The Cakaudrove Province has become the first province to take a pro-active approach following a resolution by the Itaukei Affairs Board not to release dividends on Fijian Holdings Limited shares over the next eight to ten years.

The province will reduce the number of council and district meetings to cut down on expenses.

The council will meet only once instead of twice while there will be two district meetings annually instead of the normal four.

Roko Tui Cakaudrove Ro Aca Mataitini said that the province would save as much as $40,000 a year with the new move.

He said the move has been taken, as they want to cut down costs since they will not be receiving the dividends.

He said they spent around $15,000 for one provincial council meet.

I-Taukei Ministry Deputy Permanent Secretary Colonel Apakuki Kurusiga has applauded the initiative and confirmed that a directive had been issued to all provincial council offices to restructure their budgets to accommodate the new development.

He said they have to make new budget estimates for the remaining months of the year and for next year.

Colonel Kurusiga announced yesterday that the Itaukei Affairs Board will not distribute dividends it receives from Fijian Holdings Limited to the 14 provinces.

He said instead the dividends will now be utilized to pay off a $20m loan from the company over eight to 10 years.

Kurusiga said the loan was acquired to repay a Government loan of equivalent to the amount that was obtained in 1989 by the Fijian Affairs Board so that it could purchase shares in FHL.
 

Story by: Sneh Chaudhry