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News

No FHL Director ever declared interest: Weleilakeba

July 6, 2012 8:38 pm

Fijian Holdings Limited former Secretary and CEO Sitiveni Weleilakaba has told the Suva High Court that no FHL Director has ever declared interest in companies that wanted to buy shares.

Weleilakeba took to the stand yesterday in day two of the trial against former FHL Director Laisenia Qarase.

Maca Lutunauga has more.

Article continues after advertisement

Weleilakeba told the High Court that in his 25 years of service at FHL – there has been no record in the board meetings minute of any other director of FHL making a declaration of interest.

He stated that he had declared his involvement with a company – Sticks Investment Limited – that made an application to the FHL board to acquire $150,000, Class A shares at $1 each.

The court heard that there were only two shareholders at $1 each and the other shareholder was Kelera Uluiviti.

Weleilakeba says as a shareholder in Sticks Investment Limited – he had a direct financial interest with the company.

Weleilakeba testified in the case against Qarase – who is charged with six counts of abuse of office and three counts of discharge of duty while chair of the FHL Board.

The trial continues on Monday.

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