Court Battle Looms On Businessman Loan

A court battle looms in light of information surfacing that a top businessman took a major loan from the Fiji Development Bank and gave the Native Land Trust Board's name as the guarantor of the loan.

Fijivillage had received information that the money borrowed from the FDB by the businessman amounted to more than a million dollars.

It is not known at this stage who signed off the Native Land Trust Board (NLTB) guarantee for the private loan taken by the businessman as the NLTB or the native landowners did not benefit at all through the loan.

When we contacted senior officials at the Native Land Trust Board. They refused to make any comments. They only said that the information had surfaced and the NLTB had taken the stand that it did not guarantee the loan.

Fijivillage had also been informed that the matter is likely to end up in court. It is also not known at this stage whether the businessman is still making repayments for the loan, as the Native Land Trust Board would be ask to pay the amount if the borrower had defaulted.

The FDB loan for the businessman with the NLTB guarantee for the loan was approved and paid out before the December 5th takeover in 2006.