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News

Weleilakeba to be cross examined

July 9, 2012 1:07 am

Former Chief Executive Officer and Board Secretary of Fijian Holdings Limited Sitiveni Weleilakeba will be cross examined by the defence counsel this afternoon.

He is the main witness in the trial of former Director of FHL Laisenia Qarase who’s charged with six counts of abuse of office and three counts of discharge of duties with respect to a property in which he has a private interest.

Earlier today Weleilakeba told court this morning the appointment of a Director at Fijian Holdings Limited was only made possible through the consultation from the Fijian Affairs Minister and approval from the Prime Minister and the Finance Minister.

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However in Qarase’s case he was appointed before FHL went public in 1992 and this was done by the Fijian Affairs Minister at that time.

It was also heard in court that a decision to pay interim dividend was decided on the 1st of October 1992 from a total of $464,000, $279,000 was payable to FDB as per loan and the remaining $185,000 was payable to the shareholders.

Mavana Investments Limited and QTen Investments each received a ten percent dividend payment which stands at $20,000 from their 200,000 shares, however the money was immediately transferred to the Fiji Development Bank account as loan.

Cicia Plantation was paid $40,000 from their 400,000 shares, $22,000 was paid as loan to FDB and the remaining $18,000 was transferred into the accounts of Cicia Plantation.

The trial continues in the Suva High Court…..

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