FICAC’s eighth witness in Laisenia Qarase’s Fijian Holdings trial, Salimoni Karusi has today confirmed the Fiji Development Bank loan approvals to Q-Ten Investments Limited, Mavana Investments Limited and Cicia Plantation Co-op Society Limited in the 1990’s.
Karusi who is the Senior Legal Officer of FDB provides legal opinion to the bank. He also assisted in the search for the original bank records which were given to FICAC.
Documents were shown to Karusi by FICAC’s Senior Counsel, Michael Blanchflower in court today and he confirmed that the FDB board approved a loan of $160,000 to Q-Ten investments on May 28th 1992.
Karusi said this was signed off by the late former FDB Chairman, Lyle Cupit.
The witness confirmed that there was no declaration of interest during the loan approval.
Laisenia Qarase was the Managing Director of FDB at the time and was present in that meeting according to the minutes.
Other FDB board minutes showed a $160,000 loan approval to Cicia Plantation Co-op Society Limited, $150,000 loan approval to Mavana Investments Limited and $120,000 to Bakani Investments Limited.
Qarase is charged with 6 counts of abuse of office and three counts of discharge of duty with respect to property in which he has a private interest.
It is alleged that Qarase applied, and then facilitated and allowed the purchase of Class A FHL shares for certain companies when he was Director of FHL, Financial Advisor of the Fijian Affairs Board and Advisor to the Great Council of Chiefs.
The case relates to the allotment and issuance of the FHL shares to Cicia Plantation Co-op Society Limited, Mavana Investments Limited and Q-Ten Investments Limited.
Blanchflower has told the court that Q-Ten Investments is a company owned by Qarase’s wife and children, Mavana Investments is a company owned by some of Qarase’s family members and villagers where Qarase is from, while Cicia Plantation Co-op Society Limited is a company where Qarase was appointed as an advisor.
Stay with us for coverage of Qarase’s trial.
Story by: Vijay Narayan & Tokasa Rainima
