May 09, 2021 Last Updated 7:04 AM, May 7, 2021

Fiji @ 50: Death of a regional giant

Karen Lobendahn/LinkedIn Karen Lobendahn/LinkedIn
Published in Sep-Oct
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Slowly but surely the once mighty Fiji Television Limited has started to crumble, taken apart from within by a combination of government pressure, acquiescent board members and questionable divestments.

Last month the company announced the resignation of CEO Karen Lobendahn and Manager Finance, Upendra Gounder. Lobendahn had been with Fiji TV for 24 years and CEO since May 2017; Gounder had been with Fiji TV for just nine months.

Fiji TV also released its audited financial statements 2020 at the end of August, and they make for sobering reading. Company Chairman, Deepak Rathod has attributed the company’s recent poor financial performance to the impacts of COVID-19. However since December 2006, the writing has been on the wall for this once blue-chip company, which has seen revenue fall from $FJD23.2 million in 2015 to $FJ9,076,306 in 2020 and net profits drop from $FJD1.63 million in 2016 to $262,544 in 2020.

How does a company lose so much over a relatively short period? Login to your account or subscribe today to read more.

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