#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Fijian Holdings Ltd moves Merchant Finance chair on after just three weeks

Wednesday, September 21, 2011

Fijian Holdings Ltd moves Merchant Finance chair on after just three weeks

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."

30 comments:

  1. Carl did not follow Company policies and procedures while appointing Greg. Therefore Carl should be sacked immediately.
    When you are Chairman you know what the rules are so there is no excuse here. No second chance.
    Another waste of Shareholders money from a f***ed up appointment by Vuaka.
    And everyminute FHL is losing money.
    All the Provinces should meet and get rid of Bainivuaka.
    Vuaka has no idea. He has Post TRaumatic Stress, then another Stroke. His brain is f***ed. Get rid of him.

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  2. Oh my gosh! Who the hell is this Hippopotamous?

    Typical leech and opportunist who fall through the cracks and cash in on perceived racial/ethnic tensions in Fiji!

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  3. It's heartening to hear that Fijians are standing their ground now, no longer fearful of the Regime and demanding good governance and Business principles and Corporate Practice, not to mention, beginning to hold people Accountable !
    All these illegal Appointments under this Regime should be challenged in the Courts, if only to have it on Record so the various Complaints can be pursued once Democracy is restored..

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  4. Excellent 4.5
    About 99% of loans from Merchant Bank since the coup of 2006 was taken out by members of Fiji Military and supporters. Majority for brand new cars eg Qiliho and 4 wheel drive twin cab hilux. So all they doing is circulating hard earned tax payers dollars as they themselves are not producing any goods or professional services ie economically unproductive.
    Thus in order to sustain their payments - they have to rule on forever which is why either there will be no elections in 2014 or it will be controlled so that Frank and comp cont in power,,,,,that's easy to do as other dictators have done it eg Mubarak, Assad, Mugabe etc.
    Conclusion - only a military solution by US and Aust will stop these criminals.

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  5. Another guji supporting carl is Parmars Lautoka Vince with all shady deals to FHL.

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  6. Wow, C4.5, you must have linkages to FHL to have a copy of the statement. However, this press release is not printed by any of the dailies!.....areh wah!!!!!

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  7. this govt is messing up things bigtime. it seems any tom, dick and harry can easily his/her way up in govt, statuary bodies etc without the required expertise. John Prasad, former CEO FSC, now Chairman of FHL to name a few

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  8. Contaminated seed produces contaminated fruit. Hello 'price check'!! Dec 2006 was where Fiji took the wrong exit under F & K. The elephant is still in the room.

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  9. Well done Frank & team. Dont need fat whiteboys in Fiji!

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  10. Holy Moley!!

    That bunch of blubber!!

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  11. As long as you're white and interested in licking Vore's arse you'll have a top post in govt. Atleast Frank will tell Aus & NZ see I have kaivalagis too in my illegal gov....

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  12. must have been arse's reccomendation....why are we surprised ,this country is going to dogs,when will it's people realise that we have to get off our arses and do something about this hell hole

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  13. Honesty say.............

    Hey comeon Fiji.

    This illegal Regime came into power and did just that. Not Only FHL appointments !

    They appointed their ownpeople without due process. FNPF, FEA,FIRCA, FHL, Telecom, all statury ORg and government CEO's including Aiyaz appointments and Franks.

    They have set the orecedent so all other appointedby them will follow the masters.

    What you have left these days are donkeys anyway....no backbone.

    They will all wait for Frank & ASK to say yes before they act.

    This happens every time you have a COUP - NEPOTISM at its highest & CORRUPTION IS THRIVING.

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  14. My, oh my, oh my - do these idiots THINK that we will believe them - "Resigned" - I like that. The whole thing just stinks like the parasites they are!
    Sharon ; Just keep your mouth shut you - your pink tongue , like a snake's always gives you away!!!!

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  15. This is just unbelievable..How could all these appointments be made without the approval of shareholders..that is bad corporate governance and its corruption at its peak..This is how this government has been doing all these unscrupulous deals with all these questionable characters and who knows how much they've stolen from these financial institutions already..shows us how corrupt this govt is..what a pity..

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  16. Well............if Bainimarama did and still doing it like appointing the daughter, brother-in-law without following procedures then all fools in the fold will follow suit. A day in Fiji occurs with these sweeping common pungent, rotting, stinking smell of things emitted by the illegal regime. The longer these DEAD(LY) CORPSES(illegal junta) are around the more we receive these deadly winds. This bainimarama is a real monster, came in 2006 masking himself with the cleanup campaign cover. Now, ol are inside the toilet pit.

    I don't think the election 2014 will happen. After so much incriminating evidences of abuse, treason, murder being revealed by RUM, there is no way bainimarama would allow a democratic process to return........ Na cava me'u vesu???

    C4.5 you may need to investigate what those BBQ Roasters saw around the ivi tree around wee hours on Saturday during hibiscus week in Suva. The C-in-C, 1st in the Republic of the Fiji Islands, was seen sleeping(noka) only with his underwear, ol others have been removed underneath the ivi tree and the few people passingby also saw him. What a Disgrace!!!!

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  17. well said Semi Vatu

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  18. its padam lala who is behind the FHL appointment and finance bank for his corrupt business.

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  19. Must have been one big crack for this fat arse to fall thru.

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  20. I think John Prasad has been earmarked for the job! He done a good job with FDB / FSC / FNPF. Give him a shot!

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  21. @ anonynmous 10:11

    You should know that obese people deserve respect too!!!

    And by the way I am not THAT fat.

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  22. The man sit in that chair should be a competent and honnest fijian man. I can't believe that Fiji can only produce talatalas, farmers and rugby players. Come on! Hire locally!!!!!

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  23. You seem to forget that Voreqe committed himself to taking back all the military men appointments in Government into the army. He is a man of his word and they will all go back.

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  24. Hey guys check this!!

    Voreqe is in the US trying to cut a deal with Gibson Guitars!!!

    See link:

    http://www.bizjournals.com/memphis/news/2011/09/21/gibson-cancels-press-conference-on.html

    I hope Hilary Clinton is watching as it was she that clearly stated that the US wont recognise the illegal regime.

    That said. How the hell did he get into the US.

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  25. How does it feel to have your own stick shoved in your own mouth.This is the same treatment endured to Indo-Fijians from 1987 to 2006.Its pay back time guys.Reap what you have sowed.I hope this gets published.

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  26. @Annon 11:32am..Maybe he `s looking for a gift to give to his ex land force boss Mr Driti since he plays well.

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  27. So why do the top bosses of the country like white boys??? because all marist boys have been through the white catholic priests' initiation in their very young days!!!!

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  28. Dumb and dumber at work. Chase the white man from Fiji. Thieving bloodthirsty sucking parasites. Karl, and Cathcart @ FHL and David Pfliger @ Air Pacific. Can't get jobs in their own country so come here and fool Bai & ASK.

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