Fiji Sugar industry to repay loan

The Sugar Cane Growers Council says the six point five six million dollars borrowed by the FSC from them will now be repaid from the sugar industry cost.

Council chairman Jain Kumar says this decision was made last year by the sugar industry stakeholders.

Kumar says the industry had contributed the money in August last year.

"From that the FSC has paid two million dollars and also equity share there was one point seven million dollars equity share, the FSC has paid six hundred and eighty thousand dollars, the growers council has paid six hundred eighty thousand dollars and the fund paid three hundred and forty thousand dollars and this equity share growers did not pay a single cent but this was paid from the council’s whatever we had saved and we also borrowed money from the fund authority to pay to this equity share."

Kumar says the growers have paid four point fifty nine million dollars while the corporation paid the balance of it which is thirty per cent.

source: FBCL News