#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Fiji's improved ratings belies grim reality of shonky deals

Monday, August 8, 2011

Fiji's improved ratings belies grim reality of shonky deals

TABUA INVESTMENT'S RADISSON APARTMENT ON DENARAU ISLAND: Sources say dodgy tax claims.



NAISOSO DEAL: Bob Lowres (right.)
What the world knows and what is really happening in Fiji are two different things.

The international rating agency, Standards and Poor's, today revised its foreign currency long-term sovereign credit rating on Fiji to B from B minus. (see release below)

But a close look at the way the military dictatorship is doing business and therefore affecting the economy shows its methods are questionable, if not rotten to the core.

Revelations today of another business scam under the well-used pen of Fiji's pretend attorney general, Aiyaz Sayed Khaiyum, this time involving New Zealand and Australian investors.

Insiders have revealed to Coupfourpointfive that tax claims by Tabua Investments and investors for the Radisson Apartment hotel on Denarau Island were illegal and inflated.

While investors are not entitled to claim tax on land, the way the deal was set up by the Finance Ministry allowed Tabua to do just that and claim on the original piece of land (the original price was $30,000) 76 times.

Individual Apartment Unit Holders also made dodgy claims for the 55% Tax Claimable Allowance to the value of $29 million, which those in the business say is impossible because there is no way it would have cost that much to build one apartment.

The development of the Radisson Resort Fiji on Denarau Island was spearheaded by Tabua Investments and "funded by Westpac, one of Australia’s leading commercial banks and built by Fletchers, the premium construction company of New Zealand and Fiji."

Readers, you can see for yourself who invested in the exclusive 135 bedroom Radisson Resort by opening the file below, titled Hotels Projects Approval 2008.

Meanwhile, digest this: As with most of the evil in Fiji, the root of it is the head of this illegal government. Insiders say they suspect Sayed Khaiyum was already looking at his two land blocks in Naisoso (and the $426 million approved concession), when the Radisson Apartment application by Tabua Investment came along.

Sources say the scam works like this: A letter from the Ministry of Finance for such approved concession application is taken to the bank by the so-called "investor" as a form of "government guarantee" for a loan to build a hotel or apartment knowing very well that the money loaned will be repaid by government through the approved tax concession.

One source told us: "I suspect this is another reason why the election has been dragged to 2014, so that such deal and project could be effective and to gain value cumulatively. For instance, for Naisoso, $426 million in concession means $50 million plus in claim loss per year over 8 years according to the Income Tax Decree 2009 Schedule 11. If the election is held soon or next year, then the accumulative loss will not be fully claimed and another government might come in and nullify all the Decrees that have been made and Khaiyum, John Prasad, Nur Bano etc will lose their money making schemes."

In a FBC story on May the 22nd this year, under the heading "Naisoso to rake in $400m", developer Bob Lowres said he expected the development of "beachfront, private and  riverfront home-sites, a 26 berth private marina, a 5 star and a 4 star hotel, apartments, residential homes and amenities" to be completed by 2017 and that most of the money will be in foreign earnings.

“We’ve set ourselves a pretty aggressive agenda - in terms of development. The only thing that will see that drag is if something happened and none of us know about – like the global financial crisis or something like that - but we are on track.” (see FBC story below)


Hotels Projects Approval 2008



Naisoso to rake in $400m


32 comments:

  1. Wake up FIJI especially soldiers and Police officers.
    Do you realise that things are degrading day by day yet a fortunate few a maling millions by the day,and its even from taxpayers fund like yourselves who will be burdened by further tax disguised in other forms and soothing words.
    You've been conned left right and centre.
    Thumbs up for democracy..

    GOD HAVE MERCY ON FIJI

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  2. LUVENI BUTABUTAKO!! KANA LOTO!!
    EATING OFF TAXPAYERS MONEY TO BECOME RICH WHILE 90% OF THE PEOPLE IN FIJI ARE STARVING AND TRYING TO MAKE ENDS MEET,AND PUT MEALS ON THE TABLE!! TO YOU LANDOWNERS , YOU ARE BEING RIPPED OFF, WAKE UP!! YOUR LAND HAS BEEN CLAIMED 76 TIMES AND YOU ARE NOT EVEN INFORMED AND GIVEN AT LEAST THE 20% OF THE 76 TIMES CLAIM.
    IF THEY WERE FAIR AND HAD GIVEN YOU THE 20% OF THE 76 TIMES CLAIM YOU WOULD BE A MILLIONAIRE BY NOW...BECAUSE IF THERE WAS NO LAND THERE WOULD BE NO BUILDING , AND NO BUILDINGS MEANS NO TOURISM INDUSTRY ...!!

