any breaches of those terms and conditions are determined by the TLTB, and we urge anyone who feels aggrieved to raise those concerns with TLTB directly to determine if any lease conditions have been violated.”
Source: DEPTFO News
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