FSC technically bankrupt, owes $400m

February 2, 2023 6:33 am

The Fiji Sugar Corporation owes $400 million to the government says Minister for Sugar Charan Jeath Singh.

Singh says FSC is technically bankrupt.

He says they will have to go back to the parliament in order to secure further guarantees to run operations at FSC.

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“If we do not get the guarantee, the directors will not sign the accounts. We have two years of accounts which are ready, 2020 and 2021. We have to go to the government, we have to go to parliament that government will continue guarantee, then only the directors will sign the accounts and after the signing of the accounts then we will have the AGM and then continues the business of FSC.”

Singh says FSC does not have money yet despite this the former chief Executives were getting hefty salaries and allowances.

“I am not sure if Bainimarama himself had ever known how much these people were collecting in terms of salaries and allowances, this is only the basics than the amount of trips they were making over the years, the amount of per diems they have been collecting over the years, it was huge.”

Singh says he feels sorry for the farmers who were taken for a ride.

He has assured farmers that the current chief executive, Bhan Singh salary is in line and is not overpaid.

He adds that the current CEO is experienced as he has worked in the four sugar mills as well.