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  3. What a daylight robbery.
    Foreign investors claiming for the land tax which they do no even know who it belongs to anyway.
    That is free money for the monkey while a fortune few also share the stew.
    Fijis' economy is nose diving by the Finance head - Aiyaz Shaiyad Khaiyum and close buddies...and its not funny anymore.
    Regime is coming to an end soon>
    God Bless Fiji!!!!!!
    Thumbs up for democracy

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  4. Mohd Kadru Khan[MKK]August 8, 2011 at 12:29 PM

    I humbly requesting Australia and New Zealand governments not to consider any application from Indigenous fijians for refugee/asylum status for reasons below:
    1 Why are you not secured in your own motherland.
    2 What has happened to all the sugar cane farms
    that were reserved or forcefully taken back by
    fijians.
    3 Who seeded fiji to British and after 41 years of
    inderpendence only one year of Indian Prime
    Minister rest 40years was governed by thick
    heads.
    4 What are fijians crying for,lazy bastards .
    Can these two govt do a research to find out what
    percentage of fijians are relying on govt assistancs here compared to fiji Indians.Then i am sure you will agree what iam talking about.

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  5. Tourism overview...August 8, 2011 at 12:34 PM

    Shonky deals or no shocker deals overseas investment properties and or holiday homes even on perceived tropical paradises are worthless comodities if nobody can acess them because overseas unions have placed a boycott on fuel supplies.

    Given the nature of Fiji's current leadership - standing of the F$ add the FSC fiasco - Fiji Water - Fiji Times - KFC fiasco's plus many others - can you blaim overseas investors from shying away as both investors & holidaymakers?
    International tourist marketing ain't rocket science - why Fiji when other places such as Samoa & Vanuatu offer the same experience without the baggage?

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  6. When is the march. Tell me and I'll join

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  7. Frank and Aiyaz will ,already have planned their exit from Fiji and while many are jobless and hungry with little to no future and maybe even with no land, they will be basking in the hot sun of Singapore or Malaysia, unless you guys get to them 1st. and have them arrested.

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  8. Actually it is hilarious.The whole of Fiji sits back while the A.G. and his cronies make money,payoff the PM and rape and pillage the economy.In due course these same folk will complain long and loud as to how he was able to get away with it.Well,the passive Fijian will forever be fair game for the carpetbaggers of the south Pacific.

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  9. The propaganda for improved ratings are the work of the neo-colonialists that only worry about making money out of the millions that they have invested in Fiji. They can afford the comfort of their homes and not even blink when the poor Kaiviti strangle each others throat. It was successfuly done with the Aboriginals of Aussie, the Maori of NZ and Hawaiians, why worry about 4 or 500,000 Kaiviti. The colonialist must be sneering when we a have a d*&^%head Commander with all his d%&#$heads soldiers following him obviously doped and duped. Where else can you find gun toting, rugby crazy, modelling and pageant worshiping, merry making and praising God at the same time. Only in Fiji, that should be enough to increase the ratings even further.

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  10. Layman Accountant.August 8, 2011 at 1:17 PM

    Calling All Currency Traders!

    When next u have some free time get on the Fiji Times & Fiji Sun overseas money calculaters - take a studied look at the current exchange rates (buy sell ratios) between F$ - US$ - Fiji$ -AUS $ - relationship between current AUS $ & US $ - see if you spot any abnormalities - look closely FS?

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  11. @ Anon 1:05.

    Settle down - if Taukei take refuge in Viti - if not suggest sit back and enjoy the show.

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  12. It is like every sector has been affected. This regime is pilfering in every way. There is nothing left. Aiyaz and his cronies whom we all know now are running a race to collect as much as they can.

    Voreqe, are you for real. The people of Fiji suffer and you stand by. You must not fear God at all. Wonder what his wife thinks. But it is probably above her all. Yet she is supposed to be devout

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  13. Aust and New Zealand or any other country will not lift a finger to stop this carnage in fiji and AG & PM know this very well.

    only when the people of fiji can rise up and take control of fiji then we can stop this madness.

    It is us Fijians are the ones ourselves to rise up and stop this big mess that this illegal govt is digging this big bottomless pit to make fijians a very poor people and poor country and landless.

    We the fijian ppl are just too timid to stop this rot!! we seems to go with the flow with anything and turning a blind eye to the wrongs and the evil things that is going in fiji today.

    sa rauta mada so na gauna na loloma ke me vakayagataki nai valavala kaukauwa me da rawa ni ceguva na cagi vinaka ena gauna qoka i viti.

