#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Qarase share charges sprang from FLP claims

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


Tuesday, July 10, 2012

Qarase share charges sprang from FLP claims


A Coupfourpointfive investigation suggests the former Finance Minister, Mahendra Chaudhry, was behind the initial arrest and the laying of charges against his political adversary, Laisenia Qarase and Sitiveni Waleilekaba by FICAC.


His allegations, dating back to 2001, was part of his overall claims to dictator Frank Bainimarama that the SDL government led by Qarase, was corrupt.


Ironically, by the time Qarase first appeared in court in 2008, Chaudhry was himself embroiled in a massive tax scam, and was forced out of Cabinet by the Military Council.


We re-publish his original allegations from 2001 (made after he was deposed by George Speight), which formed the centrepiece of charges against Qarase.


Fijian Holdings Ltd: Why an independent inquiry is needed



FIJIAN HOLDINGS LTD: WHY AN INDEPENDENT INQUIRY IS NEEDED, AND THE ROLE OF THE FIJI DEVELOPMENT BANK IN FINANCING SHARES IN FIJIAN HOLDING?


ON THE 13TH JULY 2000 THE INTERIM PRIME MINISTER MR LAISENIA QARASE PRESENTED TO THE GREAT COUNCIL OF CHIEFS A BLUEPRINT FOR THE PROTECTION AND ADVANCEMENT OF INDIGENOUS FIJIANS AND ROTUMANS.


THE BLUEPRINT INCLUDED A DECISION TO CONVERT THE $20 MILLION INTEREST-FREE LOAN TO THE FIJIAN AFFAIRS BOARD TO A GOVERNMENT GRANT ON THE FOLLOWING CONDITIONS;

 


1. TRANSFER OF $1 MILLION 'B' CLASS SHARES HELD BY THE FAB IN FIJIAN HOLDINGS LIMITED TO EACH OF THE 14 PROVINCES. 2. BALANCE OF $6 MILLION TO REMAIN WITH FAB [AS EQUITY IN FHL]


FIJIAN HOLDINGS WAS PRIMARILY CREATED TO INCREASE EQUITY PARTICIPATION BY THE PROVINCIAL COUNCILS AND FIJIAN INSTITUTIONS IN SUCCESSFUL COMPANIES. THE $20 MILLION GOVERNMENT LOAN, ANNOUNCED IN THE DEUBA ACCORD IN 1987, WAS INTENDED BY THE COUNCIL OF CHIEFS TO BOOST THE OWNERSHIP OF THE 14 PROVINCES IN FIJIAN HOLDINGS.


IT WAS STATED IN THE SENATE IN 1993 THAT ACCORDING TO THE 1992 ANNUAL REPORT OF FIJIAN HOLDINGS, FIJIAN HOLDINGS WAS DOMINATED BY LIMITED LIABILTY COMPANIES OWNED BY GROUPS OF INDIVIDUALS WHICH HELD BY SIMPLE PROPORTIONING 70 PER CENT OF FIJIAN HOLDINGS WHILE THE 14 LPROVINCIAL COUNCILS AND THE NATIVE LAND TRUST BOARD AND FIJIAN AFFAIRS BOARD HELD 30 PER CENT.


IT WAS ALSO STATED IN THE SENATE IN 1993 THAT WHILE 1 PROVINCIAL COUNCIL'S SHARE IN FIJIAN HOLDINGS WAS $50,100 THREE FAMILY PRIVATE COMPANIES IDENTIFIED WITH THAT PROVINCE HELD A TOTAL OF $450,000 SHARES.


IN 1984 THERE WERE NO PRIVATE COMPANIES IN FIJIAN HOLDINGS BY JUNE 1992 THERE WERE 27 PRIVATE COMPANIES.


IN THE MAJORITY OF CASES THERSE PRIVATE COMPANIES WERE ABLE TO SECURE FINANCE TO BUY THE SHARES FROM THE FIJI DEVELOPMENT BANK. SEVERAL INDIVIDUALS AND FAMILY OWNED COMPANIES WHICH OWNED SHARES IN FIJIAN HOLDINGS WERE NAMED IN THE SENATE IN 1993. THEY INCLUDED MR LAISENIA QARASE WHOSE FAMILY COMPANY Q-TEN INVESTMENTS LIMITED OWNED 200,000 SHARES, AND MR SITIVENI WELEILAKEBA WHOSE FAMILY COMPANY STIKS INVESTMENT LIMITED OWNED 150,000 SHARES. THESE TWO NAMES WERE HIGHLIGHTED BECAUSE AT THE TIME MR QARASE WAS MANAGING DIRECTOR OF THE FIJI DEVELOPMENT BANK A MEMBER OF THE BOARD OF FIJIAN HOLDINGS, AND FINANCIAL ADVISER TO THE FIJIAN AFFAIRS BOARD MR WELEILAKEBA WAS APPOINTED CHIEF EXECUTIVE OFFICER IN 1991.


THE 1998/9 ANNUAL REPORT OF FIJIAN HOLDINGS DISCLOSES THAT MR WELEILAKEBA'S FAMILY COMPANY OWNS 10,000 SHARES AND THAT IN 1998 THE COMPANY HELD 100,000 SHARES. ATTEMPTS TO VERIFY DETAILS OF THE OWNERSHIP OF Q-TEN INVESTMENTS, STIKS INVESTMENTS AND STIKS HOLDINGS AT THE OFFICE OF THE REGISTRAR OF COMPANIES WERE UNSUCCESSFUL. THE OFFICE HAS BEEN INSTRUCTED NOT TO REVEAL THE DETAILS UNLESS A REQUEST IS MADE IN WRITING STATING THE PURPOSE OF THE ENQUIRY. INFORMATION ABOUT REGISTERED COMPANIES IS NORMALLY READILY AVAILABLE TO THE PUBLIC.


QUESTIONS

1. WHY WERE PRIVATE COMPANIES ALLOWED TO BUY SHARES IN EXCESS OF THE SHARES HELD BY THE PROVINCIAL COUNCILS?


2. WHY WAS THE FAMILY COMPANIES OF THE CHIEF EXECUTIVE OFFICER AND THE MANAGING DIRECTOR OF THE FIJI DEVELOPMENT BANK ALLOWED TO BUY SHARES IN EXCESS OF THOSE HELD BY THE PROVINCIAL COUNCILS?


3. WHAT ADVICE DID MR QARASE GIVE THE FIJIAN AFFAIRS BOARD ON THE ALLOCATION OF SHARES TO PRIVATE COMPANIES?


4. WHEN THE COUNCIL OF CHIEFS APPROVE INDIVIDUALS AND FAMILY COMPANIES BUYING SHARES?


THIS PATTERN OF PRIVATE COMPANY OWNERSHIP CONTINUES TODAY. FAMILY COMPANIES OWN MORE THAN 2.2 MILLION SHARES IN FHL. THE PROVINCIAL COUNCILS OWN 1.9 MILLION [MASTER LIST OF SHAREHOLDERS DATED SEPT 1998] IN THE FHL'S TOP TWENTY LIST OF SHAREHOLDERS OF FIJIAN HOLDINGS DATED 31ST JANUARY 2000 ONLY FOUR PROVINCIAL COUNCILS OWN MORE THAN 100,000 CLASS 'A' SHARES.


THE TOP TWENTY SHAREHOLDERS

UNDER STOCK EXCHANGE LISTING RULES FIJIAN HOLDINGS ARE OBLIGED TO PROVIDE TO THE EXCHANGE A LIST OF THE TOP TWENTY SHAREHOLDERS. THERE APPEAR TO BE SOME DISCREPANCIES IN THE LIST PROVIDED BY FHL.


