FHL joint venture partners divest

July 27, 2012 | Filed under: Fiji News | Posted by: newsroom
By RACHNA LAL

Fijian Holdings Limited (FHL) has announced plans by their joint venture partners in the building and construction sector to divest their holdings in the coming months.


The two joint ventures include Basic Industries Limited and Fiji Industries Limited, both of which FHL is the majority shareholder of (51 per cent and 50.2 per cent respectively).


FHL confirmed they would waiver their pre-emptive rights to acquire the shareholdings of the joint venture partners in both the companies.


The chairman of FHL board, Iowane Naiveli, in a statement from the South Pacific Stock Exchange said they had been in discussion with their partners for the last 24 months.


“FHL has made a decision to waive its pre-emptive rights to both Basic Industries and Fiji Industries mainly based on our exposure in the sector,” he said.


As such, 49 per cent of Basic Industries owned by Holcim New Zealand and 47.3 per cent of Fiji Industries owned by South Pacific Cement Limited would be available for sale.


Auckland-based corporate advisory firm, Campbell Macpherson Limited would handle their sale process.


FHL acting group chief executive, Nouzab Fareed said: “We are pleased with the performance of our current portfolio and with the current exposure to the building and construction sector.”


Basic Industries engages the business of ready-mix concrete, quarrying and stone crushing, concrete blocks, aggregates, customs clearing, concrete pipes, and precast products.


It trades as Standard Concrete and Hume Industries.


FHL owns 50.2 per cent of Fiji Industries, South Pacific Limited 47.3 per cent and the balance is owned by 43 shareholders.


South Pacific Cement is owned equally by Holcim New Zealand and Fletcher Building Limited of New Zealand. Fiji Industries is the sole manufacturer of cement in Fiji and also exports its products to Pacific Island countries.

Fiji, NZ and Australia to hold democracy talks

The Australian Foreign Affairs Minister Bob Carr says he doesn't believe Fiji should be allowed back into the Pacific Islands Forum just yet.
Updated 27 July 2012, 7:23 AEST

Senator Carr was speaking ahead of a meeting he will have with his New Zealand counterpart and the interim Fijian government in Sydney on Monday.

The meeting will assess Fiji's attempts to return to democracy and honour its pledge to hold elections in 2014.

Slow progress on these issues contributed to the decision to suspend Fiji from the Forum in May, 2009.

Senator Carr last met Fijian officials in May of this year, when he praised the regime for its ''positive progress'' towards holding elections.

"When Murray McCully and I were in Fiji as part of the Ministerial action group for consultations with the interim government and with the opposition, and with non-government organisations and civil society, we were able to receive assurances about the constitutional consultation towards elections in 2014," he told Radio Australia.

"This meeting in Sydney on Monday will enable us - New Zealand and Australia - to get an update."

Senator Carr says that depending on the outcome of Monday's meeting, the Pacific Islands Forum Ministerial Contact Group may decide to visit Fiji again, but said there were no immediate plans to lift sanctions against Fiji.

"We remain engaged with Fiji. We don't want the people to suffer from the very targeted sanctions we applied when democracy was suspended - sanctions that applied to the travel and financial transactions of the government," he said.

"But we are keen to see the country make the transition to democracy.

"We'll make a decision on the lifting of sanctions when it's clear the commitment to democracy is irreversible, and the consultation we've got coming up in Sydney on Monday is part of that continuing engagement to see that the country is headed back towards democratic norms."

Fiji court annuls charges against Mahendra Chaudhry

PTI
Melbourne, July 25, 2012
First Published: 16:22 IST(25/7/2012)
Last Updated: 16:30 IST(25/7/2012)

A Fiji court has thrown out money laundering charges against former Indian-origin premier Mahendra Chaudhry, who was ousted in a 2000 military coup, but he will still face trial on allegations that he violated foreign exchange laws.

Chaudhry, who became the first ethnic Indian to become Fiji's Prime Minister in 1999, will now only face three counts of breach of the foreign exchange control law, reports from Fiji said.

Justice Daniel Goundar of the high court also set a pre-trial conference for August 13. Chaudhry has reportedly pleaded not guilty to the charges.

Chaudhry faced 12 charges for allegedly giving false information to tax authorities about his bank accounts in Australia.

he high court accepted the argument by Chaudhry's lawyer that it did not have jurisdiction over the foreign accounts, and annulled five charges of money laundering, a report on Fijivillage.com said.

Another four counts of making false tax returns were dropped as the three-year time limit for prosecution had expired. After 2007, the offence of making a false tax return under the Income Tax Act was time barred.

This leaves three counts of foreign exchange violation against Chaudhry. The breach of foreign exchange charges stem from his alleged failure to declare his accounts to the Reserve Bank of Fiji.

The leader of the Fiji Labour Party defeated long-time leader Sitiveni Rabuka in 1999 to become Fiji's first ethnic Indian Prime Minister. But, a year later, he and was taken hostage along with his cabinet in a military coup.

He was released after 56 days in captivity during which he and his cabinet were sacked.

Issue of immunity in new constitution should be fully discussed-Ratu Joni

Publish date/time: 27/07/2012 [10:11]

Former Vice President and Bau High Chief, Ratu Joni Madraiwiwi believes that the issue of immunity in the new constitution should be fully discussed.

While speaking to participants of the CCF Forum on Bringing Fiji Together - Addressing Inclusivity in Constitution-Making, Ratu Joni believes this would be the best way forward as there were no discussions when immunity provisions were included in the 1990 and 1997 constitutions for the perpetrators of the coups of 1987. 

When questioned by Fijivillage on whether he believes immunity is also part of the process to move forward, Ratu Joni said it is understandable that the government would want immunity to be covered.

Meanwhile Attorney General, Aiyaz Sayed-Khaiyum questions how Ratu Joni can raise concern about immunity for 2006 when immunity was included in the 1990 and 1997 constitutions.


Sayed-Khaiyum said Ratu Joni even accepted the Vice President's position under the 1997 constitution.


He also stressed that people making submissions can talk to the Constitutional Commission about what has happened in the past however immunity is a non-negotiable provision.

Meanwhile Ratu Joni Madraiwiwi said inter ethnic relations in the country have been better than they ever were.

He said although more work needs to be done, some of the issues like current government policies and the increase in the itaukei population has resulted in changes already.

Ratu Joni also said more work needs to be done to educate people on civic beliefs and he said great courage and wisdom is needed to ensure that everyone moves together as one nation.

He said there was hope that the electoral system in the 1997 constitution was a system in transition and in a short period of time parliamentarians would be elected on the basis of one vote one value.

However Ratu Joni said prior to December 2006, none of the politicians had said that there should be a change in the electoral system.

He said the focus should be on building a national identity and social cohesion.

Story by: Vijay Narayan