SIXTEEN sugarcane farms are up for mortgage sale, says Sugar Cane Growers Fund CEO Raj Sharma.
He told The Fiji Times’ online portal The Lens@177 that about 50 per cent of the farms had been sold while discussing the fund’s work regarding seizure of a farmer’s property.
“We called up a mortgage sale of around 15 to 16 farms,” Mr Sharma said.
“Also, it is a challenge for us. Close to 48 to 50 per cent would have been sold.
“The rest is not, so we have to continue to re advertise them.”
Mr Sharma said that after that process, “in terms of the policy, we’ll have to make a private sale”.
“So, advertisements also come out for a private sale.”
He said the fund was also mandated to ensure the best price was achieved for the outgoing farmer or property owner.
“The other thing is a fiduciary duty for us,” he said.
“Once we are trying to call up the mortgage sale and sell it, we must act in the utmost good faith to get the maximum price for the outgoing person, otherwise he can sue us.
“When we call up the tenders, the tenders close in our advertisement and it also mentions the date when the tenders will be open.
“So sometimes, the farmers come and witness the opening of tenders.”
Mr Sharma said farmers were then given the chance to settle their dues before the final sale was executed.
“We are very transparent,” he said.
“We again write to him, telling him that these are the tenders we have received.
“We are again giving you seven days notice. Should you fail, then we’ll offer this.”