ACCORDING TO THE REGISTRAR OF COMPANIES TWO OF THE COMPANIES ON THE LIST NO LONGER EXIST. THEY ARE CICIA PLANTATION CO-OP SOC. LTD AND VATULELE ISLAND HOLDINGS LIMITED WHICH HAVE BEEN DEREGISTERED.


[IT IS IMPORTANT TO MAKE THE DISTINCTION BETWEEN SHAREHOLDERS HOLDING 'B' CLASS SHARES, AND SHAREHOLDERS HOLDING 'A' CLASS ORDINARY SHARES. 'A' CLASS SHARES ATTRACT A MUCH HIGHER DIVIDEND THAN 'B' CLASS SHARES AND THEY CARRY VOTING RIGHTS WHICH CLASS 'B' SHARES DO NOT. THE DIFFERENCE IS ILLUSTRATED IN FIJIAN HOLDINGS 1999 ANNUAL REPORT. 'A' CLASS SHARES ATTRACTED AN INTERIM DIVIDEND OF 10 PER CENT AND A PROPOSED FINAL DIVIDEND OF 10 PER CENT [TOTAL DOLLAR AMOUNT &2,092,930] THE ORDINARY 'B' CLASS SHARES HELD BY THE FIJIAN AFFAIRS BOARD ATTRACTED A PROPOSED DIVIDEND OF 5 PER CENT [TOTAL DOLLAR AMOUNT $1,000,000]


THE TOP TWENTY SHAREHOLDERS

1. THE MAJORITY SHAREHOLDER IN FIJIAN HOLDINGS IS THE FIJIANS AFFAIRS BOARD WHICH OWN 20,329,855 SHARES OF CLASS 'B' SHARES [66.7 PER CENT OF THE TOTAL SHAREHOLDING]


2. THE SECOND LARGEST SHAREHOLDER IS THE NATIVE LAND TRUST BOARD WITH 893,501 SHARES.


3. THE THIRD LARGEST GROUP OF SHAREHOLDERS WITH MORE THAN 100,000 SHARES EACH ARE AS FOLLOWS;


CICIA PLANTATION CO-OP SOC LT 400,000[finance from FDB] RATU SIR K MARA EDUCATION TRUST FUND 300,000 TAILEVU DAIRY FARMERS CO-OP 300,000 BA PROVINCIAL COUNCIL 206,917[finance from FDB MACUATA PROVINCIAL COUNCIL 203,614 MAVANA INVESTMENTS LIMITED 200,000[finance from FDB] MUALEVU TIKINA HOLDINGS LTD 200,000[finance from FDB] VANUA KO LOVONI INVESTMENT LIMITED 179,805[finance from FDB] DUAVATA HOLDINGS LTD 150,000 BUA PROVINICIAL COUNCIL 137,102[finance from FDB] RARA O NAKELO HOLDINGS LTD 117,616[finance from FGDB] MALOMALO TIKINA HOLDINGS LTD 107,111 MOALA TIKINA COUNCIL 101,005[finance from FDB] VUKICEA INVESTMENT LTD 100,000[finance from FDB] NAQARANI HOLDINGS LIMITED 100,000[finance from FDB] VATULELE ISLAND HOLDINGS LIMITED 100,000[finance from FDB] MUNIA HOLDINGS LIMITED 100,000[finance from FDB] DOGOTUKI TIKINA COUNCIL 100,000[finance from FDB]


ON INFORMATION SUPPLIED BY THE REGISTRAR OF COMPANIES THE BREAKDOWN OF OWNERSHIP OF THE PRIVATE LIMITED LIABILITY COMPANIES IS AS FOLLOWS;


1. MAVANA INVESTMENTS LIMITED - 200,000 SHARES [FHL]


MAVANA INVESTMENTS LIMITED IS OWNED BY A NUMBER OF INDIVIDUALS. THE MAJORITY OF THE SHARES ARE OWNED BY THE MAVANA VILLAGE FUND - 108,500 SHARES. Q-TEN INVESTMENTS IS OWNED BY THE FAMILY OF MR LAISENIA QARASE.


2. KO LOVONI INVESTMENT LTD - 179,805 SHARES [FHL]


THE DIRECTORS OF VANUA KO LOVONI INVESTMENT LTD ARE DESCRIBED AS VILLAGERS FROM VARIOUS VILLAGES IN OVALAU. THE COMPANY WAS REGISTERED ON 6TH MAY 1993. ACCORDING TO DOCUMENTS FROM THE REGISTRAR OF COMPANIES VANUA KO LOVONI INVESTMENT LIMITED OWES THE FIJI DEVELOPMENT BANK A TOTAL OF $199,188.65.


3. VUKICEA INVESTMENTS LIMITED - 100,000 SHARES [FHL]


VUKICEA INVESTMENTS LIMITED WAS REGISTERED ON 16TH OCTOBER 1992. IT IS WHOLLY OWNED BY THE VUKICEA FAMILY OF CICIA, LAU. A DEBENTURE OF $80,000 WAS REGISTERED BY THE FIJI DEVELOPMENT BANK OF 30TH NOVEMBER 1993. THE MEMORANDUM OF ASSOCIATION DETAILING THE PURPOSE OF THE COMPANY WAS WITNESSED BY MR SITIVENI WELEILAKEBA, THE CHIEF EXECUTIVE OFFICER OF FIJIAN HOLDINGS.


4. MUNIA HOLDINGS LIMITED - 100,000 SHARES [FHL]


THE DIRECTORS OF MUNIA HOLDINGS LIMITED ARE KAMELI VOSA AND SOLOMONE VOSAICAKE. THE COMPANY WAS REGISTERED ON 9TH DECEMBER 1989. A DEBENTURE OF $80, 000 WAS REGISTERED BY THE FIJI DEVELOPMENT ON 26TH FEBRUARY 1995.


5. VATULELE ISLAND HOLDINGS LIMITED - 100,000 SHARES [FHL]


THE COMPANY WAS FORMED ON 11TH DECEMBER 1993. ITS DIRECTORS ARE VILLAGERS FROM VALUTLELE. THE REGISTRAR WROTE TO THE COMPANY ON 11TH DECEMBER 2000 STATING THAT HE HAD REASONABLE CAUSE TO BELIEVE THAT THE COMPANY WAS NOT OPERATING FOLLOWING A FURTHER LETTER ON 10TH APRIL 2000 THE COMPANY WAS REMOVED FROM THE COMPANIES REGISTER.


6. MALOMALO TIKINA HOLDINGS LTD - 107,111 SHARES [FHL]


THE DIRECTORS OF THE COMPANY ARE RATU SAMUELA NAULAGO AND RATU MESULAME VOSAILAGI, BOTH FARMERS OF SIGATOKA. THE COMPANY WAS FORMED ON 12TH DECEMBER 1994.


WE WERE ADVISED BY THE OFFICE OF THE REGISTRAR OF OCMPANIES THAT DETAILS OF THE TIKINA HOLDING COMPANIES IN THE TOP TWENTY WERE AVAILABLE THROUGH THE FIJIAN AFFAIRS BOARD BY WRITTEN REQUEST.


