Simione Tuvuki 
The Fiji Sugar Corporation is facing significant challenges due to a multi-million-dollar loss incurred during the previous administration’s tenure.
FSC’s former Chief Accountant and current Board of Director, Nitya Reddy, reveals that FSC suffered a $900 million loss from the failed Sugar Technical Mission project, funded by a $102 million loan from the EXIM Bank of India in 2005.
Reddy alleges that this situation highlights corruption practices over the past 16 years.
Despite these losses, Reddy says FSC has increased its borrowing to approximately half a billion dollars.
“What is more striking about that is that during that same period, we have increased our borrowing to about half a billion dollars. So, isn’t it a logical question for people to ask … what has happened to the money. You borrowed so much money and what did you do. Our mills are in a pathetic state.”
FSC’s former Chief Accountant and current Board of Director, Nitya Reddy.
According to Reddy, the current FSC management faces a tough situation, but higher sugar prices should help recover some losses.
FSC has also turned a $200 million loan into equity.
Despite significant losses, FSC still owes $75 million to the EXIM Bank of India, part of its nearly $500 million in total debt.
We have sought comments from the FijiFirst party on the matter.
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