#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: The secretive Deloitte Report clears APRIL over Natadola Bay Project

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Thursday, October 28, 2010

The secretive Deloitte Report clears APRIL over Natadola Bay Project

By VICTOR LAL

The illegal Attorney-General and a serial tax dodger (Coupfourpointfive has obtained his tax file for the last ten years) Aiyaz Sayed Khaiyum is refusing to release the Deloitte Report to the public, whose $1.5million he stole to fund Deloitte, because the Report  has cleared the previous contractors APRIL of any wrongdoing regarding FNPF’s investment in the Natadola project.

A copy of the secret Report, dated 21 July 2010, and obtained by me, was divided into the following sections regarding Natadola: Investment funding; Payments made to suppliers; Term deposits made by FNPF;  Location of assets purchased;  FNPF governance procedures; and  Conflicts of interest. In its investigation, Deloitte noted that FNFP had spent $350,000 on its Natadola investment. However, the Report concluded that all payments were in order.

In its investigation, Deloitte drew up a long lists of what it classified as ‘lower risk payments’.  The Report, however, concluded that there were no payments in this category that involved APRIL entities. What about the payments relating to the Bures at Natadola? Again, the Report found that all these payments were in order, and there was no evidence at all of any inappropriate or improper invoicing, delivery or payment. Moreover, APRIL also never abused its position in relation to appointments etc etc, etc.

The Report also notes that after April’s termination, serious defect’s in FNPF’s processes arose and were not remedied. Importantly, no competent (or any) Development Manager was appointed, and no replacement for a Suva accountant was made.  Crucially, the Report also found that there was no basis or justification for the former chairman of the Natadola Bay project Felix Anthony’s assertion that significant savings of over $100 million would flow from the removal of APRIL  in the development of Natadola.

Meanwhile, Deloitte’s governance findings concluded with a recommendation that a referral of FNPF’s practices be made to FICAC, the much vaunted but one sided persecution machine of Khaiyum, the illegal Attorney-General and Minister for Justice, Anti-Corruption, Public Enterprises, Industry, Tourism, Trade and Communications.

Editor’s Note: Stay tuned for a detailed account of the Deloitte Report and ‘The Khaiyum Taxgate’.

6 comments:

Anonymous said...

Never before in Fiji's history has so much evil been concentrated in the executive of the country.If Fiji had a hall of horrors Khaiyum would be prominently featured alongside his puppet BaineeeeeeeeeeeeeeeM.

mark manning said...

I can't believe Sayed is still able to walk around Fiji a free man !

Anonymous said...

Jo sya's.....
For us who are afmilar with real governance and corporate business would agree - how the hell the regime put thieves like Dan Urai and Felix in charge of Natadola. These two are criminals and hawks by night fallas. they prey on other people's investment and suck juice from dry bones.

You just have to ask any FNPF staff who were at the grand opening to tell their story. I wonder why hasn't FICAC nailed them down.

In fact it was tha they who dipped the scale for FNPF members with no common sense business knowledge and competencies. They went with their eyes closed to execute for their master Mahen.

FICAC common get them, you will have a genuine case instead of crusifying innocent people to justfy your existence.

Anonymous said...

The big implication of this, of course, is the $327 million writedown in the value of FNPF's investment portfolio earlier this year had nothing to do with anything that happened in Natadola prior to 2007.

This in turn means that that 9% write-down of our collective pension fund value, must have largely come post-2006.

The culprits then? There are only two possible choices, namely:- the 2006 coup (which badly gouged the tourism and real-estate industries), and the commercial project management expertise (or lack thereof) of Felix Anthony and the coup-appointed board.

Of course, that 9% write-down in our retirement fund values is no bigger than the (additional) circa 9% fund value loss from the runaway inflation that has characterized the Fiji economy ever since the Regime imposed itself on the people of Fiji.

Mind you, both of these put together are still smaller than the 20% devaluation loss of FNPF assets, which came as a result of the self-inflicted and useless 2009 overthrow of the Constitution.

So now Fiji only has one group to thank for all these horrific, avoidable and unmitigated blows to our retirement funds futures!

Anonymous said...

FICAC, it is your job to investigate where the orders came to fire the previous board after 2006 coup. Where did they get the info from to clean up Natadola Project. Who provided false and misleading info to the military to have the IG appoint trade unionist to run decision making on corporate level commercial matters....

When has Mahen and his union chronies established a successful corporate business venture that they think they know everything when he knows F...all..... Could not run the South Pacific Fertiliser company with 40+ % ownership....

Anonymous said...

This is the end result when we have an individual who overspends his military budget thinks that he can also run a government, Now if you look back into his history, in the navy he was promoted just because his father and comdr brown were good friends, there were more deserving and capable naval officers who would have been a far better choice than this idiot. In camp there are certainly far better qualified and much more senior officers who should have been comdr but because the former comndr and frank were best of buddies is why he got the nod. Not only that but the real reason was for frank to keep a tight lid on the Regimental and Benovelonce Funds and not expose it to an audit. De na qai laurai na se o cei e kania tiko nai lavo qai sega ni sauma lesu tu.