Litia Cava 
The Permanent Secretary for Sugar has highlighted the financial struggles faced by the Fiji Sugar Corporation.
Yogesh Karan highlights that the root of the problem lies in the historical debt burden, primarily linked to the ill-fated Exim Bank project, which was launched between 2004 and 2007.
He states that during the recent Fiji Sugar Corporation annual general meeting, a profit of $7.5 million was disclosed.
Karan says they are hoping to reach $30 million in profit in the upcoming year.
He adds that this profit often gets swallowed up by the weight of past debts and expenses, largely stemming from the failed project.
“We don’t have to reinvent the wheel. This is done very successfully in other parts of the world. India has extended its exports largely because they are producing ethanol. For Fiji, aviation fuel is about half a billion dollars per year, so there’s all signs positive if we do it right.”
Karan says that a forensic assessment conducted by KPMG in 2016 and 2017 revealed a substantial loss of around $30 million out of the $50 million initially invested, further straining FSC’s financial situation.
Karan stressed that ongoing investigations are in progress to scrutinize the fallout of the problematic project.
He emphasized that the current leadership should not be held accountable for decisions made by former CEOs, board members, and chairs.
The PS also notes that the key challenge now lies in securing the sugar industry’s sustainability and mapping out a viable path for the future.
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