2 Aug 2006

Another Fijian company in mismanagement row

3:30 pm on 2 August 2006

A second major indigenous Fijian company has become engulfed in a shareholders row over mismanagement of its funds.

The shareholders of Ba Provincial Holding Company, the business arm of Fiji biggest province Ba, have sacked their management and board following an extraordinary meeting yesterday which was attended by the president, Ratu Josefa Iloilo.

The newly elected board chairman, Ratu Tevita Momoedonu, says a review of the company had highlighted grave discrepancies in the way it conducted business.

Ratu Tevita says the discrepancies ranged from excessive debt levels to misleading financial statements, lapses in corporate governance and gross mismanagement.

Ratu Tevita says office bearers of the company were invited to the extraordinary meeting but did not turn up while its chief executive, Isimeli Bose, chose to travel overseas.

Police were reported to be guarding the premises of Ba Provincial Holding Company after the decision.

Last month the shareholders of the indigenous company which provides air traffic control services in Fiji, Strategic Air Services, sacked their managing director, Watisoni Nata, over allegations of mismanagement of funds.

Watisoni Nata then hired a group of about 50 men to beak into the company's offices.