Sereana Qoro and FHL board heading to the chopping block

There are talks that the over-rated Sereana Qoro and her FHL board will soon be given their marching orders by the same military gang who appointed them.

The already doomed FHL/BP Oil deal has faced yet another major set-back.

We are told that BP Oil in Singapore are demanding a further $5million non-refundable deposit from FHL if they wish to extend settllement  to July.

The initial Sale and Purchase agreement demanded that FHL pay a non-refundable deposit of US$10million.

That amount was topped up by a further $5million late last month when FHL sought their second settlement extension from BP which was later announced by FHL’s chairman, Isoa Kaloumaira.

Today, we are told that BP Oil Singapore has directed that a further $5 million be paid or else they will exercise their right to seek an alternative buyer leaving FHL more than $30million hole in their financial books which they will be taken to task for by their angry shareholders.

Sources report that Frank Bainimarama was informed of FHL’s financial year end today, 30th June, and he is said to be very concerned about the board’s inability to close the deal and how they have wasted $30million with nothing to show for at the end of their financial year.

Heads will roll at FHL we are told.

And we say, why not! Frank Bainimarama had better act now before FHL blows up on his face!