Biman: FSC needs government support
13 January, 2021, 1:12 pm
The taxpayers of Fiji are keeping the Fiji Sugar Corporation (FSC) afloat, says National Federation Party leader Prof Biman Prasad.
He made this comment after details of FSC’s 2020 financial report showed the company would not be able to operate without government support.
He claimed the profit of $21.9 million was “created by taxpayers of Fiji”.
“This profit clearly included a government grant of $50 million during the last financial year. So, it is really a profit created by the taxpayers of Fiji.
“Furthermore, Government has converted $173.8 million of loans to FSC into equity. This means that the total financial input by taxpayers of Fiji into FSC in the last financial year ending May 31, 2020 was almost $249 million.”
Prof Prasad claimed FSC was likely to require further funding from the Government.
“These types of strategies to keep bailing out FSC without even investigating the cause of the corporation’s financial woes speaks volumes about the current Government’s inability to turn around the financial fortunes of a company that it totally controls.”
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