The deposed board of directors have filed a legal injuction against the hostile takeover of the Ba Holdings, by a separate faction. Here is an excerpt of Fiji Live article.
Sacked group file injunction in court
Thursday August 10, 2006
Sacked board members of Ba Provincial Council Holdings Ltd filed an injunction in the High Court in Lautoka yesterday challenging the provincial council meeting held in Vuda last week. A hearing is expected today.
Claiming a major conspiracy against them, a spokesperson of the sacked management, Apolosi Bose is questioning how a provincial council meeting could be changed to a shareholders' meeting.
"For this, you need to follow the company's act," said Bose. Bose believes that it was purely an orchestrated meeting, which was moved from Lautoka to Vuda, the powerbase of Ratu Tevita Momoedonu (the new board member in Ba Holdings).
"We want an immediate investigation on what has happened," he said.
Ba Holdings board members were sacked last week, with the new board of BHL suspending all business transactions negotiated by the company under the leadership of its former chief executive Isimeli Bose.
This included a partnership with international mobile phone service provider, Digicel, which was proposing to set up a mobile service in Fiji. This is now in doubt. Some of the new board members in Ba Holdings are also on the board of Native Land Trust Board which owns Vanua Development Corporation Ltd.
VDC owns 51 per cent of PacificConnex (PCX), which is also proposing to set up a mobile service in Fiji. The rest is owned by businessman, Ballu Khan. Bose claims that as soon as the new management moved in, an accountant from rival company - PCX started doing a review of Ba Holdings Ltd financials.
"How can a competitor be allowed to review the financials of the company particularly as agents of PCX were openly lobbying against Digicel. It is like ANZ bank looking at the financials of Westpac bank," said Bose.
"Even if they were genuinely concerned about the financials, why not appoint an independent team to do the review."
Interim chairman Tevita Momoedonu has reacted to the injunction saying "No one is above the board, No one is above the shareholders".
S.I.F.M would like remind the interim chairman that "No One is Above the Law". The law called the Companies Act(1983) that provides legistated ground rules of how a company can be run. Sadly, the interim chairman and his cohorts have an ingrained misunderstanding that those ground rules do not apply them.
Here is an excerpt of Fiji Sun article.
Stop the fooling
By NANISE NAWALOWALO
Members of the new board of directors for Ba Provincial Holdings Limited yesterday called on the deposed chief executive officer of the company, Isimeli Bose, to stop making a fool of himself by saying he is still the legal CEO. Interim CEO Ratu Tevita Momoedonu said Mr Bose's actions were unbecoming of a man who once was a state minister and was well educated.
The defiance he said shown was a mere act of desperation on his part to try and restore something that he thought was once his but never was. The company belongs to the people of the Ba Province and I would like to remind him that no one is above the board and no one is above the shareholders recommendations, said Ratu Tevita.
The argument raised by Mr Bose that the meeting held in Viseisei Village on June 31 this year was illegal because it was to have been a Provincial Council Meeting that turned into a shareholders meeting was constitutional.
Ratu Tevita said at that meeting a unanimous decision was made for the old board to be terminated and a new board be appointed to carry out an immediate review of all the transactions of the company. He said a review of he company's business transactions and its dealings was long overdue and that a thorough review was needed because the company had not achieved some of its objectives.
The Digicel business dealing that Mr Bose claims is the cause of his being removed from the office is not the only reason why he was removed along with his staff, said Ratu Tevita. He said Mr Bose breached policies that included the company should invest in real estate and those ventures that had proper track records and not speculate or try to pioneer new businesses.
He said the Digicel dealing was the least of the new board's worries because there were many other dealings that were questionable. With or without Digicel the dirt was already there and that is what we want to clear and get out of the way, said the former Ambassador to Japan. Ratu Tevita said Mr Bose had his own vested interest in the company and he was building an empire of his own.
Fijian Affairs Board Minister and convicted coupster's speech for the proposed Qoliqoli(Native Fishing grounds) Bill in which the Minister castigated local hoteliers, receives a hostile reaction from the Hotel Association as well as from concerned Members of Parliament for the speech's distaste, which sounded arrogant, billigerent and callous.
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