#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Fiji Holdings in new hands but what guarantee of fair play?

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Wednesday, February 2, 2011

Fiji Holdings in new hands but what guarantee of fair play?

Typical of how rushed things are on the illegal regime's watch, Fiji Holdings Ltd has been put into the hands of two new players, without an apparent investigation or time to give investors and the public confidence in the company again.

Naouzab Fareed (top right) has been named acting chief executive and Iowane Naiveli (below right) acting chair of the board.
Fareed was already on deck and Naiveli has been resurrected from the ranks of retired directors (he opted out in 2008).

The board apparently met yesterday and has moved with lightning speed to cake over the disturbing revelations of government appointees double dipping and raiding the till.


In a supposed show of transparency (too early to tell if this will work), it's been decided there'll be no more managing directors for FHL and that the role will be replaced by a chief executive.

The idea is to avoid the stuff-up that led to the sacking of managing director, Sereana Qoro, and chairman Isoa Kaloumaria. The CEO will also now not sit on the board as has been previous practice, and will only report to the board.

In most credible business circles, having a finger in both pies would never have been allowed because it's a conflict of interest, something the company and the regime have arrived at too late.

Noticeable, today, too, is the decision by the media (or is it the regime?) to finally name names.  On that subject, Aiyaz Musa, the chief finance officer who got the $150,000 golden handshake and car, has gone to ground. But that's him to the left, if you need to put a face to the name.

18 comments:

Anonymous said...

Ratu Said
THIS GUY IS ANOTHER CROOK.HE WAS IN FHL.
HE WAS THE FINANCE MANAGER.
SO HE WAS PARTNER IN THE CRIME FOR PAYING CEO/CHAIRMAN/OTHERS.
POST FIJI CHAIRMAN MAC PATEL ,MD MAU AND FINANCE MANAGER DHIREN WAS CHARGED.
WHY THESE GUYS ARE NOT CHARGED BY POLICE AND FICAC.
THIS IS A PUBLIC COMPANY.
COME ON PM -GET THEM CHARGED.

Anonymous said...

What is wrong with golden handshake for CEO's and the likes.

You either run a commercial business or civil service, these are two different business structures.

In civil service there are no golden handshake as there are also many issues that the decisions are based on when it comes to top brass. This is called commercial decision.

Or stop running corporate companies if one has to remain tunnel vision. Just run FHL or any other company as a department of a ministry. Then there is no issues with hand shakes...

Notwithstanding, AG paid out to Chief Justice $300,000 to formally resign and withdraw his case from court which was in fact subjudice to do so, as the case was already in court.

Regime has set these standards within their own decrees, so why punish Qoro for giving the handshake payout, unless she did so unilaterally without boards approval, if she did not have authority in her position to do so.

It seems we are back to thinking like running the co-operative stores where where tunnel vision permanent secretaries are running corporate companies like their inefficient civil service.

I would not support Qoro's sacking for the current reason, but would support her sacking for finding out how she gained shareholdings in the early days of the $20m tax payers money saga at FDB.

Anonymous said...

Unfortunately, from its very genesis FHL has always been about a privileged few people who were "in the know" personally benefiting from what was essentially a $20m tax payer grant.
They got the inside running on all the share allocations because there was a definite nexus between the executives and Board of FHL and the top executives of the FDB that went on to become very prominent in the SDL Govt.
This created an aura of privilage around these individuals - and they certainly did nothing to discourage the air of being Fiji's "nouveau riche".
Certain key executives were prominent in Fiji's elite social circles, had numerous business ventures (most of them failed) that were funded by commercial banks and business houses (remember Mobil and ANZ)who for fear of antagonising these powerful people or worse losing the commercial favour of FHL, did not make too much of a fuss about them.
This could only persist until the Govt woke up to the fact that it, in fact had the mechanism to impose control over FHL. Well now they have, and are exercising their power with impugnity.
Lets hope they have learned from the lesson of putting Qoro et al in charge. Lets hope that they put people in charge who have a demonstrable track record of taking corporate governance seriously and understand the role of directors in relation to shareholders and executives.If they don't it will be another mess - and each mess, just erodes the capital base of this important company.

Radiolucas said...

Just another double-shuffle for the regime.

Now you see them, now you don't - they will again, brush everything under the rug and hope that noone notices - although now it is all a bit too late for that...

Delilah said...

