Business

MP calls for probe in Sky Pacific sale

Member of Parliament Hon. Aseri Radrodro yesterday called for a Parliamentary Special Committee to look into the sale of Sky Pacific to Digicel earlier this month. Hon. Radrodro took issue at the sale price of $5.75 million, which according to him would imply ‘bad investment decision’ on the part of previous owners, Fijian Holdings Limited. Hon. […]

Navin Kumar

September 25, 2015 11:42 am

Member of Parliament Hon. Aseri Radrodro yesterday called for a Parliamentary Special Committee to look into the sale of Sky Pacific to Digicel earlier this month.

Hon. Radrodro took issue at the sale price of $5.75 million, which according to him would imply ‘bad investment decision’ on the part of previous owners, Fijian Holdings Limited.

Hon. Radrodro, speaking in Parliament yesterday:

The Fijian Holdings CEO last week declared the sale of Sky TV to Digicel for $5.75million.  How did this come about and why did it not follow the principles of a sale of a publicly-listed company?

There are a lot of questions especially when the initial set up cost of Sky Pacific in 2004 was $6.5m and three years ago, Fiji TV spent a further $6m in upgrade including change of satellite.

This would resonate to bad investment business decision when the sale price is $5.75m and the cost of establishment and upgrade is around $12.5m.

What do you think? Leave a comment below.