Thursday, April 16, 2009
Trustees sacked from Govt-controlled UTOF
The three trustees sacked from the Unit Trust of Fiji, all had major qualifications.
Gilbert Veisamasama (pictured right) was an economist who'd worked for the Fiji Reserve Bank, Mesake Nawari was a University of the South Pacific economist and a former CEO of Fiji TV, and Mere Rakuita was a lawyer with the office of the attorney general, Aiyaz Sayed-Khaium.
The Unit, or UTOF as it's known locally, is understood to hold a significant amount of money in trust ($90,000,000) for the small businesses and investors it represents.
Bloggers have recently suggested that while the interim government's nominal shareholding in the company is just $50,0000, (a value of $250,000) it may try to claim the entire fund.