10 points to C4.5 for putting up pictures of these crooks. Musa had given the company vehicle for his wife to drive around but now the FL 181 has apparently returned to FHL!
I just want to blow the smoke on my gun.... lol

Anonymous said...

Ha,ha,ha,ha..couldn't stop laughing when I read this...oi,oi,sa dina..is this the cleanup Bainivuaka is talking about.???

In carrying out this stupid coup,Voreqe has created a crime syndicate like the Mafia where he is the sole boss.Voreqe views himself as the Godfather..even above Jehova God and immune to the law....as per his quote..God can forgive but Voreqe Bianimarama cannot.

He also has a misguided view that everything and everyone in Fiji are the spoils of his coup and he can do as he please. These include public monies,civil and disciplinary services, judiciary,the GCC and even the churches.

As his coup collaborators are discovering, Voreqe reigns with a code denoting..honour amongst thieves...you can steal from anyone else but not the boss or the boss can steal but not you...misguided it all is.

Therefore,as with the very public executions carried out by the mob of their own on the streets of Palermo and New York,the same applies with the mob here in Fiji under Voreqe.Mosters will also discover that Voreqe blames everyone else for his inept leadership.

As they say...let the internal executions begin!!....because the public could not care less for those parasitic scumbags like Mara, Driti,Qoro,Aziz,Teleni and so forth...moce Jo!!!

Ted said...

Two things :
Fisrtly. Check all business interest of all current directors. Dismiss all directors who have direct or indirect business dealings with FHL.
Secondly,readvertise all executive management and management position to bring in matured, competent, honest and experienced people. No direct appoinment please.

Anonymous said...

Of Pay Packets and Scams

People in prominent places are being suspended, fined or simply removed for cheating on their pay packets or for perpetuating scams or conning overseas investors out of their cool cash.

In recent months many CEOs, CFOs, PSs etc have been relieved of their jobs for misdemeanours ranging from picking up more than one pay packet to accepting gratuities from people seeking favours.

But the powerful remain untouched. Remeber, the rpeorts of certain people drawing super slaries paid by a privately run pay roll scheme.
Wonder when they will be exposed and dealth with.

Anonymous said...

While we're at it, I wonder who got paid off to keep his mouth shut regarding the missing millions from the shipping container.

Anonymous said...

people here are such suckers for sensationalism - does ANYONE know how to think for themselves???

Anonymous said...

Do you, Anon 8.40pm?

Anonymous said...

@ Anon 6:06.

Thank goodness - thought I was the only one - glad somebody else is thinking along the same lines regarding regarding the missing $200 million from the Kings Wharf container. My way of thinking $200 million is a lot of money - money Viti can ill afford to lose.
From what I've sofar gathered this was an inside job - one that has RFMF & RBF fingerprints all over it...Strange coincidence that at the exact same time it went missing Taliban AG just happened to be in the worlds money laundering HQ - Switzerland?
Governer of RBF bolted to NZ?

Radiolucas said...

@ Anon 8:40pm

And your thinking is different how?

TheMax said...

Jake should be appointed Chairpaerson.

Anonymous said...

Ratu Said
FAREED ANOTHER SRI LANKAN AND AJIT KODAKODA ENTRUSTED TO LOOK AFTER FHL AND FNPF FUNDS.
THESE GUYS ARE A BIG TIME CROOK.THEY WILL SHIFT THE FUNDS AND DO DEAL AND GET KICK BACKS WITH CONTRACTORS AND BUSINESS MANS.
FIJIANS WILL BE LEFT SCRATCHING THEIR HEADS.
BP OIL DEALS WASTED 5 MILLIONS PLUS.
FICAC SHOULD CK ALL CREDIT CARD STATMENTS WHERE THEY USED AND BOUGHT PERSONAL GIFTS/OTHERS DURING BP OIL DEAL AND HINDUSTANI OIL COMPANY FROM INDIA.

sara'ssista said...

to confirm.... this this board was appointed by this regime? So all of this has happened under their watchfull gaze AND with a military man on the board as Deputy Chair. Exactly who are they blaming ???

Radiolucas said...

@ Sara-ssista

Yep. Check out the link: http://www.fijianholdings.com.fj/pages.cfm/news?newsid=fhl-announces-changes-board

Anonymous said...

Ratu said.
FHL WILL BE ANOTHER F UP LIKE NBF ,FSC,OTHERS.
WHEN YOU CROOK THE CROOK WILL TAKE IT AWAY FROM YOU.