Pine Group is now debt free, landowners continue to receive dividends – PM

Prime Minister and Minister for Forestry, Voreqe Bainimarama reveals that in just the first two weeks of the new financial year, the forestry sector has generated $14 million in export earnings where the bulk of earnings were from pine chips exported by the Fiji Pine Group of Companies.

In his ministerial speech, Bainimarama stated that the Fiji Pine Group of Companies recorded an operation profit of $35.6 million in the 2020 financial year compared to $24.9 million in 2019.

Bainimarama says importantly, the Pine Group is now debt-free. He says in 2008, the Group had a debt stock of $63 million.

Bainimarama says since 2013, the Group has paid $24.6 million in dividends and this year, the landowners will receive another $6 million.

The Prime Minister told parliament that the Mahogany Industry Development Act was introduced in 2010 to bring about transparent, efficient and result-oriented management for the mahogany industry.

While responding to Bainimarama’s ministerial speech, SODELPA MP, Mitieli Bulanauca says Fiji Hardwood Corporation has been a failure.

Bulanauca also questioned why the Government is getting a share of Fiji Pine Group’s profit.

National Federation Party MP, Lenora Qereqeretabua says they need to know whether we have 7.6 million real trees standing right now under the national forestry inventory.

Qereqeretabua also questioned whether the staffing of the Ministry of Forestry is able to cater for all the work given and that over 100 staff and 40 vehicles are helping out with COVID-19 responses and there are a number of staff also not working because of the no jab no job idea.