Kadavu House is owned by Kadavu Holdings Limited and there is no dispute or controversy about this.

Chairman of the Kadavu Development Company Sakeasi Waqanivavalagi said recent comments made about the true ownership of Kadavu house was clarified last week when KDC held a meeting to consider the findings regarding the disagreement made by an audit-type inquiry.

Waqanivavalagi said there are misconceptions that the Kadavu Provincial Council holds controlling interest in KDC.

Earlier Former Chairman of the Kadavu Provincial Council and a former director of Kadavu Development Company, Ratu Josateki Nawalowalo told Fijivillage News that the provincial council set up the company as a business arm and the company then set up Kadavu Holdings Limited which was responsible for building Kadavu House.

Waqanivavalagi however reveals that the audit type inquiry carried out by Ernst & Young has concluded that records show that a total of 71.94% of the KDC shares belong communally to the people of Kadavu generally and their chiefs together with certain individual tikinas.

Waqanivavalagi added the balance of the shares in KDC are owned by individuals from the Vanua Kadavu who had purchased shares during share drives organised by the Company between 1972 and about 1986.

He goes on to say that those present at the KDC meeting last week appreciated and accepted this clarification.

Waqanivavalagi added that the comments made by Ratu Josateki largely relates to differences of views amongst some members of the Province regarding KDC's shareholding structure.



 

He added the meeting last week agreed to the setting up of a small committee to settle these differences including allowing Nawalowalo to provide evidence to support their claim.