THE FAMILY OWNED COMPANIES WITH SUBSTANTIAL SHAREHOLDING IN FIJIAN HOLDINGS AS LISTED BY THE COMPANY IN 1998 ARE;


1. KINGFISHER ENTERPRISES 77,508 [finance from FDB]


2. KJY INVESTMENT LIMITED [KONISI YABAKI] 50,000 [finance form FDB]


3. LANA INVESTMENT LTD [RATU N. LALABALAVU] 95,000 [finance from FDB]


4. MB INVESTMENT LIMITED [M BULANAUCA] 100,000 [finance from FDB]


5. MARKIN INVESTMENT [ISIKELI TAOI] 100,000 [finance from FDB]


6. MEPSAN INVESTMENT [PECELI MATANITOBUA] 67,932 [finance from FDB]


7. NABUABUA HOLDINGS 100,000 [finance from FDB]


8. RABULI INVESTMENT [MEREANI RABULI] 50,000 [finance from FDB]


9. RAFIRE LINVESTMENT [M. RABUKA] 100,000 [finance from FDB]


10. SAKIANA INVESTMENT 50,000


11. TAOI INVESTMENT [J VITUSAGAVULU] 150,000


12. TUKULA HOLDINGS [SIR JOSAIA TAVIQIA] 100,000 [finance from FDB]


13. VENSALISI INVESTMENT 50,000


14. YALIMAIWAI INVESTMENT [ANARE BULA] 100,000 [finance from FDB]


15. 5X INVESTMENTS 100,000 [finance from FDB]


16. BAKANI INVESTMENT 100,000


17. BARAVI ASSOCIATES 50,000


18. FJ JAMNOVIS INVESTMENT 100,000 [finance from FDB]


19. I WAQA & COMPANY 80,000


20. JAY TEE INVESTMENT [S TABAKANACA] 100,000 [finance from FDB]


21. KB INVESTMENT 100,000 [finance from FDB]


THE MAJORITY OF COMPANIES BOUGHT THEIR SHARES BETWEEN DECEMBER 1991 AND MAY 1993.


QUESTIONS


1. WHAT IS THE FULL EXTENT OF LOANS MADE BY THE FIJI DEVELOPMENT BANK TO INDIVIDUALS AND FAMILY COMPANIES TO BUY SHARES IN FIJIAN HOLDINGS?


2. ON WHAT TERMS WERE THESE INDIVIDUALS AND COMPANIES GIVEN LOANS BY THE FIJI DEVELOPMENT BANK?


3. WERE THE PROVINCIAL COUNCILS INFORMED THAT THEY COULD BUY SHARES ON SIMILAR TERMS?


ON 26TH MAY 1995 SUBSANTIAL LOTS OF SHARES WERE ISSUED TO THE PROVINCIAL COUNCILS. ACCORDING TO THE COMPANY'S SHARE REGISTER DATED 30TH SEPT 1998.


BA PROVINCIAL COUNCIL 34,801 SHARES


BUA PROVINCIAL COUNCIL 87,002 SHARES


KADAVU PROVINCIAL COUNCIL 43,501 SHARES


LAU PROVINCIAL COUNCIL 17,401 SHARES


LOMAIVITI HOLDINGS 52,201 SHARES


MACUATA PROVINCIAL COUNCIL 87,002 SHARES


NADROGA/NAVOSA PROVINCIAL COUNCIL 17,400 SHARES


NAMOSI PROVINCIAL COUNCIL 35,671 SHARES


RA PROVINCIAL COUNCIL 8,700 SHARES


REWA PROVINCIAL COUNCIL 43,501 SHARES


SERUA PROVINCIAL COUNCIL 87,002 SHARES


TAILEVU PROVINCIAL COUNCIL 52,201 SHARES


A SUBSTANTIAL NUMBER OF OTHER SHARES WERE ALSO ISSUED ON 26TH MAY 1995 TO MATAQALI, TIKINA AND VILLAGE BASED COMPANIES.


MATAQALI

1. DROVALAU INVESTMENTS 16,743


2. ERENAWAI HOLDINGS 16,743


3. MATAITINI DEVELOPMENT 16,743


4. MATAQALI NATABUTALE 16,743


5. NABAIKPAODI HOLDINGS 16,743


6. NATURUBU TIKINA HOLDINGS 16,743


7. TOKATOKA VUWAI HOLDINGS 16,743


8. TUBANAWAI HOLDINGS 16,743


9. VALELEVU HOLDINGS 16,743


10. DOROKAVU HOLDINGS 16,578


11. RUKURUKU INVEST CO. [RAVUAMA BAISAGALE] 50,000 [finance from FDB]


TIKINA

1. BURETA TIKINA HOLDINGS 26,101 [finance from FDB]


2. CICIA TIKINA HOLDINGS 33,104


3. DREKETI TIKINA INVESTMENTS 17,400


4. MALOMALO TIKINA HOLDINGS 87,000


5. MOALA TIKINA HOLDINGS 34,475 [finance from FDB]


6. MAULEVU TIKINA HOLDINGS 77,508 [finance from FDB]


7. NAMUKA TIKINA COUNCIL 17,400


8. NAWAIDINA INVESTMENTS 17,400


9. RARA O NAKELO 117,616 [finance from FDB]


10. UDU TIKINA COUNCIL 17,400


11. VANUA O SABETO 17,400


12. VATULELE ISLAND HOLDINGS 78,410 [finance from FDB]


VILLAGE

1. AROVUDI VILLAGE DEVEL CO. 16,045


2. DALICONI INVESTMENT 16,142


3. DELADAMANU INVEST HOLDINGS 16.142


4. LOMATI VILLAGE INVESTMENT 44,716


5. MAULEVU KORO INVESTMENT 73,290


6. MUNIA HOLDINGS 16,142


7. NABUKEBUKE HOLDINGS 75,990 [finance from FDB]


8. NAKABEA INVESTMENT 16,142


9. NAMUKA-I-LAU 73,290 [finance from FDB]


10. NAYAVU VILLAGE 16,142


11. TARUKUA VILLAGE 25,516 [finance from FDB]


12. TAWAVA INVESTMENTS 36,645 [finance from FDB]


QUESTIONS

1. ON WHAT BASIS WERE SHARES IN FIJIAN HOLDINGS ALLOCATED TO THE PROVINCIAL AND TIKINA COUNCILS IN 1995?


2. HOW WERE THE SHARES TO THE PROVINCIAL AND TIKINA COUNCILS FUNDED


3. WHAT CRITERIA DID THE FIJI DEVELOPMENT BANK USE IN FUNDING THE PURCHASE OF SHARES?


4. WHAT DIVIDENTS HAVE THE PROVINCIAL AND TIKINA COUNCILS RECEIVED SINCE 1995?


THE NEED FOR AN INQUIRY

WHAT IS CLEAR FROM THE HISTORY OR SHARES OWNERSHIP IN FIJIAN HOLDINGS IS THAT THE $20 MILLION LOAN FROM GOVERNMENT WAS NOT USED TO BENEFIT THE FIJIAN PEOPLE AS THE GREAT COUNCIL OF CHIEFS HAD INTENDED. THE DOMINANCE OF INDIVIDUALS AND PRIVATE FAMILY COMPANIES BENEFITED A FEW WHO HAD ACCESS TO FINANCE FROM THE FIJI DEVELOPMENT. QUESTIONS NEED TO BE ASKED AS TO WHY THIS WAS ALLOWED TO HAPPEN. WHAT ROLE DID MR QARASE PLAY AS MANAGING DIRECTOR OF THE FIJI DEVELOPMENT BANK IN FACILITATING LOANS TO INDIVIDUALS AND PRIVATE COMPANIES TO PURCHASE SHARES IN FIJIAN HOLDINGS OF WHICH HE WAS A BOARD MEMBER? WAS FINANCE FROM THE FIJI DEVELOPMENT BANK MADE AVAILABLE TO THE 14 PROVINCIAL COUNCILS AT THE SAME TIME THAT IT WAS BEING OFFERED TO INDIVIDUALS AND FAMILY COMPANIES? IS THE LIST OF THE TOP TWENTY SHAREHOLDERS A TRUE AND ACCURATE PICTURE OF THE CURRENT OWNERSHIP OF FIJIAN HOLDINGS? THESE AND OTHER QUESTIONS NEED TO BE ANSWERED BY AN INDEPENDENT INQUIRY.


