Interim board issues directive to management

The Interim Board of the Fiji Hardwood Corporation has issued directive to the management to recommence the sale and supply of mahogany logs and timber to all buyers with immediate effect.

Interim Board Chairperson Elizabeth Powell said this is being done to improve the performance of the company and the board has implemented immediate measures to improve mahogany supply following a meeting yesterday.

Powell added the interim board has also made a decision to urgently conduct special audits into the affairs of Fiji Hardwood to know the current financial position of the company as well as conduct a special inventory audit of all Fiji Hardwood logs, timber and saleable products at their yards and premises.

The Interim Board was appointed as part of the way forward for getting the maximum return from Fiji mahogany.

At the moment FHCL has a substantial debt which stood at approximately $26 million in January this year.

Of this amount, the government has guaranteed over 62 percent or almost $16.8 million.

The Attorney General Aiyaz Sayed Khaiyum had also revealed that FHCL is currently lagging behind in repayments to FNPF.


Story by: Ronal Deo