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Issue No: 780; 21 May 2001
The Fiji Development Bank wrote off $12m loans during Laisenia Qarase's term as Managing Director of the Bank. The media has reported the right wing Nationalist Party questioning the loan writeoff. The nationalists are quoted as saying that investigations should be carried out on how money loaned from FDB by prominent ethnic Fijians was used to pay huge shares in a Fijian enterprise. "If they can't come out clean, then it seems that there are moves to cover outstanding debts of these people. This would be disastrous for everyone". As head of the Fiji Development Bank, Qarase was involved in a string of corrupt and crony relationship with largely ethnic Indian businessmen. Many of the same businessmen have been alleged to have financed the terrorists last year, and they are reportedly also financing Qarase's political ambitions. The People's Coalition Government had also
initiated a thorough review of the Fiji Development Bank. It is understood that
Qarase was very concerned with the review as it would have uncovered irregular
dealings at the Bank. |
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People's Coalition Government - Fiji Islands |
