1 Mar 2006

Foreign financiers seek to establish new bank in Fiji

11:27 am on 1 March 2006

An organisation describing itself as the Office of International Treasury Control has offered to give 3-point-5 billion US dollars to set up a bank for indigenous Fijians.

Radio Legend reports that the offer has been made by the self-styled Chief of Cabinet of the Office of International Treasury Control, a Dr Keith Scott of Australia.

Dr Scott made his offer at a meeting of Fiji's 215 middle level chiefs known as the Bose Ni Turaga, who are meeting for the first time since they last convened in parliament in June 2000 to support the Speight coup.

Dr Scott has told them the money would be transferred to Fiji as soon as the Reserve Bank gives its approval and issues a licence to set up the proposed new bank.

The middle level chiefs have been assembled by the chairman of the Viti Land and Resource Owners Association, Ratu Osea Gavidi.

Ratu Osea says normal banks have denied indigenous Fijians capital to develop their resources and the proposed new bank is "God's design in answer to their prayers."