Former prime minister Laisenia Qarase is no more, but his business savvy legacy will endure in the form of the Fijian Holdings Ltd, one of Fiji’s most successful companies, both in terms of its accumulated assets and the value of its shares to individual shareholders.
Long-time permanent secretary to the Prime Minister’s Office Jioji Kotobalavu said Mr Qarase was “a great champion of enabling more iTaukei and Rotumans to be directly involved in owning and running their own businesses”.
“It was through his recommendation that the government of Ratu Sir Kamisese Mara established Fijian Holdings Ltd for the collective participation of Fiji’s indigenous communities in commercial enterprises,” Mr Kotobalavu shared.
“Mr Qarase advised and encouraged provincial and tikina councils to form companies and to acquire shares in FHL.
“Today they are receiving regular annual dividend payments on their shareholdings at around 12 per cent, a very good rate of return on their investment.
“He also advised churches on how to run their financial affairs and to develop and manage their landholdings as viable businesses to support their social agenda of providing education through their own schools.
“All this explains the huge support they gave him and his government.
“The iTaukei and Rotuman communities showed their appreciation to Mr Qarase and his government by giving them more than 83 per cent of their votes in the general election of May 2006, based on the communal system of elections at the time.
“No other prime minister in Fiji has ever achieved that impressively high level of voter support.”
Mr Kotobalavu said in promoting increased indigenous participation in business ventures, Mr Qarase was especially interested in joint business ventures with successful business enterprises.
“And in this, he consulted very closely with well-established and successful entrepreneurs like Mahendra Tappoo and Hari Punja.
“This is reflected today in the joint ventures which FHL has established through its various subsidiary operations.”
(Editor’s note: This article was published in The Fiji Times on Wednesday, April 22, 2020)
