Fijian Holdings Limited will not reveal the name of it’s subsidiary company that approved a $6 million loan to a company late last year.
An international company is now conducting an investigation into the loan however FHL Chairman, Iowane Naiveli and FHL CEO, Nouzab Fareed have declined to comment on the company that approved the loan and the company that received the $6 million.
Fijivillage has received confirmation that three companies in the FHL group can give out loans.
The companies include FHL, Merchant Finance and Fijian Holdings Unit Trust.
The management and board of these companies assess the loan applications and make the final decisions.
Meanwhile Iowane Naiveli says the Minister for i-Taukei Affairs has the full right to question the decision of the board of FHL and its subsidiary being the largest shareholder of the Itaukei owned enterprise.
Naiveli says the Ministry of Itaukei Affairs through the i-Taukei Affairs Board, Itaukei Trust Fund and i-Taukei Land Trust Board collectively owns more than 70 percent of the company.
FHL says it will fully cooperate and work on the directives of the Ministry to ensure that the required report is sent as per the time frame given.
FHL is considering appointing an independent consultant to conduct the investigation and provide the report. However it has been made clear that FHL is not obliged to share the finding of the report with the general public.
Fijivillage has received information that the term of the FHL board members is coming to an end and some may not be appointed again.
Naiveli confirmed receiving instructions from the Permanent Secretary for i-Taukei Affairs, Naipote Katonitabua to carry out an investigation.
Questions have been raised on how $6 million was allowed to be loaned to a business when the financial securities given against the loan were alleged to be of a lower value.
FHL will have to provide a report by the 20th of this month.
