Land Bank rakes in $4.6 m in lease money
08:33 TodayTaken from/By: FBC NewsReport by: Mika Loga
A total of four point six million dollars has been paid to indigenous landowners who have deposited their land in the Land Bank. This amount is the total figure cashed in by the lessee since the establishment of the Land Bank in 2011, with the latest payments made last month. Permanent Secretary for Lands Tevita Boseiwaqa says, the functions of the Land Bank established under the Land Use Decree of 2010 is somewhat the same as that of the i-Taukei Land Trust Board.“Legally speaking its also right for the Land Bank to be the custodian of native land where landowners have decided to deposit their land in the Land Bank.”The objective of the Land Bank is to see to the better utilization of indigenous land, lying idle. Tevita Boseiwaqa says, once landowners agree to deposit their land in the Land Bank, it means the government becomes the custodian or administrator of the particular native land.
He says, indigenous lands administered under the Land Use Decree are not charged survey fees, nor are lease premiums subjected to poundage costs”.“There’s increasing interest..I mentioned about the income that gone to native landowners because of the work done by the Land Bank in looking for investors to come and invest in this once idle land.
”Meanwhile, the i-Taukei Land Trust Board has questioned if the Land Use Decree contains provisions and procedures for legal redress by landowners who have voluntarily agreed to give their land for administration by the Land Bank.
The Lands Ministry is seeking legal advice from the Solicitor Generals Office on the issue – See more at: http://www.fbc.com.fj/fiji/19130/land-bank-rakes-in-4-6-m-in-lease-money#sthash.IKVPkJrZ.dpuf