The massive financial loss of the Fiji Hardwood Corporation Limited since 2004 has forced the closure of its operations at Waivunu Sawmill and Navutu Manufacturing yard effective from yesterday.
In a statement, the two operations will soon be advertised for sale by tender.
The FHCL board assures the affected 76 workers at Navutu and 111 workers at Waivunu sawmill will be paid 30 days leave in lieu of notice, redundancy pay of one weeks wages for each year of employment and all outstanding annual leave and long service leave entitlements.
Fiji Hard Wood Corporation Limited added these payments are in addition to the paid leave that the board provided to the employees at Navutu and Waivunu over the past three weeks from the 31st of May, 2013.
Recently the Navutu and Waivunu sites have been the targets of theft, with more than $24,000 of cash, equipment and timber stolen in the past 14 months.
Police are still investigating the matter.
Meanwhile, FHCL received more than $15.9 million of government grants from 1998 until 2006 and it has also accumulated more than $21.4 million of government guaranteed loans by 2010.
