Suva (PINA Nius) – A Fiji judge has ruled there is nothing wrong with publicising details of share holdings in a company funded by public money.<\/p>\n
Justice John Byrne rejected an application by Fijian Holdings Limited for an injunction restraining people from commenting on the company publicly.<\/p>\n
Justice Byrne described the motion by the company as “nothing more than a clumsy attempt to gag discussion of a legitimate topic of public interest, namely the use of $20 million of public money in a company dominated by private shareholders”.<\/p>\n
Deposed government ministers Doctor Tupeni Baba and Adi Kuini Vuikaba Speed had published a statement alleging individual Fijians and Fijian family-owned companies had irregularly acquired shares in Fijian Holdings.<\/p>\n
They alleged that the:<\/p>\n
\u2022 Government loan of $20 million to the Fijian Holdings was for the benefit of individual Fijians and family-owned companies;<\/p>\n
\u2022 Fijian Affairs Board condoned the share allotment;<\/p>\n
\u2022 Interim Prime Minister Laisenia Qarase was managing director of the Fiji Development Bank and Fijian Holdings board member at a time when there was a dramatic increase in company shares issued to individuals and companies funded by the bank;<\/p>\n
\u2022 and initiatives intended to help Fijians through provincial councils were hijacked by individuals and family companies linked with the then Soqosoqo Vakavulewa ni Taukei-led government.<\/p>\n
They alleged Mr. Qarase’s ruling to convert the $20 million loan into a grant and to distribute a million shares to each of the provinces would result in provinces holding Class B shares, getting lower dividends compared to family companies holding Class A shares.<\/p>\n
In its application, Fijian Holdings argued that the publication was false and that, unless restrained, further publication would cause irreparable damage to its reputation.<\/p>\n
It alleged breach of confidence and that the defendants, especially Adi Kuini, had a duty not to take unfair advantage of their knowledge.<\/p>\n
Justice Byrne said the Fijian Holdings secretary stated in his affidavit that the press release was not authorized by the company.<\/p>\n
He ordered the company to pay $350 in court costs. Fijian Holdings chief executive Sitiveni Weleilakeba was unavailable for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
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