The way forward for getting the maximum return from Fiji mahogany has been set which sees the issuance of licenses to companies that want to buy mahogany, value adding to get better returns and the reorganization of the Fiji Hardwood Corporation Limited.
Attorney General, Aiyaz Sayed-Khaiyum said numerous expressions of interest have been received for licenses and Prime Minister and Chairman of the Fiji Mahogany Council, Commodore Voreqe Bainimarama will approve and issue the licenses when he returns from Vietnam.
Sayed-Khaiyum said with these proceeds, the government can address the substantial debts of FHCL which stood at approximately 26 million dollars in January this year.
Of this amount, the government has guaranteed over 62 percent or almost 16.8 million dollars.
The Attorney General also reveals that FHCL is currently lagging behind in repayments to FNPF.
An interim FHCL board has been appointed comprising of Permanent Secretary for Public Enterprises, Elizabeth Powell as Chair, Permanent Secretary for Fisheries and Forests, Commander Viliame Naupoto, Permanent Secretary for Industry and Trade, Saipora Mataikabara and Deputy Solicitor General, Sarvada Sharma.
The interim board will reorganise the management of FHCL.
He said this is to ensure that FHCL which is a public owned entity carries out it work effectively.
Story by: Vijay Narayan
Feature
Way forward for Fiji mahogany determined
