4 Feb 2003

Fiji Development Bank sacks managing director

7:49 am on 4 February 2003

The board of the state-owned Fiji Development Bank has sacked its managing director, Isoa Kaloumaira.

The chairman of the board, Navitalai Naisoro, said the sacking follows complaints from the shareholders, who are the government and the bank's customers.

Mr Naisoro said the bank needed a shake-up because there was a big gap between what the public expected from the bank and what its management was prepared to deliver.

Radio Fiji reports quote well placed bank sources as saying differences had been brewing between the two men for some time.

They say Mr Naisoro, who is chairman of three companies, was pressuring Mr Kaloumaira to buy the Labasa-based Valebosoga Tropic Boards Ltd which became insolvent after the coup and is managed by receivers.

The bank sources say Mr Kaloumaira appered to be the stumbling block by refusing the deal.

The radio report said Mr Kaloumaira collapsed at the board meeting which decided on his sacking and was rushed to hospital by ambulance.