THE DECISION BY THE INTERIM GOVERNMENT TO TRANSFER $I MILLION CLASS "B" SHARES IN FIJIAN HOLDINGS TO EACH OF THE PROVINCE WILL BE OF MINIMUM BENEFIT TO THE MAJORITY OF THE FIJIAN PEOPLE. THE ANNUAL DIVIDEND TO EACH PROVINCE FOR ITS "B" CLASS SHARES WILL BE IN THE VICINITY OF $50,000.


IF THE ORIGINAL LOAN OF $14 MILLION HAD BEEN GIVEN TO EACH PROVINCE IN THE FORM OF A LOAN TO PURCHASE ONE MILLION CLASS 'A' SHARES, THE TOTAL MARKET VALUE OF THEIR HOLDING TODAY WOULD BE $38.5 MILLION AND THEY WOULD HAVE HAD THE BENEFIT OF HIGH DIVIDENDS WHICH WOULD HAVE ADEQUATELY COVERED THEIR REPAYMENTS.



People's Coalition Government - Fiji Islands


Disclaimer


Webmaster


Last update: August 27, 2001

63 comments:

Anonymous said...

This is simply a gimmick to discredit SDL-FLP Coalition "Nothing More".

Anonymous said...

very interesting .
well how come other people are not charged for this same case.?
why pm lq only-bec he is a political threat to the regime in the election.
its clear that khaiyum and frank want lq in jail.
the next target will be mpc/other mp .
who oppose the regime..
now the country has gone to the dogs to lead and f people up.
what justice and democracy is left in fiji?-.none.
my advise for overseas countries to stop funding the regime and pull the plug on the dictatorship like usa have done on iraq/libya/others.
time for action no more talk.
rajesh

Anonymous said...

Is FHL a government department?
No!
So why is the government wasting its time trying to investigate a "PRIVATE COMPANY".

This is STUPIDITY at its highest.

Government should try and make FNPF profitable, instead of trying to tear apart something that is already working perfectly fine.

Bainimarama is an idiot.
He doesn't know anything about finance.
Under his Leadership the Fiji Army failed miserably FINANCUIALLY and MORALLY.
Bainimarama is a thief and a Liar.
And now he wants to poke his nose into something he has no idea about.

Chaudry is a corrupt person who is JEALOUS of FHL performing well.
Why doesn't he give the INDIANS back the money he defrauded them?

So what if the CEO of a Company has more shares in the company than the Shareholders?
Doesn't that make sure that he better produce profits for the Company?

This is nothing but a VINDICTIVE witchunt by JEALOUS and morally corrupt people.

Why don't you people look after your own house first.

Why the hell give $200 million of OUR FNPF ( not your money you losers!)to Air Pacific ( a loser company)

Leave PRIVATE Companies alone.
Only aggrieved shareholders have the right to complain.

Ni yavu sotia ulukau.
Ni rai tu ga qori ni laivi Bainimarama me basuraka na kabani ni i taukei sa bau cici vinaka tu.
Cava na kena kena yaga na dakai ni taura tu qori.

Ni vesuki Vuaka ni viritaki koya i valeni veivesu.

-Valataka na Dina.
(PS I have no shares in FHL and am not related to any family that has shares in it)

Anonymous said...

i think its time the regime gives account of its own doing from 2006-2011.
where is the auditors reports.
how much salary is been paid by bano to each ministers.
how much road work cost and tender process been followed.
break down of fbc deals of 22 million.
regime promised good acct govt.
let see what they come up with ans.
rajesh

Anonymous said...

So far we have not seen any audited reports regarding military finances. According to Mr Qarase's own admission, it was none other than Bainimarama who had asked him in 2000 to become financial advisor to the Fiji military, as he told The Parliamentarian, the journal for the Commonwealth:

According to him, in early June, Commodore Bainimarama asked him if he could give financial advice to the military administration. “I did not hesitate. In my view-and that of many others-the army was motivated out of concern for the country. It gave hope when all was darkness. It was not long after this that I was asked by Commodore Bainimarama to head an interim civilian cabinet with freedom to appoint Ministers of my choice. There was a more difficult decision to make here. Acceptance meant giving up a well-paying and secure post as Managing Director of Merchant Bank. I would be moving into an extremely volatile and possibly dangerous political environment. I had my wife, children, and grandchildren to think about. They were central to my life,” Mr Qarase wrote.

But the love of Fiji and her hour of need made Mr Qarase accept Commodore Bainimarama’s offer to become interim Prime Minister.

Should Mr Qarase he held for all the financial fraud that has been taking place inside the military coffers - come off, the trial is nothing but a political witch hunt to destroy him

Anonymous said...

WE WANT AUDITORS REPORT OF THIS ILLEGAL REGIME FROM 2006 TILL jUNE 2012!!

WE WANT THE SALARY AMOUNTS PAID TO THE MINISTERS!!

LET'S HAVE A LOOK & SEE!! THEN WE WILL DECIDE WHO TO VOTE FOR!!

GO LQ!!WE WILL STAND BY YOU!!

Anonymous said...

CUPIT SAYS SHARE PURCHASES WERE LAWFUL AND ABOVE BOARD
From Islands Business 2005 edition:
“Cupit defends the purchases and says he would today exactly follow the same path.
“What was done was clearly done in full disclosure and totally transparent, and if the governance framework was in place, it would have passed those deals.
“Those deals are clean. It’s people’s imagination that’s getting them wrong. They were clean. If we formed the company again and with the governance framework, it would still go through.”

From:http://www.islandsbusiness.com/fiji_business/index_dynamic/containerNameToReplace=MiddleMiddle/focusModuleID=3738/overideSkinName=issueArticle-full.tpl

THE LEGAL ISSUE TO BE DECIDED BY THE ASSESSORS AND THE JUDGE
There is only one legal issue to be decided by the three assessors and the Suva High Court during this trial of PM Qarase. That is whether he disclosed his interest in three companies which purchased shares in FHL in 1991/92 while it was a private company.

Former FHL CEO, Sitiveni Weleilakeba admitted in court yesterday that he followed the FHL company procedure for share applications: every application is analysed, a company search carried out and the results tabulated for the Board. He admitted that he did attach the letter signed by PM Qarase to the Board Paper, along with the memorandum and articles of association of each company, so the Board was fully aware of Qarase’s involvement as an advisor to the three entities which applied for Class A shares.

The three entities are:
-QTen Investments (a company owned by his wife and 5 children)
-Cicia Cooperative Society (a company owned by 15 Mataqali on Cicia Island) – he was their financial advisor
-Mavana Investments Limited – owned by the Mavana Village Trust and people of Mavana village, Vanua Balavu – he was a Director of the company

This one legal issue has been clouded by the constant allegation of self-enrichment against PM Qarase by those who would seek to convict him in court and in the court of public opinion, to justify the 2006 coup. Politically, that is what is at stake for the RFMF and Bainimarama – if the prosecution fails, Bainimarama and the RFMF lose their right to claim massive corruption by the the SDL government. But these trumped up charges relate to events in 1991/92 – twenty years ago, not during PM Qarase’s term as head of government from 2001-6. However FICAC is trying to paint Qarase as some kind of evil genius who formed the FHL and bought shares in it to enrich his family and friends.

Anonymous said...

FICAC has gone to great pains to publicise PM Qarase’s former role as Financial Advisor to the Fijian Affairs Board, and as Director of FHL. FICAC conveniently forgets that the allotment of shares to QTen, Cicia and Mavana were made by the FHL Board as a collective whole – chaired by Lyle Cupit and the other Directors – Joe Kamikamica (then Interim Finance Minister), Joe Mar, Ratu Jone Kubuabola (then Governor of the Reserve Bank), Vatiliai Navunisaravi (then interim Minister for Fijian Affairs), Berenado Vunibobo (then interim Trade Minister).

