SUVA, Fiji Islands (December 29, 1999 – Fiji Broadcasting Corporation)---The Fiji Development Bank has seized an aircraft from Vanua Air in its bid to recover costs.
The aircraft is reportedly being leased to Air Fiji by Vanua Air, which is non-operational at the moment.
President Ratu Sir Kamisese Mara and prominent Labasa businessman Charan Jeath Singh at one time were significant shareholders in Vanua Air Charter, Limited.
The company's license ceased being valid in 1997, when the airline stopped operating, and the license has not been renewed since.
In a commercial agreement, Vanua Air sold two of its aircraft to Air Fiji.
In addition, Air Fiji leased another plane from Vanua Air to help the company in its repayment of debts to the Fiji Development Bank.
Vanua Air, however, has not kept up with its payments, prompting the bank's legal department to seize the aircraft with the intention of selling it to recover costs.
FDB's...