Source: MINISTRY OF INFORMATION
In a clear sign of the remarkable turnaround in the fortunes of Fiji Pine, the state-owned enterprise has paid off a loan it recently secured from Government to clear a 28 year debt.
Just three months ago, Fiji Pine borrowed $2.4-million dollars from Government to finally settle a loan it obtained from the European Investment Bank in 1985.
Its recent financial performance has been such that the Executive Chairman of Fiji Pine, Faiz Khan, was able to hand the money back on Tuesday when he presented a cheque for $2.4-million to the Prime Minister Commodore Voreqe Bainimarama.
The Prime Minister commended Fiji Pine for the prompt repayment. “I can’t recall another occasion when a state-owned enterprise has paid off an outstanding amount to Government so quickly. It’s a great credit to the Board, management and workers and a clear sign of the success of our reform programme at Fiji Pine,” he said.
For his part, Mr Khan thanked the Prime Minister for the Government’s support, describing the repayment as a significant milestone.
Full details in Wednesday’s Fiji Sun newspaper.
Fiji Pine Executive Chairman, Faiz Khan presenting the cheque for $2.4million to the Prime Minister Voreqe Bainimarama