Fiji MP Questions Sale Of Fiji TV’s Parent

admin's picture

Pacific Islands Development Program, East-West Center With Support From Center for Pacific Islands Studies, University of Hawai‘i

Company
Digicel purchase of SkyTV didn’t follow procedures: Radrodro

By Siteri Sauvakacolo

SUVA, Fiji (Fiji Times, Sept. 25, 2015) – A Parliamentarian has called for an investigation and review of the sale of Sky TV to Digicel last week.

Opposition MP Aseri Radrodro has called on the Prime Minister, who is also the iTaukei Affairs Minister, to initiate a Parliamentary Special Committee to investigate and review this sale.

Mr Radrodro, in his speech in Parliament yesterday, highlighted that this subsidiary company was owned by Fijian Holdings Ltd as majority shareholder.

"The Fijian Holdings CEO last week declared the sale of Sky TV to Digicel for $5.75million," Mr Radrodro said.

"How did this come about and why did it not follow the principles of a sale of a publicly-listed company?

"There are a lot of questions especially when the initial set up cost of Sky Pacific in 2004 was $6.5m and three years ago, Fiji TV spent a further $6m in upgrade including change of satellite.

"This would resonate to bad investment business decision when the sale price is $5.75m and the cost of establishment and upgrade is around $12.5m."

Mr Radrodro, the Shadow Minister for Infrastructure, said this was a breach of duty of care by Fiji TV directors and FHL.

He called upon the Prime Minister to initiate a Parliamentary Special Committee according to the Standing Order under Section 129.

"The honourable PM must ensure that Fiji TV and FHL directors be suspended whilst Reserve Bank of Fiji investigate why South Pacific Stock Exchange did not look into this matter."

Mr Radrodro added this must be done in light of ethics and transparent leadership.

Rate this article: 
No votes yet

Add new comment