Bua Provincial Council relies on FHL dividends

Before his 2006 coup Bainimarama was telling everyone that PM Qarase enriched himself by turning the Government loan to FHL into shares. The truth is the Qarase Government handed the shares to Provincial Councils. A report in the Fiji Times now confirms how important these shares are to Provincial Councils. “Council chairman Alipate Radrodro said the council managed to collect $170,277.54 from their Fijian Holding Limited shares.” Without these funds the Bua Council would struggle to do its job.

Fiji Times November 19, 2013 Levy below target
http://www.fijitimes.com/story.aspx?id=251790

One Response to “Bua Provincial Council relies on FHL dividends”

  1. Navosavakadua Says:

    FHL Annual Reports show that Bua Provincial Council holds 137,102 shares in FHL. This is where the $170k mentioned by the Council Chairman came from.

    On top of this, Bua Provincial Council has a share of the Class B shares granted by the Qarase Government and held on their behalf by the iTaukei Affairs Board and the iTaukei Trust Fund Board. Shares held in trust like this account for 2/3rds of FHL shares.

    And where are the dividends from all these shares going? Straight back to the regime coffers where Bainimarama uses it to hand out village electricity and water supply as if they were personal gifts from him.

    The B class shares were given to Provincial Councils to enable them to have some independence. Bainimarama ordered them to pay back the value of those shares. His aim? To make Provincial Councils dependent on him.

    He’s handing back what he stole from them and he expects them to be grateful to him.

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