The Fiji Pine Group of Companies has labelled the actions of the Minister for Forestry, Kalaveti Ravu as an act of Abuse of Office after Ravu wrote to the board to defer the distribution of lease bonus payment.
In a statement, Fiji Pine Trust Chair, Taniela Nakibo said that in a recent board meeting, the board unanimously approved the Land Security Bonus Payment (LSBP) payment of $6 million out of the 2022 profits which was supposed to be made four weeks ago.
However, in a letter received by FijiLive, the Minister wrote to the Chair of the Fiji Pine Limited, Rakuita Vakalalabure, last month saying: “It is imperative that proper governance protocols is discussed and developed before any such execution of payment is carried out.”
Ravu said: “… I hereby direct all lease bonus payments to await your return and resumption. This will allow the FPL Group board to collectively discuss and decide on the most appropriate manner of executing this payment.”
Nakibo questioned what powers does the Minister have as the Ministry holds B and C Class redeemable preference shares that have no dividend rights.
“Since this year, we have noted significant interference by the Minister and the Ministry of Forestry in the line affairs of the Company.”
“We wrote to object to this, following which the Minister withdrew his letter.”
“Landowner interests and governance are being suppressed by the Ministry for their personal and political interests. Landowners in their beneficiaries meeting unanimously resolved to have one of the landowners directors to be the Board Chair, however, the Ministry through its manipulation managed to appoint Rakuita Vakalalabure.”
“Fiji Pine Trust is objecting to this since this is not in accordance with the Articles,” Nakibo said.
Nakibo also claimed that Vakalalabure is acting like an executive chair.
He said landowners resolved to redeem B and C Class Shares.
“But Government director’s tactfully asked money to be set aside in term deposits instead of redeeming – Again a breach of the Articles of Association.”
The Fiji Pine Trust has called on the Prime Minister and Minister for Public Enterprise Sitiveni Rabuka to stop this nonsense act portrayed by the Minister for Forestry and his representatives.
Nakibo said Land Security Bonus Payment over the years has been just, fair and equal to the pine landowners based on the merit of the payment system.
FijiLive has reached out to the Ministry of Forestry for its response.
