The Native Lands Trust Board has stressed that it has no intentions or immediate plans to set up a new subsidiary company to enter into a joint venture to establish ethanol plants in the country with the Chinese investors.
NLTB Spokesperson Nimilote Naivalumaira confirmed to Legend FM news that the Board's only focus is ensuring land availability for the proposed ethanol plants.
Naivalumaira also says they cannot elaborate on Vanua Development Cooperations earlier involvement in the project.
Fiji's Ambassador to China Sir James Ah Koy revealed yesterday that the Chinese company, Guanxi State Farms, which intends to invest US$40 million, was to enter a joint venture with NLTB's Vanua Development Cooperation to set up ethanol plants but as Vanua Development is facing some problems they have suggested to NLTB to set up a new company as the investors want NLTB to be directly involved to ensure land security.
Guanxi State Farms is expected to set up two ethanol plants in the country once a Local Company is identified to enter the joint venture.
NLTB Denies Plan for New Venture
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