|
|
Issue No: 1009; 10 August 2001
Regime's PM and SDL's leader Laisenia Qarase is in trouble over revelations that he personally benefited from a $20m interest free loan to the Fijian Holdings Ltd. The loan was channelled to the company through the Fijian Affairs Board (FAB). On usurping power, Qarase converted the loan into a grant. Now it has been revealed that $8m supposedly paid as dividends to the FAB by the Fijian Holdings Ltd over the years, can not be traced. Today's Fiji Sun reports that the FAB claims it has not received any money from the FHL, while the FHL maintains it has paid the dividends. The dividends were for class-B shares which the FAB was given for the $20m. It is understood that the share money was used by the FHL to boost the company's profitability. A direct beneficiary of this was Laisenia Qarase who held, through his companies, class-A shares. The Fijian Holdings had been a major financier of the
terrorists. The company also is the major financier of Qarase's party the SDL.
It is believed that Qarase and the company had struck a deal whereby the company
would finance the terrorists and Qarase's party in return for the loan to be
converted into a grant, and for the prevention of any public inquiry into the
company's affairs. |
|
People's Coalition Government - Fiji Islands |