Unfortunately the minutes prepared by the FHL CEO at the time, Sitiveni Weleilakeba does not show the division of votes.

QARASE AS FINANCIAL ADVISOR TO THE FAB – NOT AN EMPLOYEE OR PUBLIC OFFICER
Qarase was appointed Financial Advisor to the FAB in 1981 and retired from the position in 1999. However he was not an employee of the FAB, merely an advisor who received a yearly allowance. He was employed full-time by the Fiji Development Bank as Managing Director.

In his position as Financial Advisor to the FAB, he did not have voting rights on the FAB, rather he was only an advisor who attended meetings on request. In fact, the FAB voting members are the Minister for Fijian Affairs who chairs the FAB, and other members appointed by the Great Council of Chiefs.

RFMF Commander Voreqe Bainimarama’s older brother, Meli Bainimarama, Ambassador to Malaysia and Permanent Secretary for Fijian Affairs at the relevant time gave evidence in court on Thursday July 5 that:
-the Chair of the FAB did not control how the Financial Advisor performed his role
-the line Minister or Minister for Fijian Affairs did not control how the Financial Advisor performed his role
-the Prime Minister did not control how the Financial Advisor performed his role
-the Financial Advisor was not paid a pension or FNPF by FAB
-the Financial Advisor did not have any insurance or holiday or leave entitlement from FAB
-the Financial Advisor was appointed, and not on a formal contract

In other words, Meli Bainimarama confirmed that Qarase was not an employee of the FAB, and therefore not a Public Officer, as alleged in the abuse of office charges laid by FICAC. The question has to be asked – should Meli Bainimarama be prevented from appointment by the Public Service Commission (PSC) as Ambassador to Malaysia just because his younger brother Voreqe is holding the position of Minister for PSC?

PM QARASE AS FHL DIRECTOR – NOT AN FHL EMPLOYEE
In his cross examination evidence on Monday July 9, Sitiveni Weleilakeba, the former FHL CEO confirmed that Qarase, like the other FHL Directors did not receive a salary, they received Director’s fees only, they did not get leave entitlements like employees. FHL deducted witholding tax only from Director’s fees, not PAYE like salaried employees.

This goes towards proving that Qarase was not a public officer at the relevant time, as alleged in 6 of the 9 charges laid by FICAC, and that because FHL was a private company, Qarase committed no crime – the FHL Directors were aware of his advisory role in QTen, Cicia and Mavana Investments and in fact, the purchase of shares by private companies and individuals, was exactly what the affirmative action program approved by the government of that time, modelled on the Malaysian affirmative action program, to increase Fijian involvement in business.

Anonymous said...

THE 1991/1992 B CLASS SHARE ALLOTMENTS IN FHL
Yesterday inside the packed Suva High Court room, Weleilakeba admitted during cross examination that during the period in question, the FAB and the GCC approved the extension of Class A shareholding to Tikina Councils, Indigenous Companies and Individuals. The FAB approved the request from the FHL Board in August 1991 and the GCC gave its approval in September 1991.

Weleilakeba confirmed that soon after, he wrote to all the Provincial Councils to inform them of the FAB and GCC decision. While the Provincial Councils already had $20m Class B shares through the FAB from the government $20m loan to FAB in 1989, Weleilakeba confirmed that some Provincial Councils and Tikina Councils purchased Class A shares. However Weleilakeba admitted that because it was a commercial entity, the FHL could not wait for all Provincial Councils to take up the remaining Class B shares, and so he travelled around the country to encourage individuals, Tikina and Villages to take up shares.

Once the momentum started, there was a rush by private companies to take up Class B shares. It was during this time that Mavana Investments, Cicia Cooperative Society and QTen investments, also applied and were alloted Class B shares, said Weleilakeba.

Questioned about the poor quality of the FHL Board minutes, which did not detail how each Director voted, Weleilakeba admitted that this was the practice at the time – and he simply followed the format that the then FHL Board Chairman, the now deceased Lyle Cupit wanted – that only the resolutions were to be listed, and not what each Director said about each resolution, or how they voted, whether they voted for or against, or abstained.

Anonymous said...

The small Suva High Court room has been packed since the legal Prime Minister’s trial began on Thursday 5 July 2012. About 15 FICAC staff investigators and support staff have apparently been instructed to pack the benches which can only seat 25 people. FICAC staff arrive early wearing their FICAC badges and brandishing their gold embossed FICAC diaries.

PM Qarase’s family members who arrive at 9.30 when the trial begins everyday are often left outside waiting for a chance to get in when someone leaves the room. But the evidence in this historic kangaroo trial is riveting and no one leaves.

The question has to be asked whether the FICAC staff have any work or whether they have been instructed by the illegal AG and Anti-Corruption Minister Aiyaz Khaiyum and the FICAC boss Colonel George Langman to come and fill up the benches during PM Qarase’s trial and prevent his family from observing, and to prevent the press, diplomats and other members of the public to attend the kangaroo trial.

Weleilakeba admitted upon questioning yesterday by lead defence counsel Tupou Draunidalo, that he analysed each application for shares submitted to FHL in 1991 and 1992, the time period for which Qarase is alleged to have failed to have disclosed his interest in QTen, Mavana Investments and Cicia Cooperative Society. Weleilakeba admitted that he carried out company searches on the three entities, tabulated the list of shareholders and directors, and that was put together in a board paper presented to the FHL Board before it decided to allot shares to the three companies.

Having admitted that he knew PM Qarase’s wife, Mrs. Leba Qarase and at least one of Mr. Qarase’s children, Laisenia Junior, Weleilakeba said that he was aware after the company search on QTen, that it was owned by Mr. Qarase’s wife and children, but that Mr. Qarase was NOT a shareholder in QTen, and that this information was presented to the FHL Board by the Board Paper on Share Applications, as was the usual practice.

Anonymous said...

Former FHL CEO Weleilakeba admitted under cross examination in the kangaroo trial of the legal and elected Prime Minister Laisenia Qarase, that he recognised PM Qarase’s signature on the application on behalf of the three companies for shares in FHL and that the letters from Qarase along with the results of the company search, the memorandum and articles of association, and his own tabulated list confirming the names of the shareholders and directors, were sent out to FHL Board members one week before the board meetings in question. Weleilakeba admitted that he had informed the Board of Qarase’s interest in the three companies.

When questioned further, Weleilakeba admitted that Qarase was not a shareholder in the three entities in question – Mavana Holdings was majority owned by the Mavana Village Trust and people of Mavana Village, Cicia Cooperative Society was owned by the 15 Mataqali on Cicia Island and QTen Investments was owned by Mrs. Leba Qarase and 5 Qarase children. PM Qarase was only a financial advisor to these three entities. In any case, his involvement in the three companies, was well known to the FHL Board, said Weleilakeba.

Weleilakeba also confirmed that at the time of the purchase of FHL Class A shares during this period (1991/1992), FHL was still a private company.

During his examination in chief on Friday 7 July 2012, Weleilakeba told FICAC lead counsel, Michael Blanchflower QC that he personally had an interest in FHL B Class shares, also purchased in 1992, through his company Stiks Investment and APTA Pacific Limited owned by his first wife Kelera Uluiviti and himself. Stiks and APTA together purchased 200,000 shares in FHL in 1992.

Anonymous said...

QARASE AS FINANCIAL ADVISOR TO THE FAB – NOT AN EMPLOYEE OR PUBLIC OFFICER
Qarase was appointed Financial Advisor to the FAB in 1981 and retired from the position in 1999. However he was not an employee of the FAB, merely an advisor who received a yearly allowance. He was employed full-time by the Fiji Development Bank as Managing Director.

