July 6, 2009

FHL Investigated

Sidelined chair backs FHL probe
www.fijitimes.com - July 06, 2009

THE Fijian Holdings Limited board should carry on with its investigations, says Chairman Isoa Kaloumaira. Mr Kaloumaira who was sent on leave said he would let the board do its investigations and stand by the statement made by the board last Friday. He did not wish to further comment on the matter. Last week in a statement to the South Pacific Stock Exchange acting chairman Ioane Naiveli had said FHL CEO Sereana Qoro, chairman Isoa Kaloumaira and deputy chairman Lieutenant Colonel Mohammed Aziz were sent on leave to allow "corporate governance" investigations. Mr Naiveli said this was the request of the FHL board, adding it was business as usual for the group's companies. Mariana Saumadu is acting CEO. Efforts to contact Lt Col Aziz or Mrs Qoro yesterday were futile. FHL is in the midst of settling its acquisition of BP Southwest Pacific Limited at a cost of $190million. A deposit of $20m was paid out last year. Two months ago, the company sold its interests in the Fosters Group for $40m. It is still searching for capital to complete the purchase of the oil company's operations in Fiji

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