3 May 2010

Fiji media report massive borrowing by Sugar Corporation

3:37 pm on 3 May 2010

Fiji media report that within the last 10 months the Fiji Sugar Corporation borrowed about 45 million US dollars from local institutions, including the Fiji National Provident Fund.

The Fijivillage website says in a market update to the South Pacific Stock Exchange, the Corporation revealed that it borrowed 22 million US dollars from the FNPF, 11 million US dollars from the Reserve Bank of Fiji, 10 million US dollars from the Bank of Baroda and just over 700,000 US dollars from the Bank of South Pacific.

In an earlier market announcement, it was revealed that the FSC recorded a net loss of more than four million US dollars for the third quarter that ended on February the 28th 2010.

The report showed that FSC's liabilities increased by about 28 million dollars, however the FSC states in its report that no loans were secured during the third quarter.