Sereana Qoro’s lies exposed
Sereana Qoro, the woman coupster who successfully out-smarted her one-time high profile bosses is feeling very jittery, now that the truth is out there for all to see with the release of their FHL annual report. She is scared that FHL profits has already taken an ugly south-ward turn soon after she usurped it, a disturbing financial performance she will have to explain to their FHL shareholders at their Annual General Meeting next week. So far, she is saying that the reduced profits is due to the new international accounting system FHL has adopted and is even blaming the RB Patel acquistion approved by the previous Board as something that has negatively impacted their bottomline. But the truth is far from her deceitful claims when one studies FHL’s latest annual report.
Sereana is trying in vain to cover up her real dark side that pushed her to join the military regime’s gravy train in couping FHL’s Board and management. And one just has to take a glance at the FHL annual report to see and smell the stench behind her conniving behavior. No one, and not even Sereana Qoro can argue that it was her own Basic Industries Limited of which she was the CEO, that was the weak link and the poorest performer in the FHL Group.
A closer look at the financial report clearly shows that it was Sereana Qoro’s subsidiary company that is the root cause of FHL’s reduced group consolidated profit. It means that Sereana was poorly performing and was obviously not meeting her targets. It means that Sereana’s non-performance and huge financial losses at Basic Industries had to be propped up by the hard work of other CEOs’ and their teams from other FHL subsidiaries. In other words, Sereana’s millions of dollars of losses had to be subsidised by the sweat of other high performing teams from other FHL subsidiary companies. She was riding free on other peoples hard work. She knew she was lagging behind in her financial contribution to the FHL profit pie and she probably felt that her job was on the line and that her performance-driven Board was not going to take her million dollars losses too kindly. Her preferential affirmative Fijian woman executive career path mapped out under the Fijian Affirmative Action Plan was coming to an end. Her disastrous track-record from NLTB (not being able to produce NLTB annual reports during her years there), Rewa Dairy ( almost went bankrupt but was saved by the government of the day) and Housing Auhority (was insolvent and couldn’t turn it around until Sitiveni Weleilakeba went in as Chairman) was repeating itself at Basic Industries and she needed to do something to hide her filthy droppings.
A further analysis of Sereana’s books also exposes her poor money management skills with Basic Industries showing a significant increase in operating expenses that is not matched with a corresponding profitable growth in revenue.There seemed to have been alot of activities happening at Basic Industries but somehow, it was not able to convert itself into profits. So where was the money going to and why wasn’t sufficient income derived from it? Could it be that part of it was channeled to Sereana Qoro, Asif Mussa and Mosese Volavola’s various joint business ventures with Basic Industries own contractors?
Posted by rawfijinews
Coupster Sereana Qoro pays herself $600,000
October 29, 2008
There are fresh revelation today that military appointed boss of FHL, Sereana Qoro, is laughing to the bank with her package of $600,000 per annum. Insiders say she convinced her military appointed Board of Directors to pay her this hefty package after she used her newly appointed Merchant Bank CEO salary of $400,000 per year as benchmark. This she did before the release of FHL’s annual financial report which proved without doubt that Sereana failed to deliver the results required of her as the then CEO of Basic Industries. And questions are now being raised as to why the new-look FHL Board could justify such an exorbitant salary package for Sereana with the knowledge that she was the non-performer in the FHL group that ultimately led to the nasty reduction in the total group profits.
These sources also say that Sereana now has two company four-wheel drive vehicles after she demanded that the company buy her a new Prado soon after her appointment. She still has her company Mitsubishi one which her secretary uses for Sereana’s personal errands.
But it is also said that Frank, the interim Ministers and the senior military officers are complaining about their girl’s unbelievable pay package saying that she is taking the cream for all their coup-coup hard work. Sources from FICAC have confirmed that Sereana’s predecessor was getting less than half of what Sereana is now receiving. They say that certain high profile individuals in the junta are up in arms with the FHL Board and Sereana for the huge disparity between what they are receiving compared to what the coup beneficiaries are getting as riders-on.