Fijian Holdings Limited has returned $20 million to Fiji Development Bank which was taken as a loan by Fijian Affairs Board from the government.
Managing Director, Sereana Qoro said they made the payment in August this year after the current government told FAB to pay off the $20 million loan which was taken in the late 1980s and later converted as a grant by the Qarase government.
Qoro confirmed that the Fijian Affairs Board will now pay off the loan to FHL over 8 years on commercial interest.
She added that the recovery of the loan is made through their dividend every six months.
Qoro said Fijian Holdings limited has also sold shares in Fosters Group and gained about 36.4 million dollars which has been used to pay off loans and the remaining money has been invested in commercial banks.
She added that Fijian Holdings is one of the companies in Fiji which is now debt free.
Story by: Ronal Deo
FHL returns $20m to FDB
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