Fiji Forest Industries to close down
April 16, 2019 2:45 pm
Fiji Forest Industries Limited (FFI) located in Malau, Labasa will cease operations on the 22nd of May.
In a statement this afternoon, the company says it has been in an insolvent state over the last ten years adding every effort has been made to revive the company but the challenge of resource is beyond their control.
FFI says their inability to meet statutory and supplier commitments has exposed the company to criminal and winding up proceedings.
The statement says considering the financial status of FFI with $9.5 million in liabilities, under a liquidation process FFI’s employees will not get anything.
The 220 workers will receive redundancy packages totaling a substantive $3 million.
The company says the decision to close down was made through widespread consultation undertaken by Fiji Pine Trust, the trustee of pine landowners.