Minister: No FSC properties will be sold to service debts
3 February, 2023, 11:00 am
Government will not sell any Fiji Sugar Corporation properties to pay off its debts, says Sugar Minister Charan Jeath Singh.
He said instead they would invest in infrastructure and properties when the industry would begin making a profit.
“Well, over the years I know, FSC has not been investing money in the quarters because we are already losing money,” Mr Singh said.
“But if the industry turns around, then definitely there will be more investments done in the buildings and quarters.
“There is no intention of selling any properties of FSC.
“There was an idea mooted that we’ll sell and pay off the debts of FSC but I have no intention and I don’t think the Government has any intention of selling them.”
Speaking to the media in 2021, previous FSC CEO Graham Clark said as part of their debt reduction and capital optimisation plans, they were selling non-productive assets such as land and idle buildings.
Then-FSC chairman Vishnu Mohan said close to $26 million was raked in through the sales.
He said the sale of “unproductive assets” was done to improve FSC’s balance sheet, liquidity and ensure FSC’s ongoing viability.
Many sugar industry stakeholders, especially growers, had raised concerns about the sale.