Allotment of shares was a collective decision says Weleilakeba

The allotment of shares to Q-Ten Investments, Cicia Plantation Co-op Limited and Mavana Investments Limited was a collective decision of the Fijian Holdings Limited board and not the decision of only one director, Laisenia Qarase alone.

Former CEO of FHL Sitiveni Weleilakeba confirmed this while answering questions by defense counsel Tupou Draunidalo this afternoon in Qarase’s FHL trial.

Weleilakeba said the FHL directors also included the Minister of Finance, Minister of Fijian Affairs and the Governor of Reserve Bank at that time.

He said Qarase was one of the nine directors in FHL.

He confirmed there was nothing in the Articles of Memorandum of FHL when it was a private company to restrict directors or executives from participating in board meetings that allotted shares to a company in which the director or executive had interest in.

He stressed that there was nothing in the Articles of Memorandum to restrict directors and executives of FHL to apply for shares on behalf of another entity.

Weleilakeba also mentioned that Qarase was absent from the meeting held on 31st December 1993 where FHL made a decision to pay out a 10 percent dividend of $746,465 dollars for Class A shares.

This interim dividend was paid out on April 1st 1994.

Weleilakeba confirmed that dividend cheques were only signed after board approval.

The case is continuing this hour.

 
Story by: Ronal Deo