A TOTAL of 26,178 individual iTaukei landowners under the age of 18 (minors) whose total value of lease entitlements is worth $7.17million do not access their shares.
However, iTaukei Land Trust Board general manager Tevita Kuruvakadua yesterday reaffirmed that their monies were secure and would be paid out with dividends once they reached 18.
He said a lot had been said about how lease monies for minors were kept by the board without much understanding of the facts and the law that governed the equal rent distribution policy.
In a statement, he said the Native Land Trust (Leases and Licences) (Amendment) Regulations 2010 stated that “any monies received by the board by way of rents and premiums in respect of iTaukei land, including any monies received by the board but not yet distributed at date of commencement of the Native Land Trust (Leases and Licences) (Amendment) Regulations 2010, shall be distributed by the board to all the living members of the proprietary unit, in equal proportion”.
Mr Kuruvakadua said all monies belonging to iTaukei landowners under the age of 18 were securely kept within TLTB.
He said those funds were invested by the board on behalf of the minors and would be paid out with the dividends once they reached the age of 18.
He added that landowning unit members above the age of 18 who successfully registered with TLTB should have already started receiving their lease entitlements from their various lease rentals received through the board. He was responding to questions raised by members of the public on the safety of lease monies for minors.
