FSC will be unable to operate without Govt support – Prasad
Clark says he will respond after the AGM on Friday

FSC will be unable to operate without Govt support – Prasad

Clark says he will respond after the AGM on Friday

By Dhanjay Deo
Wednesday 13/01/2021
NFP Leader Professor Biman Prasad. [image: file]

National Federation Party Leader Professor Biman Prasad claims the Fiji Sugar Corporation is unable to operate as a viable entity without Government support.

Professor Prasad says FSC’s 2020 Annual Report which will be discussed at the Corporation’s Annual General Meeting this Friday reveals significant concerns expressed by the Auditors despite FSC recording a profit of $21.9 million in the last financial year.

Prasad says this profit included a government grant of $50 million during the last financial year and has questioned whether the profit has been created by the taxpayers of Fiji.

He further says the Auditors have also noted that in the last financial year, FSC defaulted repayments of two bonds on 30th September 2019 and 4th November 2019 totaling $25 million to the Fiji National Provident Fund and this sum had to be paid by Government that guaranteed the loan.

NFP’s Leader adds that FSC’s current liabilities exceeds its current assets by $144.4 million which means that even if all of FSC’s assets including its mills are sold, the Corporation would still fall significantly short of clearing all its liabilities.

He has questioned whether the taxpayers of Fiji are keeping FSC afloat.

When questioned, FSC’s CEO Graham Clark says their AGM will be held this Friday and he will respond once the Annual Report has been approved by shareholders.

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Fiji continues to be affected by COVID-19
Contact tracing continues for most parts of Suva and Nausori. Mon 19th Apr Tue 20th Apr Wed 21st Apr Thu 22nd Apr Sat 24th Apr Sun ...
20 hours ago

Parliament passes proposed electoral law requiring people to use their birth certificate name to be registered as a voter
Bill also passed where any agency which receives applications or submissions will only be required to accept the name of an applicant as it appears on their birth certificate
6 days ago

258,000 people lived under the Basic Needs Poverty Line according to the 2019-20 Household Income and Expenditure Survey
Survey says almost one in five school aged children in Fiji are educationally deprived
14 days ago
FEATURE NEWS
All students will progress to the next level in the next academic year
All students will progress to the next level in the next academic year which will have four school terms. Minister for Education Premila Kumar says...
11 hours ago
LATEST NEWS
Vaccination programme for children deferred to 4th Oct to synchronise the vaccination deployment effort with the digital platform support
The Ministry of Health and Medical Services confirms the COVID-19 vaccination programme for children has been deferred to Monday 4th October 2021 to ...
10 hours ago

United States provides US $19.8 million to launch PROJECT Governance
The United States of America, through USAID has partnered with SPC to launch a new activity called Promoting Just, Engaged, Civic-minded and ...
10 hours ago

Education Ministry says 4,669 staff of the Ministry are now fully vaccinated
The Education Ministry says as of 24th September, 4,669 staff of the Ministry are now fully vaccinated while 8,524 staff have received their first ...
11 hours ago

Pastor seeks forgiveness after demolishing and removing Hindu God’s idol in Lautoka
Pastor Rajesh Goundar of El-Shaddai Assemblies Of God Church in Wairabetia, Lautoka is seeking forgiveness from those who have been hurt by his ...
11 hours ago

Curfew to start from 10pm tomorrow - PM
Prime Minister, Voreqe Bainimarama has confirmed with 70 percent of adults now fully vaccinated in Fiji, the curfew hours will be 10pm to 4am from ...
11 hours ago

TOP