Landowners receive $7m from lease security bonuses for 2018
21 October, 2019, 9:50 pm
2018 was the best year in the history of the pine industry, and that is precisely because of the strategic decisions we made in 2011 and the reforms and procedures we have been carrying out since that time.
Prime Minister Voreqe Bainimarama said this while officiating at the at the Fiji Pine Limited 2018 lease bonus payment today.
With record profits by Fiji Pine Group of Companies, landowners have been paid $7 million in lease security bonuses for 2018, with returns now totaling $19 million since the inception of these payments in 2013.
Mr Bainimarama commended the company’s prudent management.
After widespread consultations with landowner shareholders, the Fiji Pine Board has also decided to re-invest 70 percent of the bonuses into capital projects for the landowners.
Group Executive Chairman, Faiz Khan said the cut-off for re-investment is a minimum of $20,000 entitlement in bonuses. The balance monies will be equally distributed, and are in addition to forest levies, stumpage and ground rent.
Landowners can choose to invest in building houses, improving water and sanitation facilities in their communities, buying machinery and vehicles for setting up a business, buying fishing boats and outboard engines, simply renting or buying space for your entrepreneurial aspirations, or invest in anything with a view to long term benefits or returns.
At least 50 percent of their land-owning unit has to agree to the investment.