Fijian Holdings Board suspended

July 03, 2009 04:59:40 PM

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The board of Fijian Holdings Ltd has been suspended, and its chairman Isoa Kaloumaira, and chief executive officer Sereana Qoro have been sent on leave.

In a release at the South Pacific Stock Exchange this afternoon, acting chairman Iowane Naiveli said the pair have been asked to go on leave for five days “to make way for the audit on corporate governance.”

“It’s business as usual in the group and all group companies are functioning as normal,” said Naiveli, in a short statement that said little on the need for a governance audit. 

“Group Audit Manager and company secretary Mariana Saumadu will function as acting managing director,” Naiveli said. 

It is understood the decision is linked to FHL’s intended purchase of BP South West Pacific Ltd’s oil business in Fiji and the Pacific, tagged at over $190 million and currently estranged as the company meets several delays in securing finance.