In his position as Financial Advisor to the FAB, he did not have voting rights on the FAB, rather he was only an advisor who attended meetings on request. In fact, the FAB voting members are the Minister for Fijian Affairs who chairs the FAB, and other members appointed by the Great Council of Chiefs.

RFMF Commander Voreqe Bainimarama’s older brother, Meli Bainimarama, Ambassador to Malaysia and Permanent Secretary for Fijian Affairs at the relevant time gave evidence in court on Thursday July 5 that:
-the Chair of the FAB did not control how the Financial Advisor performed his role
-the line Minister or Minister for Fijian Affairs did not control how the Financial Advisor performed his role
-the Prime Minister did not control how the Financial Advisor performed his role
-the Financial Advisor was not paid a pension or FNPF by FAB
-the Financial Advisor did not have any insurance or holiday or leave entitlement from FAB
-the Financial Advisor was appointed, and not on a formal contract

In other words, Meli Bainimarama confirmed that Qarase was not an employee of the FAB, and therefore not a Public Officer, as alleged in the abuse of office charges laid by FICAC. The question has to be asked – should Meli Bainimarama be prevented from appointment by the Public Service Commission (PSC) as Ambassador to Malaysia just because his younger brother Voreqe is holding the position of Minister for PSC?

PM QARASE AS FHL DIRECTOR – NOT AN FHL EMPLOYEE
In his cross examination evidence on Monday July 9, Sitiveni Weleilakeba, the former FHL CEO confirmed that Qarase, like the other FHL Directors did not receive a salary, they received Director’s fees only, they did not get leave entitlements like employees. FHL deducted witholding tax only from Director’s fees, not PAYE like salaried employees.

This goes towards proving that Qarase was not a public officer at the relevant time, as alleged in 6 of the 9 charges laid by FICAC, and that because FHL was a private company, Qarase committed no crime – the FHL Directors were aware of his advisory role in QTen, Cicia and Mavana Investments and in fact, the purchase of shares by private companies and individuals, was exactly what the affirmative action program approved by the government of that time, modelled on the Malaysian affirmative action program, to increase Fijian involvement in business. See below Lyle Cupit’s views that all was above board in relation to the 1991/1992 purchase of shares by private companies and individuals.

Anonymous said...

Nobody has a problem if the purchase of shares in this private company was funded from their own pockets.

The fact of the matter is that LQ and other crooks including SW used taxpayer money from the FDB to purchase their shares because of their positions and influence.

Documents should be provided by FDB to prove once and for all if proper procedures were followed or if any collectoral was put down in the first place.

The fact of the matter is that the same opportunity was not given to all indegenous Fijians and the theory that this is a private company and should not be investigated is legally and morally wrong.

Full credit must be given to MPC for exposing these crooks and Sir Khaiyum for pressing along with the court case without any fear.

MPC was removed because he was going to expose many more scams that are still in place today including how sucessive Governments have stolen money from former soliders involved in peace keeping overseas.

MPC was the only PM who had the people of Fiji at heart while from Mara down sucessive PM's have robbed the people of Fiji especially indegenous Fijians in collorbaration with rich businessmen.

Anonymous said...

This is a joke. Another attempt by Victa Lal to try and derail LQ/MPC joint effort. Don't listen to this clown. Truth is Nazhat is behind this prosecution.

Anonymous said...

Anonymous at 10:57am - companies and individuals who purchased FHL class A shares in 1991 may have done so with loans from FDB. FDB does not just give loans out - FICAC has the FDB loan documents - the loans were secured.

Think about it - its easier to mobilise a smaller group eg a family or a mataqali or a village to get together and form a company and apply for a loan, if you are:

1. Working
2. Own property

That is the security that FDB required. Not everyone could buy FHL shares. The minimum number of shares that an individual can buy is 500. Class A shares are now all traded on the Suva/Pacific Stock exchange - go and buy if you are registered in the Vola ni Kawa Bula. And since FHL went public, shareholding is open to all indigenous Fijians. If you want to buy more shares and need a loan, go to FDB or any other bank and apply for a loan!

Anonymous said...

This sounds like that term they like to use in the USA...insider trading...

mark manning said...

This sounds like sour grapes on Chaudhry's part.
At this point in time, he was still seething over losing the Prime Ministership and possibly even suffering post traumatic stress from his ordeal under George Speight's failed coup.
Determined to be reinstated as Fiji's rightful Prime Minister, Chaudhry was no doubt desperate to cling to any notion which might see him put back into that position.
Whether it was a hunger for power, his ego or just his firm belief that he was the rightful Prime minister, despite Frank Bainimarama's appointing Mr.Qarase as Interim Prime Minister, only he would know and it doesn't really matter anyway, his motivation.

Radiolucas said...

"Sir Khaiyum" - hilarious.

"MPC was the only PM who had the people of Fiji at heart" - must explain why he had to send all those millions to Australia...

Anonymous said...

Private Company my bum.

More than 20 shareholders makes it a Public Company.

Majority shareholder holder is Itaukei Affairs (FAB).

More like a Public Authority than a Public Company.

What was the OBJECTIVE?

$20m injection of tax dollars after 1987 coup, part of Deuba Accord!

Was this not a bribe to the Chiefs and itaukei for support of the Coup by the elite.

But we can now see how the elite reneged on this deal, and in their utter greed took the benefits for themselves.

Nothing changes much though, as we can see, its just a merry go round, or more like musical chairs.
When the music stops, somebody dont have snout space at the trough no more.

Isa, Sobo tau.

Anonymous said...

WHat IF !

Qarase and short arse had issued $20m worth of shares to every iTaukei in the Vola ni Kawa Bula.

At the time, what maybe 250,000 souls.Eighty shares each.

The idea was to bring Fijians in to the economy. Individual ownership and free trade in that ownership.

Qarase would be hailed as a visionary and true iTaukei leader right alongside Sakuna, but he missed his boat, and now all water under the bridge.

Such a shame for a man who came out of the Co-operative movement. Obviuosly in the end, he was never a believer.

Why is he being singled out and not others?
BECAUSE HE IS AND INTENDS TO CONTINUE TO BE A NATIONAL LEADER, SO HIS RECORD IS PUBLIC DOMAIN. THE PUBLIC HAS A RIGHT TO KNOW THIS MAN INSIDE OUT. THIS IS A DEMOCRACY SITE, SO LET ALL LEADERS AND INTENDING LEADERS BE WARNED, NO MORE VAKA ROKOROKO FROM THE PEOPLE.

This case is good, no matter the outcome, because we should be reminded by the facts and make observations and conclusions and hopefully learn to improve our governance.

Anonymous said...

Anonymous 10:57, it sounds like you've rushed to a guilty verdict even while admitting you don't have sufficient facts.

It also sounds like you genuinely admire Khaiyum. I knew somebody had to. That so discredits you that I can't believe anything else you have to say, including your defence of Chaudhry.

I just don't find you credible. Not at all.

Anonymous said...

I see some definitional confusion here. The term 'publically-owned company' is being bandied about too loosely, and that is the reason for most of the confusion. Better to call it a 'government-owned company', to distinguish it from publically-traded corporations.

what's the haps??? said...

Anybody having trouble getting Fiji Village website. For two days now a notice has come up saying it is an attack page and has been blocked for security preferences. Same Fiji Live but not Fiji Times and Fiji Sun???

Anonymous said...

@Anonymous 12:23pm
Its a private company but publicly listed.

Anonymous said...

Anonymous

Anonymous1:39, you dumb arse it is a free world and everybody is entitled to their own opinion.

I see a guilty concisence speaking and is one of your family members also involved in the FHL/FDB scam.

If you do not like the Tui Viti and Vunivalu of Bau, Sir Khaiyum that is your problem and I sense he is getting under your skin that is affecting your already miserable life.

If you or anybody else has a problem with him do something about it or just shut the fuck up and accept that he and not VB is in total control and power in Fiji whether you like it or not.

