#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Back stabbing leads to FHL shake-up

Monday, July 6, 2009

Back stabbing leads to FHL shake-up

Coupfourpointive can reveal that back-stabbing by two interim regime installed directors of the beleaguered Fijian Holdings Limited Board, led to three directors having to step aside for an investigation.

We can reveal that the fallout is the direct result of interfence by the regime in the first place, when it engineered a hostile takeover of the FHL Board a year ago via a boardroom coup.

FHL chairman, Isoa Kaloumaira, deputy chairman and deputy army commander, Colonel Mohamed Aziz, and managing director, Sereana Qoro, were told to take leave last Friday to make way for an audit of corporate governance.

While FHL's controversial attempt to buy BP Oil's Fiji operations for a mssive $190 million has been widely touted as the major reason for the shake-up, we've been told the failure to secure the loan to seal the deal in the last 7 months is not the only reason for this development at FHL.

Our sources say Aziz and Qoro, who the regime installed as deputy chairman and managing director respectively a year ago, have complained about each other's professional conduct and have also made allegations about financial abuse to interim prime minister and army commander, Frank Bainimarama.

Sources say Kaloumaira, who in the past has served as chief executive of Fiji Development Bank, may eventually become the fall guy and as chairman, carry the full brunt of the FHL mess.

Sources also say Qoro had a dismal record as general manager of Housing Authority and as boss of Basic Industries - a FHL subsidiary company from where she was thrust into the managing director's position.

According to sources, the post was a reward by the military council after she was replaced as chairman of Fiji Development Bank by the former interim Finance Minister, Mahendra Chaudhry.

1 comment:

Anonymous said...

Qoro has a dismal record as an administrator - Aziz has a dismil record an an FMF officer -