|Greg Cathcart: FHL statement says he has resigned.|
The man appointed just last month to run Merchant Finance has been moved on after shareholders questioned how he came to be in the role.
The board of the Fijian Holdings Ltd has now announced the 'resignation' of Greg Cathcart, who was brought into the company by the chair, Carl Cameron, and who is his himself under investigation.
Coupfourpointfive was yesterday sent the 'market release' of the announcement and the release (pictured) shows the decision was signed off two days ago.
Readers will recall that Cathcart was caught up in the inquiry into Carl Ngamoki Cameron. See earlier Coupfourpointfive stories.
A letter sent by shareholders to Cameron and accessed by us reveals concerns about Cathcart's appointment.
Cameron announced Cathcart was the new General Manager for Merchant Finance Investment Company Limited (MFIL) on August 30. But unhappy shareholders, concerned at how a local was overlooked for the role, wrote: “Thirdly, your choice of Mr Greg Cathcart as GM of Merchant Finance represents a blatant disregard for one of FHL’s core roles. That is to train and promote indigenous people to enter into and participate effectively in higher corporate management. Hence Mr Napoliono Batimala now finds that he does not have a proper role to play within the Group as he has now being displaced by the aforementioned person.”
Shareholders made it clear it was uncomfortable with the way Cathcart got the job: “We also object to the manner in which Mr Cathcart was appointed. The procedure did not follow due process and the rules of good corporate governance. We are told that the position was advertised but Mr Cathcart’s application was received late. He had come in initially as a consultant, and then applied for the position of GM.
"We are led to believe that the position was filled by Mr Cathcart on your personal endorsement. The normal procedure would be for a report to go to the Merchant Finance board seeking approval for an appointment, which would then be endorsed by the FHL board. It is critical in a major corporation such as FHL, for all appointments to be made in a proper manner."