The murky world of FSC finances

FSC claims it paid back “part of its initial $US50 million ($F92.5m) loan” and then taken out a further loan of $US5million (F$9.2m) from EXIM Bank of India.  How much is part? How much is being paid in interest? If Bainimarama had not told the EU to get lost the industry could have had hundreds of millions  in real aid, not loans that have to be paid back, to help improve efficiency and put farmers in a position to cope with lower prices for sugar.  The biggest worry for our cane farmers is the addiction of the Bainimarama regime to lying.

Fiji Times June 09 2014  Additional India loan for Fiji

 

2 Responses to “The murky world of FSC finances”

  1. Rai ki liu Says:

    Election should some faster for the elected Government to steer the Sugar Industry in the right direction. We need EU financial assistance, etc, to assist the sugar industry, otherwise it’s a “painful death” to the sugar industry. Borrowed loans from Indian bank will not solve the Industry problems, etc. It will only add onto the heavy financial burdens and debts, etc, it needs to recover in the future.

  2. The Sugarman Says:

    The Sugar Industry is doomed. Do not ever believe any garbage coming from the dumb FSC boss Abdul Khan who thinks we are stupid. The FSC has not made a single cent of profit since 2006; how in the world can you make a payment Mr Khan when you don’t make any money but continue to kerekere? Yes, you may be right that FSC has made a payment, but it was made from borrowed money. Like the saying goes, “borrow from Peter to pay Paul” but the dinau is still there; only this time it has increased because of the interest rate. The sugar industry is doomed!!

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