Fiji Sun - - Front Page - JYOTI PRATIBHA and KATHRIN KR­ISHNA Edited by Naisa Koroi SUVA Feedback: jy­otip@fi­

Three di­rec­tors of one of the coun­try’s big­gest busi­nesses, Fi­jian Hold­ings Lim­ited, are likely to be re­placed in the com­ing weeks. Their terms come to an end soon and it is be­lieved highly un­likely that an ex­ten­sion will be given. This comes as ac­count­ing firm KPMG has been ap­pointed to in­ves­ti­gate com­plaints re­gard­ing some board af­fairs. Fi­jian Hold­ings Lim­ited chair­man, Iowane Naiveli, in a press con­fer­ence at Ra Marama Build­ing yes­ter­day con­firmed that they had re­ceived a let­ter from the iTaukei Af­fairs Board, a ma­jor share­holder. He said: “As a Chair­man of the board of di­rec­tors, we have to carry out what they have re­quired and we have done that so to­day. They have di­rected me to in­sti­gate an in­ves­ti­ga­tion on the loan of $6 mil­lion by one of our sub­sidiaries. “I have in­structed one of our In­de­pen­dent Au­dit Firms to carry out this in­ves­ti­ga­tion.”

Fiji Sun has been able to es­tab­lish that the bor­rower whose loan is al­legedly in­volved in the in­ves­ti­ga­tions was not in the wrong and not in ar­rears. The al­leged failure was on the part of cer­tain FHL di­rec­tors. FHL chief ex­ec­u­tive di­rec­tor Nouzab Fa­reed and Mr Naiveli both re­fused to elab­o­rate on the in­ves­ti­ga­tion. Nor would they com­ment on the di­rec­tors. Fi­jian Hold­ings Lim­ited was es­tab­lished in 1984 to cre­ate an en­tity that mean­ing­fully rep­re­sented iTaukei in the busi­ness sec­tor and en­sured their mean­ing­ful par­tic­i­pa­tion in the Fi­jian econ­omy. The FHL di­rec­tors cur­rently listed on FHL’s web­site are: Mr Naiveli; Isikeli Tuituku; Ratu Aisea Waka Vo­sailagi; Vil­iame Cegu­malua; Ula­iasi Taoi; John O’Con­nor; Sak­iusa Raivoce; and Rear Ad­mi­ral Vil­iame Naupoto.

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