I certainly am not stressing about him because I believe in his vision of Fiji while you certainly will stress yourself death worrying about him.

One only has to look at all the Public Enterprise Reforms since 2006 that are moving the country forward that were stagnant under the SDL because of corrupt Ministers and businessman.

Ask Anasa Vocea and he will tell you about all the millions that he and sucessive SVT/SDL Ministers made at PWD.

Sir Khaiyum should also begin investigations anout the dealings in PWD and Fisheries as previous Aauditor General's reports about massive corruption was not acted upon.

Case and point Peter Wise using government assets to build his fish ponds in Waila.

FHL is just the tip of the iceburg my friend.

Anonymous said...

More of this needs to happen .... people openly reporting army beatings. Well done to the family that came forward


RFMF Officer investigated for alleged assault

07:31 Today

Suva businessman Mohammad Kamal

Taken from/By: FBC News
Report by: Roland Koroi

An officer from the Fiji Military Forces is under investigation following allegations that he beat up a father and son in Nadi on Sunday.

FBC News has confirmed a complaint has been filed with police in Namaka, and as Roland Koroi reports, the RFMF has made its stand clear, it will not condone such behaviour.

“Suva businessman Mohammad Kamal claims he fainted after allegedly being beaten up by a military officer.”

“An employee secretly took pictures as Kamal and his son Rafael were allegedly being abused, and sent the pictures to FBC News.”

“Rafael claims his father suffers from high blood pressure and would have died, if it hadn’t been for officers from the Namaka Police station, who showed up minutes after another worker phoned them.”

“They claim things turned sour after they asked the client – Saten Kumar, whose building they were constructing to pay his dues.”

“A meeting was then arranged by Saten who turned up with the military officer.”

“Another witness, Jack Fong-Toy shared what allegedly happened.”

“Meanwhile the RFMF’s Land Force Commander Colonel Mosese Tikoitoga says they aren’t taking the matter lightly either.”

“Colonel Tikoitoga also confirmed to FBC News that the officer concerned has been identified.”

“He is from the Lautoka Barracks.”

“Rafael and Mohammed Kamal have written a letter to the Police Commissioner and the Prime Minister regarding this issue.”

Anonymous said...

And who's going to investigate Voceke, Aiyarsehole, Moceke, Nur Bano, Shamimi sisters, and ALL the assholes that have reaped the benefits under this illegal and corrupt regime? Chaudary, what happened to the millions you squandered and stashed away overseas? Hmmmm I wonder. The main reason why they put LQ on trial is because they don't want to face the fact that he will be returned as the PM of Fiji, and Voceke and his crew will be confined to the cells. Get real and see what's going on. Aiyarsehole, you better not try and flee the country after the elections because there will be people there to stop that happening.

Anonymous said...

I'm not a big Chaudhry fan, but I don't really see what the big deal is here. It seems perfectly legitimate for an opposition party to question past financial transactions involving the leader of the party in power. It's not necessarily his fault that several years later Bainimarama used the questions as the basis for half-baked allegations for the purpose of thinly disguising his treason as a clean-up campaign.

Anonymous said...

It doesnt add up, on one hand you youre supposedly trying to expose corruption while you are openly doing it on the other hand..very confusing....im probably suffering from lialia

Pacific in the Media said...

Editor,
I thought in his article " Who will be left standing?" Graham Davis did a fairly good job in forecasting how political support for the leaders in the 2014 is likely to unfold.(Fiji Sun 10/7)
I however thought he had stretched it a bit where he says " It's why traditional ceremonies of apology to Commodore Bainimarama have been a regular feature even in those parts of the country - such as Naitasiri - that were once bastions of opposition to his rule" to indicate a dramatic shift in support for the Commodore.
The offering of apologies is a very common Fijian cultural trait.
They oppose a leader then offer an apology and support the self-same leader.
Remember once the Fijians overwhelmingly supported Rabuka's rule ? What happened to that? Once they even overwhelmingly supported Ratu Sir KKT Mara's rule. We all know what happened to that?
So Graham might just be reading too much in the traditional ceremonies of apology to Commodore Bainimarama.
That's what the Fijians do - ritually.
yours sincerely,
Rajend Naidu
sydney

Anonymous said...

Rajesh, either Calamity Davis is deliberately being dishonest or he really doesn't understand Fijians if he puts so much faith in these matanigasau done to appease the dictator of the day.

Let's see how far they get him. There will be plenty of matanigasu for the next fellow, too. And they still don't change the bottomline. Treason is treason.

'Customary law is only ... for the indigenous people, and it does not supersede the national law we are bound by as citizens of our country. That is my view. Although that is a good gesture as far as we Fijians are concerned, it can also be abused ... Matanigasau is a good example of the way you maybe forgive in a traditional way of life, but you'll have to still answer to the legal law, the Western democratic legal system that we are bound by'. (Interview with Ratu Epeli Ganilau, Chairman of the Great Council of Chiefs, August 8, 2002, Suva)

http://findarticles.com/p/articles/mi_qa3654/is_4_75/ai_n29236216/pg_6/?tag=content;col1

Mahen 'dakuwo ka baap' chaudhry said...

Mahen is big chor, daku ke baap (granddaddy of thieves) himself. But he raises legitimate questions, which we all should be asking, rather than bury our heads in the sand – see no evil, hear no evil about qarase. come on, let's not be naive, although in the case of mahen "asli chor" chaudhry, it is a case of the pot calling the kettle black!

Anonymous said...

INSIDE TRADING AT ITS BEST

Anonymous said...

The allotment of shares to Q-Ten Investments, Cicia Plantation Co-op Limited and Mavana Investments Limited was a collective decision of the Fijian Holdings Limited board and not the decision of only one director, Laisenia Qarase alone.

Former CEO of FHL Sitiveni Weleilakeba confirmed this while answering questions by defense counsel Tupou Draunidalo this afternoon in Qarase’s FHL trial.

Weleilakeba said the FHL directors also included the Minister of Finance, Minister of Fijian Affairs and the Governor of Reserve Bank at that time.

He said Qarase was one of the nine directors in FHL.

He confirmed there was nothing in the Articles of Memorandum of FHL when it was a private company to restrict directors or executives from participating in board meetings that allotted shares to a company in which the director or executive had interest in.

He stressed that there was nothing in the Articles of Memorandum to restrict directors and executives of FHL to apply for shares on behalf of another entity.

Weleilakeba also mentioned that Qarase was absent from the meeting held on 31st December 1993 where FHL made a decision to pay out a 10 percent dividend of $746,465 dollars for Class A shares.

This interim dividend was paid out on April 1st 1994.

Weleilakeba confirmed that dividend cheques were only signed after board approval.

The case is continuing this hour.

Anonymous said...

Oh Boy, if only the ex-FDB staff members could speak. Too bad they all signed confidentiality agreements when they were hired.

More than one person named in the article would be going to Naboro.

Lakeba Lad, is it time to show your hand?

Anonymous said...

Go LQ!!! U the man..!

Anonymous said...

The thrust of the article is that Chaudhry, as illegal Finance Minister, had dug up his old questions and got FICAC to arrest and charge Qarase - ask anyone inside FIRCA, he through his nephew Arvind Datt, had also ordered the files of certain individuals to to investigated - Mahend is a snake, full stop.

Anonymous said...

Nazhat might have framed the charges but it was Mahend who had set the ball rolling in 2008 - to prove to the dictator that Prime Minister Laisenia Qarase was corrupt.

Anonymous said...

ficac i lodge a complain now.
can you investigate khaiyum and frank .
conflict of interest deals with aunty bano.-kahiyum and tappoos.
frank conflict of interest with nazhat law firm.no tender called for job given.
why no auditors report from 2006 to 2011 .
can george langman investigate this asap.
rajesh

Anonymous said...

