#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: FDB gives Radio Fiji $17 million loan

Tuesday, August 25, 2009

FDB gives Radio Fiji $17 million loan

The Fiji Development Bank has awarded a $17 million loan to Fiji Broadcasting Corporation Ltd also known as Radio Fiji.

Radio Fiji has always been under the control of Governments and regimes with its freedom and independence severely compromised in the aftermath of the military coups in the last 22 years.

Sources say while both Radio Fiji and FDB have not made any public announcement, they have confirmed the release of the loan is not based on any commercial decision.

All media organisations based in Fiji do not qualify for a million dollar loan as they do not have assets nor commercial viability to repay the loan.

Sources say the re-branding of FBCL radio stations that included launch of new logos last month was made possible because of funds sourced from FDB.

Radio Fiji also plans to start a television service.

Sources say if the loan attracts an annual interest rate of 10 percent, then $17 million will attract an annual interest of $1.7 million.

Last year Radio Fiji made an unaudited profit of a little over $500,000. Radio Fiji also gets $1.3 million annually for public service broadcasting - a grant that was started by the Rabuka government 11 years ago.

Coupforupointfive has been told that Radio Fiji will not be able to meet loan repayments although it may be a long term loan.

The Chairman of FDB is New Zealand citizen John Prasad, a close friend of the regime's Attorney-General Aiyaz Sayed-Khaiyum.

Sayed-Khaiyum is also the regime's Public Enterprices Minister that put him in charge of State owned entities like Radio Fiji.

His younger brother Riyaz Sayed-Khaiyum is Radio Fiji's Chief Executive.


Anonymous said...

how is that FDB is able to loan $17 million to a company that does not have the assets and financial capability to service this major loan.....the approval has to be given by the FDB chairman.... who did not pass school certificate...thats how!!

of that $17 million a big chunk of it will probably be awarded to john prasad's companies or his joint ventures in nz.....great way to take money out of fiji for themselves huh.

frank get rid of these three they will milk you dry...let alone our country.

Anonymous said...

Raiz's wife and John Prasad's wife
are old school mates

SEMI MEO said...

NOW is the time for Radio Fiji to be very serious with her services to Rotuma. For far too long ALL Radio services from Fiji, and all other regional broadcasters have ignored our cousins of the beautiful Island.

Yours truly accompanied FBC engineers conducting frequency survey around the heavily populated spots of Rotuma. Pathetic, as Wallis and Futuna radio was clearer than the Radio Fiji Two Hindi being the loudest! At news time, many drive around to the vantage spot to listen to the Fiji News. That’s 14 years ago, and talking to friends on Rotuma weeks ago, not much has improved!!

A Sunshine Coast based community radio station had initially showed interest to beam their programme to complement local Rotuma contents as their satellite foot prints reaching far east to these beautiful paradise. Subject of course to Government approvals.

Now, the Qld Radio can go else where, as FBC is 17 million k richer, thanks to this timely Loan!

Anonymous said...

New logos and branding won't make a lick of difference to the same old service and propaganda churned out by Radio Fiji on a daily basis.

"It doesn't matter what colour you paint the boat - if it doesn't float, it doesn't float!"

FijiGirl said...

Talk about throwing good money after bad.

That's $17million that we'll never see again.

God bless Fiji

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