    Wake up guys!!lets start something!! They are selling all fijian owned lands piece by piece and yet we still sleep.

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  14. Kemuni na kaiviti: e sa tauri na ka kece. Io e sa vaka e sega ni dua na ka moni cakava rawa. E sa vaka cava? O ni sa na qai rai tu ga ka sa tauri kece na ka?

    Ni bau tu cake mai. Ni sa vaka loloma na nomuni bula. Sa evei na nomuni kaukaua?

    O kemuni na sotia: sa dua na bula vakaloloma e sa tu vei kemuni. ONI sa kana loto tu ga ena kemuni sau ka solia tu Mai oqori ko voreqe kei aiyaz. Na Tamata oqo o aiyaz kei na Nona I lawalawa e sa kani viti vinaka. Ni yadra Mai! Ni tu cake mai. O viti e sa lutu dromu ena vei siga.

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  15. KEMUNI NA LEWE I VITI: TUCAKE KA VALATAKI VITI. E SA SIVIA TALE NA KA E YACO TIKO E SA NA OTI O VITI

    NI YADRA MAI

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  16. No to tax dodgingAugust 8, 2011 at 2:54 PM

    Some of the names in that file are known locally. A lot of offshore investors here, though. How many more people and businesses have been cashing in on the 55% tax allowance. Are there other countries in the world offering this incentive?

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  17. Ex Fiji Live today!

    Fiji behind in World Bank polls
    August 08, 2011 02:37:43 PM


    Bookmark and Share

    Fiji’s ‘Ease of Doing Business’ ranking has fallen in the new results compiled by the World Bank.

    Minister for Local Government, Urban Development, Housing and Environment, Colonel Samuela Saumatua said Samoa and Vanuatu had achieved higher rankings in the polls.

    “Fiji was the leading Pacific Island country when it first participated in the Doing Business survey in 2006. The country was ranked 34 in the world then,” said Saumatua.

    “However, this year its ranking has tumbled to 62 out of 183 economies, with neighbors Samoa and Vanuatu attaining better rankings at 60 and 61, respectively.”

    He said the government was working on plans to improve the economic productivity of towns and cities around the country as part of efforts to improve the ranking.

    The World Bank assessment on ‘Doing Business’ is based on 11 regulations relating to aspects of running a successful business such as dealing with construction permits, employing workers, registering property and paying taxes.

    By Tevita Vuibau

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  18. Not about corruption taxes or anything else - all about jobs & opportunities - current lack of them in Viti.

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  19. as i have mention ealier this year...that one day you guys (landowners) will realise that the land that you sre staying does not belong to you anymore....so wake up guys......before its to late...by that time vuaka and aiyas is laughing and relaxing beside their pool in their mansion (overseas)...act now or never...

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  20. SOME PIGS ARE MORE EQUAL THAN OTHERS (Animal Farm)

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  21. While many of us are blaming the govt for the anti union bill, no doubt the unreasonblenss of the unions left the govt with no option. I believe the unions were trying to push 1st world working conditions in a third world country.

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  22. Look at the state of the nation that the gang of thugs junta have hijacked.

    Look at the poverty, inflation of 10.3%, no investor confidence, high price of food and rent, fear of people, injustice, corruption and scams.

    Nothing is moving and fiji gone backwards 30 years time. Look at the lives of people going down the drain day by day.

    Look at the people rights taken away by PER, look at the workers rights and laws taken away, look at Methodist church-chiefs-land taken away, look at the bankrupt sugar industry FSC FNPF, look at cut of 64% in pension rates.

    Its time for people power and throw the people charter in the rubbish. Its time for peoples revolution and citizen arrest of the junta and its tin pot dictator and hand puppet master and put them to trial.

    The people are 800000 and the gang of thugs are a dozen cowards hiding behind PER.

    People revolution made up of the people, women who been bashed, methodist church, chiefs, vanua, all workers and FNPF present and future pensioners is the method to coup the junta of thugs.

    International sanctions must be imposed before the thugs bankrupt fiji totaly.

    Believe in the cause and not the method, there is no other way to free fiji and restore democracy, good governance, human rights, workers and people rights, rule of law, justice, transparency and anticorruption and put the junta of thugs to trial for their crimes, corruption and scams.

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  23. The land bank is land grab and kick back bank for the dictator who is taking 10% cut and puppet master who is taking 20% cut for the land deals made under the table.

    An investigation is needed to charge the two for the corruption and return the land to the landowners and expose the bank accounts where the corrupt deposits have been made.

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  24. Col Saumatua - go back to barracks no school what do u know about economics?

