FIJI Pine landowners will not get the full $7 million lease monies payout announced yesterday by the Fiji Pine Group of Companies.
Company chairman Faiz Khan said only 30 per cent of the total money would be distributed to landowning units from Nadroga, Ra, Ba, Nadi and Lautoka.
The remaining 70 per cent will be reinvested into capital projects.
Previously, the announced sum would be fully distributed to landowners.
The lease monies handed out by Prime Minister Voreqe Bainiarama was part of the Fiji Pine Ltd lease security bonus payment from profits earned last year.
Mr Khan said after widespread consultations with landowner shareholders, the company decided to reinvest $4.9m into capital projects for the landowning units.
“The cut-off for reinvestment is a minimum of $20,000 entitlement in bonuses,” he said.
“The balance monies will be equally distributed.
“Whilst we had some successes last year in landowners reinvesting into businesses, the constant complaint we received from majority of landowners was that the monies were used up in consumption.
“As a business we continue to look for ways to improve and make our policies more effective.
“The wisdom behind the change in strategy from this year is that investments into capital will provide long-term benefits and returns to our landowners.”
