The third FICAC witness in the Laisenia Qarase trial, Former Fijian Affairs Minister Ratu Timoci Vesikula said that he got scared when he realized that 80% of FHL shares were owned byindigenous Fijian family companies and only 20% by the Provincial Councils.
He saw the file when he took up the minister’s portfolio in June 1992.
Vesikula added the total value of shares came close to $4 million.
Vesikula highlighted he was confused on why the Provincial Councils were not major shareholders after it was decided by the Great Council of Chiefs that each Provincial Council contribute $50,000 for shares however this still did not result in them becoming major shareholders.
11 provinces had paid the amount as agreed.
Vesikula said Qarase was involved in the establishment of FHL from the very beginning.
He told the FICAC counsel that when he became Minister, Qarase was already financial advisor of Fijian Affairs Board and GCC.
During cross examination by defence counsel, Tupou Draunidalo, Vesikula was questioned whether Qarase was protector of indigenous Fijian interests as financial adviser to which he agreed.
Vesikula said it was his duty to protect the Fijian Affairs Board, the Great Council of Chiefs and other Fijian institutions, and that the Minister is the ultimate protector.
Vesikula said that at his time as minister, he questioned Qarase’s advice.
Vesikula added he did not recall seeing any documents by his predecessor, Lt Colonel Vatiliai Navunisaravi that questioned the financial advice given by Qarase.
Ratu Timoci Vesikula was the third FICAC witness.
The case resumes this morning before Justice Priyantha Fernando with FICAC’s fourth witness taking the stand.
Qarase is charged with 6 counts of abuse of office and three counts of discharge of duty with respect to property in which he has a private interest.
Stay with us for coverage of Qarase’s trial.
Story by: William Waqavakatoga & Ronal Deo
