#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: A reader's view of the FNPF losses

Names and pseudonyms encouraged; annonymous posts accepted in interest of debate


Saturday, January 8, 2011

A reader's view of the FNPF losses

Blogger Manuqalo has raised some points about FNPF that deserve to be taken seriously, even if they are clearly wrong.

The investments at Natadola and Momi were started by the FNPF when it was governed by the Board and senior management appointed by the Qarase Government. That's quite true.

But that doesn't mean that the investments decisions were bad. At the time, by global standards, investment in real estate in Fiji didn't look to be a great investment. Global markets were achieving huge returns at the time. Come the Global Financial Crisis, however, and real estate in Fiji didn't look so bad, but that's not really what
matters.

There are two reasons why Natadola investment was written down. First, the cost of construction blew out badly. The suspicion that this was due to coup-appointed FNPF board member, Felix Anthony, and his close relationship with the builder is confirmed by the fact that Anthony was booted out by Frank when the truth about cost explosion came to light within the regime, if not publicly, on top of the table.

Secondly, the damage done to the tourism industry by the coup could not help but wipe money off the value of tourism real estate in Fiji. Since then, this has been made much worse by the shabby treatment of foreign investors such as News Limited and Fiji Water.


The abrogation of the constitution and the sacking of the judiciary have made it clear to investors that property rights, like all legal rights, are worthless if there is no independent judiciary. All of the decrees which state that the laws cannot be contested in a court make it clear that the judiciary is just there to do the bidding of the executive, which is also the legislature.


The problems of the FNPF are the problems of the economy and the society. We are in the hands of a dictatorship which has delivered four straight years of economic disaster. And the self-appointed PM can't blame the Global Financial Crisis for the problems. 


The bottom dropped out of our tourism industry in 2007, not late 2008 when the GFC struck. Nor should we forget that most of our tourists still come from Australia, which did not suffer under the GFC, but did have their High Commissioner booted out accompanied by a tirade of abuse.- (By Corruption Fighter)

12 comments:

Jake said...

Anything to do the corrupt Qarase Government was bad not only for the people but the country.

Good Riddance aleast now the nation can for the first time breathe.

We ought thank Bai and the boys in green for rescuing our country from the brink of a catastrophic event.

Tomorrow I hope you all go to church and say a prayer for our God given leader Bainimarama.

Jake

Anonymous said...

Well said Jake.

mark manning said...

Jake
you are an anarchist and a dildo !

Anonymous said...

This is the same tired old lies spoken by the misguided Bainimarama to justify his greed for power and money. The fool believes in his own lies because there is no one around him to say it in his face.

What reforms is this idiot talking about? Are these the type that involve stealing other peoples jobs, murdering and torturing innocent citizens like Rabaka and Verebasaga, dismantling free speech, media and other basic human rights, illegally abrogating the peoples constitution, corrupting government departments thru Mafia style "jobs for the boys" for coup support, wasting taxpayers’ funds on the ever bulging military budget where privates are promoted to generals in one day, nepotism, vanishing FNPF funds, alliances with deadbeats like China and Somare, devaluation of dollar to almost worthless state, swelling poverty levels, rampage inflation and unemployment rates, corrupting the judiciary, killing direct foreign investments, incurring bans, sanctions and bad reputation from other countries and international organisations, lies about election dates and the bloody list goes on.

Sorry Voreqe,but your bloodstained and misguided coup is shit. Furthermore,whilst the nation suffers you continue to line your pockets with stolen taxpayer’s funds and then you got the gall to call all of the above positive reforms???

Like Saddam, we will all cheer when that sorry ass of yours will swing from the gallows.....will be good riddance you disgraceful bastard!!!

ex Fiji tourist said...

Joke @5:52

I bet you look really great in your court jester costume each night in the orifice mess as you tell the drunken junta what you have written on the blogs. I bet the fools wet themselves laughing at your jokes; like the one above.

Even Bill Crosby can't produce material as funny as that.

You are a classic - fool, simpleton, moron,; take your pick.

After 4 years of fiji going backwards faster than bananasinpyjamas can go forwards in a cassava patch, the jaundiced junta has proved ONE case of official corruption before 2007.

That was some minor official accepted a bottle of scotch.

Unfortunately, the nation is not breathing as it is being suffocated by military morons who can't even run a chook raffle.

The green goons didn't rescue Fiji but pushed it into a deep pit.

Joke, Keep up the great comedy material; I'm sure that you will be promoted to acting lance corporal soon.

Anonymous said...

Yes Joke,

May VB live long enough so see how gravely mistaken he was/is.

But you to can fervently pray that we may all witness weather or not Qarase and his government were corrupt in the same high level of corruption that this illegal regime is in.

Anonymous said...

Is this guy Jake for real. Anyone who says black is white must have a serious mental problem. The FNPF article is exactly right. Read it Jake (if you can read). Jake's catastrophic event is right here and now - Fiji has no money or inward investment.

Anonymous said...

@Jake, you are a dickhead. The Qarase government was at least trying to build a hotel for the people of Fiji but your dickhead illegal government with Bai and Aiyaz just took moneyfrom FNPF and disappeared with it via Tapoos deal. When this is all over Jake, we are going to drag Tappoo to court and you better be ready.

Jake said...

Mark Manning.

My boy you may want to consider discontinuing your ghastly activity such as burying your head into the nether region of pet sheep.

Zoophilia is a sickness get some help sniffing those dingle berries can’t be good for your health the reason is very simple you beginning to speak with a lisp.

To the rest of you pea brain imbeciles listen up Rabuka was a better leader than Qarase and his crooked cronies ever was, the nation is still suffering from the rogues that were elected to serve the people’s needs but instead they saw fit to serve their needs first.

History will show Bainimarama is the best leader that ever graced the shores of Fiji we must thank our boys in green for the hard work of turning around the sick society Fiji was under Qarase and his intoxicated band of merry men.

Jake

Anonymous said...

You just don't get it Jake do you. You are the one with the pee brain. Just like those Army boys. Yavu Ulukau! How come whatever Bai touched, only turned to millions of dollars loss. FSC ( millions of dollars); Fijian Holdings (millions of dollars loss under the new boss...ummm Mobil takeover!)FDB ; FNPF ( under Felix Anthony)Government Shipyard; ATS etc etc. You name it Jake and we'll tell you it has made a terrible loss under this poofter regime. So , open your eyes Jake because right now I'm thinking you have two neurons in your brain and they are obviously not connecting.

Anonymous said...

RATU SAID.
FNPF WILL COLLAPSE IN FEW YEARS WITH BABNI AND HIS CRONIES
LIKE IN VANUWATU FUNDS.
HIS BOARD HAS PUT FNPF AND KENI FRU CEO NATADOLA PROJECT/MOMI .ALL BIG LOSSES.

ex Fiji tourist said...

Joke,

I don't think that you would have got much of a laugh from bananasinpyjamas with that one as he wouldn't have understood your vocabulary because you used words of more than 2 syllables.

Whoops, there goes your promotion to acting, temporary lance corporal!