Fiji Hardwood Corporation should focus on paying off their loan taken from Fiji National Provident Fund and Fiji Development Bank which has been guaranteed by government.
Attorney General and Public Enterprises Minister, Aiyaz Sayed-Khaiyum said since 1998, $24 million grant was given to Fiji Hardwood Corporation however they haven't made a profit till 2007.
According to Sayed Khaiyum, two years ago debt for FHL was over $12.5 million.
He added that they are looking at improving the performance management system, transparency, fulfill previous contracts and true value of assets.
Sayed-Khaiyum said company needs to increase its revenue for good returns as under the new Mahogany decree, a meeting of the council is expected in the next few weeks to discuss about the company.
Story by: Ronal Deo
