2 Nov 2010

Fiji interim regime set to take over FSC

4:12 pm on 2 November 2010

The interim government in Fiji appears set to take over 100 percent ownership of the Fiji Sugar Corporation and its debt.

Fiji's Permanent Secretary for Sugar, Manasa Vaniqi says the government has also agreed to delist the Fiji Sugar Corporation from the South Pacific Stock Exchange.

He says these are among the recommendations in a report it commissioned from accountancy firm, Deloitte, which have almost all been endorsed by cabinet.

The permanent secretary says the Solicitor General's office is now working through the legal ramifications of the decisions.

"Currently it's working on the mechanics of all those recommendations and it has notified shareholders of the decision, the other minority shareholders in the Fiji Sugar Corporation, the other 38 percent is owned by the minority shareholders."

Fiji's Permanent Secretary for Sugar, Manasa Vaniqi