September Payout For Pine Landlords
Prime Minister Voreqe Bainimarama will distribute lease security bonus payment to pine landowners on September 24.
The occasion would mark the eighth consecutive year that landowners will collect their payout.
Fiji Pine Group’s new chief executive officer, Vimlesh Kumar, said the company could not reveal the value of payout this year.
“We are still working out the amounts for each landowning unit,” he said.
The payout has come despite challenges brought about through the coronavirus crisis to the export market.
The export market has since picked up pace with more shipping movements.
Minister for Forestry, Osea Naiqamu, recently revealed $19.25 million was paid out as lease security bonus to landowners since 2013.
The payout was established in 2013, where landowners received returns for the use of their land, based on the profitability of the Fiji Pine Group.
In 2013, the first payout of $350,000 was issued, followed by $430,000 the following year.
Performance
As business improved with more income, the payout in 2015 amounted to $1 million.
For the period 2016-2017, landowners received $1.5 million each year.
In 2018-2019, two massive payments of $7 million each year were distributed to landowners.
Mr Bainimarama, while distributing the lease payments in 2017, said every year since 2011 has recorded performance and strength at Fiji Pine Group surpass.
He said the relationship between Fiji Pine Group and its landowners had turned the industry into an success story.
Prior to 2011, the company had a con