Provincial companies lack transparency: PM
July 7, 2015 1:23 am
Minister for iTaukei Affairs Voreqe Bainimarama says some companies run by provincial councils lack transparency and good business practice.
Bainimarama was asked why the government isn’t transferring Yasana assets and properties to Vanua registered companies.
“We have seen over the years that many provincial based companies have not necessarily met the test of transparency – equal distribution of shares, food governance, proper management of finances. Many have been run virtually by a handful of individuals or families and they tend to be the main beneficiaries.”
Opposition MP Mosese Bulitavu told parliament that Macuata House, run by Macuata Holdings Ltd is running at a loss due to loans taken previously.
He also says that provincial assets should be handed over to Macuata as there is a qualified management team within the company.