21 Jul 2004

Fijian Holdings faces disciplinary action

1:25 pm on 21 July 2004

Fiji's Capital Markets Development Authority is to take disciplinary action against Fijian Holdings Securities Limited after it was found guilty of malpractice.

The incident relates to a stock exchange transaction involving the chief executive of Fijian Holdings Securities, Siteveni Weileilakeba.

The Fiji Times reports that the matter involves the sale of shares in Amalgamated Telecom Holdings Limited without the permission of the joint owner of the shares - Mr Weileilakeba's wife, Laisa Digitaki.

The newspaper says Mr Weileilakeba is denying exerting undue pressure over the sale.

The Authority has issued a statement that Fijian Holdings Securities is guilty of malpractice for failing to exercise due skill, care and diligence in the conduct of its client's affairs.

The Authority's chief executive, Julie Apted, says Mr Weileilakeba would be heard before disciplinary action is imposed.

Under the law, the CMDA can cancel or suspend the brokering licence of Fijian Holdings Securities.