American company to take over operation of mahogany industry
American company to take over operation of mahogany industry
By
fijivillage.com
Monday 19/11/2012
American based company The Forestland Group is expected to take over operation of the mahogany industry in the country at the end of the month.
The interim company will take over from Fiji Hardwood Corporation Limited.
TFG is an independent timberland investment management organization formed in 1995 which currently manages approximately 3.4 million acres in 20 US states and including Belize, Canada and Costa Rica.
Earlier Prime Minister Commodore Voreqe Bainimarama highlighted that the mahogany resource was grossly mismanaged by Fiji Hardwood Corporation Limited which has accumulated over $20 million of government guarantee debt over the years since it was established.
Story by: Watisoni Butabua
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