#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Fiji Times: State's call on FNFP

Thursday, May 13, 2010

Fiji Times: State's call on FNFP

Fiji Times Editorial
By Ifereimi Nadore

COMMODORE Voreqe Bainimarama has given an assurance that those who are implicated in the Fiji National Provident Fund saga will stand trial for their actions.

"O ni sa na raica talega ka rogoca na kedra tuvalaki vou na veitabana bibi eso ka voleka sara me ra kasura sobu me vaka na tabana ni lavo musuki na FNPF, ka vakanuinui tu kina na i wase levu ni lewe ni vanua ena i lavo ni vakacegu. (You would have seen and heard the new reforms currently being taken in important/key areas that are almost collapsing, such as the FNPF, in which lies the hope of a good number of our citizens when they retire)," he said.

"Ena tikina oqo e sa bokoca kina na FNPF ena macawa sa oti na dinau levu e $327milioni ka biuta ka vakacuruma na matabose ni FNPF kina otela mai Natadola ka vakayacori tu ena sala butobuto kei na veivakalolomataki ena nodra i yau na tamata cakacaka e Viti (The FNPF has written down a big debt of $327m, part of which it had invested in Natadola, and conducted under shady dealings, abusing workers' savings in Fiji)," he said.

"Era na beitaki kina mataveilewai ko ira kece era tiki ni gacagaca ni veivakalolomataki oqo (All those who are party to this oppression/abuse will be charged (taken to court)," he said.

Commodore Bainimarama said members' money had been misused by some people through dubious means and corruption.

Opening the Kadavu Provincial Council meeting yesterday, Commodore Bainimarama said after having seen how the FNPF members were ill-treated, they would see that those who did wrong would be dealt with accordingly.

The comments come after the Fiji National Provident Fund announced that it had to write down $327million worth of investments that were not performing.

Meanwhile, Commodore Bainimarama also told the meeting that changes were also made within the Native Land Trust Board to improve its service to landowners and tenants.

He said Government had also liquidated the business arm of the NLTB, the Vanua Development Corporation, which had used up $3million on its business dealings with businessman Ballu Khan.
He said the money, which was owned by the landowners, was not recovered.

Commodore Bainimarama said apart from that, Government had also injected new life into the Rewa Co-Operative Dairy Co Ltd to improve its production, which will see it extend to Vanua Levu.
He said Government had drawn up plans for the utilisation of vacant land under the new land reforms.

7 comments:

Anonymous said...

Symtom - not cause.
Right now we have unqualified people running (ruining) the economy.

For godness sake - Bainimarama's a sailor - his closet advisors (military council)are soldiers - hullo!

Anonymous said...

Viti's broke - has been for some considerable time - unfortunately anything utterences hense forth from the regime concerning monetary matters will be Smoke and Mirrors.

Viti deserves better than these egocentric criminals. What a mess.

Anonymous said...

This is a bad bad joke! The illegal government taking to task its appointed FNPF Board members who ended up stealing/abusing/misusing the FNPF money? Yes, pigs might fly... God said, "Vengeance is mine!" and the time is running out Vore

Corruption Fighter said...

I'm no expert on Natadola but I think some of the comments made in Fijian by Bainimarama show that he either doesn't know what he's talking about or he doesn't have the Fijian words to say it.

He said that 'The FNPF has written down a big debt of $327m'. Didn't FNPF have an equity investment in Natadola, not a loan?

The problem is Bainimarama's choice of the word 'dinau', which is debt not equity. I don't know if there is a Fijian word for equity, but it doesn't make much accounting sense to use the same word for debt as for equity.

What Bainimarama said was 'sa bokoca kina na FNPF ena macawa sa oti na dinau levu e $327milioni'. Translating this into accounting terms you get 'a debt of $327 million' was 'written off or forgiven'. So what was it? A debt has been forgiven? Natadola doesn't have to pay back the debt to FNPF?

It's frightening to think that so much power is in the hands of a man who doesn't seem to know what he's saying.

Anonymous said...

It is more frightening that, there are still people out there, who still beleive in this mentally incompetent thief.

Yanutha said...

FNPF is smoke and mirrors for his next attack .... native land

Rt .Ilisoni said...

Voreqe should treat the Natadola project as an investment gone bad which is really what it is.

However,he should put the blame where it really belongs..and that is in this misguided 2006 coup which effectively wrote off the attractiveness of the industry which Natadola is supposed to have thrived.

We will have to read the notes in the next FNPF annual fiancial reports in order to assess how that amount is derived.

Speaking of financial reports and the so called FICAC investigation into corruption, the other million dollar question is,when will Voreqe live by his promise of transparency and open up the accounts of the military to independent auditors?