New board urged to turn company’s fortune around-L’Union Estate |14 January 2013

This should in turn allow the company to become more profitable within a relatively short time.
 
The Minister for Finance, Trade and Investment Pierre Laporte said this after meeting the new l’Union Estate board of directors, appointed early in December last year by President James Michel.

Minister Laporte said the purpose of his meeting, which took place on La Digue last Friday, was to relay to the new members the vision of government, as well as to underscore the importance of a new direction for the company.

He highlighted the objectives that the new board needs to keep in focus and work towards.

Minister Laporte also noted that following the last audit report, his ministry has put together a number of important actions that must be undertaken as a matter of priority.

Those action points have been submitted to the board for immediate implementation.

Minister Laporte also stresses that the company must operate more efficiently and adopt strategies to secure long-term financial stability.
 
He further stressed the necessity for the board to come out with new strategies for the company.

He noted that this strategic exercise must be a comprehensive one, which includes an assessment of current situation as well as a plan of actions that would address weaknesses and attain set targets in all areas, ranging from corporate matters, accounting and finance, human resources, properties and assets, as well as productions.

He said that the l’Union Estate company has vast potentials at its disposal to achieve a much higher return on its assets.

 Two such areas specified are property rentals and agricultural activities.
 
It is to be recalled that the Ministry of Finance, Trade and Investment (MFTI) recommended to President James Michel to appoint a new board of directors after an audit of the state-owned L’Union Estate company by auditors of the internal audit division of the MFTI revealed several irregularities, including financial ones.

The new board is made up of Ronald Cafrine as chairman, Keddy Nibourette (chief executive officer), Marymonde Matatiken, Ansley Constance, Flavien Joubert, Damien Thesee, Allan Kilindo and Veronique Herminie (members).

The appointments took effect on December 1, 2012.