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The Fiji Government has begun investigation into the affairs of Fijian Holdings Limited, a leading Fijian enterprise.
This comes after FHL chairman Isoa Kaloumaira and group managing director Sereana Qoro were told last week to step aside for five days.
Specifics of the investigation have not been forthcoming except that the executives had “to make way for the audit on corporate governance”.
Government spokesperson Lt-Col Neumi Leweni said the government had an obligation to people who had invested their money into the company.
Acting chairman Iowane Naiveli said its business as usual in the group and all group companies are functioning as normal.
“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.
FHL was founded in 1984 as a response by the Fijian Chiefs and people to accelerate Fijian participation in the economy.
Shareholders of FHL include Provincial Councils, the Native Land Trust Board, the Fijian Affairs Board, Tikina and village groups, Fijian co-operatives, individual Fijians and family companies.
According to its corporate profile, FHL is a local equity investment company, with investments in 24 companies in Fiji.
Of those, 9 are subsidiary companies with over 50 per cent shareholding. FHL has investments in almost all sectors of the Fiji economy, including tourism, manufacturing, building & construction, property, media & communication and finance.
