Fijian Holdings Limited has appointed an international accounting firm to investigate how a $6 million loan was approved by one of the subsidiaries of the FHL.
FHL Chairman Iowane Naiveli made this announcement in a press conference this afternoon.
Naiveli confirmed receiving instructions from the Permanent Secretary for i-Taukei Affairs, Naipote Katonitabau to carry out an investigation.
Naiveli says he does not have any idea as to what has happened as there are different boards and audit committees.
FHL’s CEO Nouzab Fareed says they will go through all the loans that have been approved in the last 12 months and will check if they have met the conditions.
Fareed has also made it clear that all board members are working for the best interest of FHL.
Questions have been raised on how $6 million was allowed to be loaned to a business when the financial securities given against the loan were alleged to be of a lower value.
FHL will have to provide a report by the 20th of this month.
Meanwhile Fareed has also announced that FHL is a top contender for government’s divestment of shares in the Government Printery.
Fareed says they will partner with an international company which has printing background.
He says they have also expressed interest in buying shares in Fiji Electricity Authority with two international companies.
