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FHL annual reports scrutinised in court

July 10, 2012 5:02 am

The trial for former Prime Minister Laisenia Qarase’s case took a twist this morning as defence Counsel Tupou Draunidalo continued her cross examination.

She asked former FHL CEO Sitiveni Weleilakaba about the special resolutions on the allotment of class ‘A” shares and two annual reports.

Maca Lutunauga was in court and filed this report:

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“Weleilakeba told the court that he played a major role in compiling the 1993 and 1996 FHL annual reports.

He was given the 1996 annual report and asked who compiled the document.

He told the court that the draft copy was prepared by FHL Manager Investment and given to him to vet before the board’s consideration, approval and release to all shareholders.

From the 1996 FHL annual report Weleilakeba confirmed the chairman’s statement mentioned that the allotment of “A’ class shares to certain companies was approved by the Fijian Affairs Board and the Great Council of Chiefs.

He agreed with defence council that the companies included Sticks Investment in which he had interests, Mavana Investment, Q ten Investments, Cicia Plantation investments in which Qarase allegedly had shares.

The chairman – in the 1993 report says there were misleading statements on how Class A shares were allotted to certain companies.

Draunidalo asked Weleilakeba whether he’d raised any objections to the chairman’s statement in the 1993 annual report …to which he replied no.

Qarase is charged with six counts of abuse of office and three counts of discharge of duty in relation to property in which he has personal interest.

The trial continues tomorrow.

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