The Fiji Sugar Corporation obtained a loan of $32 million from the Czarnikow Group Ltd in the 2019 financial year.
The London-based company provides pricing and financing services to its clients. According to the FSC’s annual report for 2018, the loan was “to meet operational expenditure and grower cane payments.”
The report said this loan would be repaid through the second and third shipments of sugar for the 2019 season “that will come in 2020”.
In addition, FSC also obtained a loan of $20 million from the BRED Bank. This money was used for upgrade works at the Lautoka and Rarawai mills.
“The loan is for a five-year term and is secured by government guarantee with principal of $5 million payable each year.”
