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News

Qarase family owned shares in Mavana

July 23, 2012 1:04 am

The Suva High Court today heard that the family members of former FHL Director Laisenia Qarase owned shares in Mavana Investments.

Qarase was the Director while his son Laisenia Bale Qarase was the Secretary.

Naulu Matua one of the shareholders’ for Mavana Investments took the stand in court this morning as the fourth defence witness.

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He agreed with the Financial Returns of Mavana Investments of 31st December 1994 – that Qarase’s wife Leba owned 8,000 shares in the company – the fourth largest shareholder.

According to the Annual Returns of 1999 – the total number of shares issued that year were 3752,480 and out of that Qarase’s company Q Ten Investments owned 42,000 shares.

The Annual Returns of 2000 indicated that Q Ten Investment shares were increased to 48,000 despite the total shares issued increased to only 500.

Qarase is charged with six counts of abuse of office and three counts of discharge of duty in which he has a private interest.

The trial continues .

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