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  25. Sega ni yaga me da tagi na kaiviti. Sivia noda veiliumuritaki kei na yamekemeke ni bula. Sa rauti keda tu ga me da porter tu se dau qiri lali (vaki koya taba toka mai cake ya) se nodra vakalasa tu na vulagi. Laivi ira na vulagi me ra lewa na vuravura ni bisinisi, kedatou tou were sinikau ga tou koji co. Ya na vanua sa biuti keda kina o Voreqe ena i qaiqai da lako tiko kina qo. I see bleak future for us.
    Via vueti keda cake o Qarase ena affirmative actions, tukuna o Voreqe ni racist. Sivia na vuku lialia!

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  26. @ Anonymous 3.59pm........ fully agree with you Mate!!!!!

    One day, this Misi Voreqe and his Indian Boy at the Level 5 will sell the land of Fiji............ Bye! Bye! Bye! NLTB............... all land will be receivership by China, then Philipians, then Indonesia, one after another where they had borrowed money from.

    ReplyDelete
  27. Reply to Ratu Voreqe

    You tin pot dictator will bankrupt fiji completely, go back to school and get some schooling, remove PER if you got the guts then walk the suva streets , the women will bash you with broken shoes and undies and brooms and mobs and put you on trial for torture and women bashing, busy finishing all corrupt green labels and smoking mariuana. A thug and crook disquised as a prime minister, no respect from the people, stand in 2014 election or any election and see the thrashing from the people.

    will face justice one day and stand trial be assured with the puppet master and the 50 thugs who are body guards.

    well known by people of fiji is a thug who did the coup 2006 to save himself from his own corruption and belongs to naboro not prime minister a bad smell to the name of prime minister all other had respect this one is thug and crook calling himself prime minister forceline

    overseas bank accoounts for the crook will be revealed

    paying himself 700000 people of fiji straving no coup no 20% devaluation no price of food go up 50% no massive unemployment no FSC bank rupt no FNPF bankrupt no pension cut 65% no woman bashing no massive corruption and scam no fiji go 30 years backwards no chief and methodist church and union and worker abuse

    people power will come and wipe out the people charter bullshit and get ready for the people power and liumuri from all people when PER is removed

    Cant keep PER for every you coward cassava patch hero one more final run awaits you your final destiny be rest assured live by sword then die by sword

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  28. Question 2 to Ratu Voreqe

    Tell the world of the

    1. Secret FMF cells doing Enemy of the State profile of all opponents and framing and destruction plots?

    2. The new consitution done for rubber stamping on the people?

    3. The plot to gail Garase and Chaudi?

    4. The plot to bust unions power base of labor party?

    5. The corruption of judicary frame up case false witness pre sentence gail sentence?

    6. Your sick directive to FICOOK to frame and charge persons and drop cases against others?

    7. Secret plot to sell land to china and malaysia business?

    8. one billion dollar waila city scam to cost many billion ?

    9. How fiji gone backwards 40 years no real reform only bull?

    10. Did you complete class eight school????

    11. Liumuri to frame driti and mara on sedition charge??

    12. Will Francis Kean murder again and be convicted by court again?

    13. Where are the police files on you CRW murder/sedition/FMF corruption?

    14. who will pay the billions loan you crook take?

    15 why anyone will call you pm when you tin pot dictator and junta of thugs?

    16. Why you have 50 armed guard are you lamu sona?

    17 do you have guts to walk in suva town alone?

    18. How many women you bash?

    19. Are you hand puppet of the puppet master or no?

    20. Do you know people power will make you wipe your backside with people charter and you will go gail in the end all the cronies will liumuri you soon?

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  29. Methodist Church of Fiji-Beaware FMF intel inside the church find out who these are kick out cos they informers names to be sent soon

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  30. Oh...finally, they see!!...keep looking..no wonder Rear Admiral Bainimarama has increased his dosage of medicine...seems, his Co PM Aiyaz is beyond control...

    ..and yet, these prodemocracy groups are running to foreign Human rights NGO for sympathy...

    ..how about the people of Fiji...99.99% who're NOT on OPM...uh..other people money!!

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  31. Who is this 2 people in the picture, is that Robert Seaman on the left, the con artist who is running away from the law in the US(holding an Australian passport but of Lebanese origins). Read the internet is all there about Rob Seaman, operating scam businesses, closed down and took off with his money & family (Fijian wife) & took off in his private jet to Australia. Now settling in Fiji & bringing in millions of dollars to the illegal regime, he is one of the few investing all over Fiji with stolen money. He cannot step foot in the US or else he is in prison, this kind of people operate well in places like Fiji where thugs are in power.

    ReplyDelete

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