FSC NEEDS STATE SUPPORT

THE Fiji Sugar Corporation has not clarified if a $21.2 million loan obtained from the Fiji National Provident Fund was linked to the sale of FSC assets to the superannuation provider.

In its 2019 annual report, the FSC said it obtained a loan of $21,217,125 in May, 2019 from the FNPF and that “the facility is secured by confirmed property sale contracts”.

The Fiji Times sent questions to FSC, querying if the corporation had sold a property to FNPF under this transaction.

This newspaper also sought clarification on where the property was located.

In response, the FSC said all the information surrounding asset sales was in the 2019 annual report.

“If it is reported as a sale in the 2019 audited reports, then that is what it is,” the FSC said.

The FSC said the complete sale of non-productive assets had not been completed as yet.

The FSC has recorded a consolidated loss of more than $23m for the past financial year.