Fiji Broadcasting Corporation Ltd had a loan of $21,594,693 with the Fiji Development Bank, according to its 2019 annual report tabled in Parliament.
The annual report said the loan was fully utilised and was for a period of 15 years.
Interest charged on the loan was 5.5 per cent which was increased from 4.9 per cent, effective from 1 July, 2019, per annum.
The loan was repayable by monthly installments of $232,000. The annual report showed the FDB loan had the following securities:
• First registered mortgage debenture by company over all its assets and undertakings including its uncalled and unpaid capital;
• First registered party mortgage by company over crown lease no CL 2748 situated at 69 Gladstone Road;
• First registered party mortgage by company over native lease no NL 10575 situated at Naulu, Nakasi;
• Bill of Sale over entire radio and TV equipment;
• Bill of Sale over transmission towers and antennas;
• Guarantee by the Government amounting to $21,594,693; and
• Mortgage over transmission sites.