Boy, oh boy, oh boy! Thank you for the exposure. I was one of those who inquired as to how could I buy shares. I was told at the time that I had to apply through my Provincial Council and obtain their endorsement.
However, it now transpires that names like Konusi Yabaki, [50,000 shares], Mitieli Bulanauca, ex NLTB [[100,000], Manoa Rabuka, ex NLTB [100,000], Kalivati Bakani, ex NLTB [ 200,000], Naiqama Lalabalvu, ex NLTB [95,000] and Semi Tabakanaca, ex NLTB[100,000. YET, I see that a certain Provincial Council has only 52,000 odd shares. Where is the disparity?
Where is the logic? It is obvious that you had to be in the inner circle? What else could it be?

Anonymous said...

Some very, very prominent and well to do names indeed!!
BUT, to add sadly to injury, I see that the FDB financed their share purchases!!
Wonder who was CEO FDB at the time? Was it Bovoro??
Was not that corruption of the highest order?
I feel really , really sorry for us poor and innocent individuals!!

Anonymous said...

Re Fijilive and Fijivillage - see what is menas:

http://www.reportedattackpage.com/

Anyway, these are legitimate questions:

Fiji as seen by Kana Lato Bano. A comment worth a post.
by **********

CAN COL BIG MOUTH TIKOITONGA ANSWER THE FOLLOWING
1. Release of the Auditor General’s Report from 2007 – 2011?
2. Release of the Special Report of $200,000 leave compensation paid to Frank Bainimarama?
3. Release of details of Ministerial salaries to the tune of $1,000,000 annually each for Frank and Aiaz administered by Nur Ja Bano?
4. Release of all Capital Works awarded to Naim Constructions of Malaysia? ( Muslim company with close links to Shameem sisters)
5. Release of the special accounts of the Tawain Government held in the Prime Minister’s Office?
6.Release of all accounts of Regimental Funds of the RFMF?
7. Release of information on payments made to Nur Bano since 2007 including the $2m paid for Rewa Diary Restructure?
8. Release of information on all payments made to Nazhat Shameem based on $23,000 per month from 2009?
If you cant release all this information, then dont tell Mr Chaudhry to shut up, form four educated illegal PM.!!!!!!

Anonymous said...

Glad that Laisenia Qarase decided to plead not guilty so the world could learn more about the sordid details of insider-trading tactics that he and his pals were engaged in with FHL shares.

Shame that he'll never be in the same league as Ratu Sukuna.

Fark Fanning said...

No ordinary Fijians benefitted.

Only the well connected, share purchase financed by FDB. Former FDB executives like Bakani and Vitu also benefitted.

The whole thing STINKS.

Anonymous said...

I see a lot of people are unfocused and blindly out there to defend Qarase. I can appreciate their loyalty.

The main issues here are:

1)Did Qarese abuse the system?

2) Did Choor dhry have personal vendetta against Qarese?

To me the answer to both questions is YES.

Now I guess both parties need to face the music and dance.

Anonymous said...

Good to bring this out that few Fijians in the top circles benefitted and filled their pockets and the village and common people were left out. Some of the prominent guys are very religious, how sad!!!

Anonymous said...

I totally agree with one Rajend Naidu.The Fijian people do and did present their apologies to past leaders and supported them but than again dumped their back on the leaders.
The people are not fools Mr Naidu.They saw the corruption going on in the past governments and dumped those leaders in the next elections.
Now we have a leader with a difference.Remember our current Prime Minister is a leader not a politician.This government has done so much more for the people than all the previous government put together.Full support for Mr Bainimarama

Anonymous said...

Qaarase was not a shareholder!!!

Qarase was not a shareholder: Court

The Fiji High Court in Suva this morning heard that former director of Fijian Holdings Limited (FHL) Laisenia Qarase was not a shareholder at the Cicia Plantation Co-op Society Limited, Mavana Investments Limited and the Q-Ten Investments Limited.

Anonymous said...

Yes, the man is like a magician,I gave him my shares and he told me to buy A shares? I'm a rich man today cause of his advise?Others
especially Siti, were trying their
frieken best to discourage me?Good thing i trusted Lai and went ahead
with his suggestion.Lai if you're
reading this,please get your lawyer
to open a PM QARASE defense account
in any Bank in Suva so we can deposit money in it?

Anonymous said...

NO CASE TO ANSWER IN COURT-THANK
MY LORD!

Anonymous said...

This is stale news and have been in the open from 1995...what we have been trying to get is information on the distribution of funds in FSC...i.e mahens cane farmers union and and many more...cmon..bloggers we want the real deal no some shit of fijian investment..lets get to the bottom of this..lets dig up the distribution of scholarships to people in the 70's..the ratio of what race got what..the issue of crown land by Lands Dept..say Vivrass Estate in Laucala Beach..acquired 48 acres with a rental of lease a $1000.00 a year while he was subletting each block for than a grand each...lets tell bainimarama and so called military forces to let us have look at their books..we have better things to do than trying to point fingers at fijians being corrupt..this coup has nothing to do with fijian corruptness because we are now being toyed around by the other major race in fiji...we are no longer fijians anymore..a lost cause..and you know it!!!

Anonymous said...

STAY STRONG MR QARASE...YOU ARE THE MAN...AND GOOD ON YOU MISS DRAUNIDALO...

Anonymous said...

The question is: WHERE IS BAINIMARAMA? Havent seeing the asseole for over a month,what the frieken hell is going on? Is he dead,
sick or just hiding out? Even then
don't rightly know who hes hiding from? As for his compatriate-Khaiyum,hes just as slippery as a snake and is stealing anything&everythings that are not
tied down?

Anonymous said...

There is a clear understanding that Class A shares are to be for individuals and family companies and Class B for provincial and tikina councils etc. So Qarase and the board has done nothing wrong. Why can't Qarase's family have a stake in the company when they as indigenous Fijians qualify to do so. And I still can vividly recollect there was a thinking behind the whole scheme that there was a need to build a group of Fijians to become an elite group to spearhead the idea of seriously pushing the native race into the complex business arena. I don't have shares in FHL but I am proud to see that quite a lot of my own race have benefitted from the scheme. Why not? They have been a blessing to their villages, mataqalis, yavusas and have contributed largely yo the economic development of the native race. Let us do away with petty jealousies and all that kind of stuff and look at the bigger picture. We cannot all have shares or be involved in business.

Sa Dri Yani said...

This is a blog for loosers and sour grapes people who can not believe that the military officers are better then them.

The current military minds and leadership ability has taken Fiji by surprise, and as a result, the so called academics, politicians and others could not understand the turn around in the ability of the military officers.

I remember in one of our lectures at the USP, we asked Dr Ahmed Ali, who was giving lectures to the officers at QEB, of the education knowledge and ability of these officers.

He replied....'these officers are academics, there knowledge and ability will surprise you'.

I have never forgotten Dr Ali's comment and although I dont agree with the takeover of the government, but I admit that they a better then our former politicians.

At least they making changes that has been that has been long overdue.......

May God Bless Fiji

Sa Dri Yani.

Anonymous said...

Anon 10.04 pm

Totally agree with you.

Pls repeat this particular posting on all new postings by c4.5 and other sites as well.

Anyone else with similar stories - lets hear them and keep record for future investigations.

eg. can someone from PWD tell of the boci Vesikula trying to get more money for that roadside piece
of land in Samabula.

Bloody asshole.

Anonymous said...

Sa Dri Yani, Fiji's semi-literate, innumerate, undisciplined, arrogant, and treasonous military better, smarter than we? Speak for yourself. What a pathetic statement!

Anonymous said...

Ther's more than meets the eye here! The culmination of Qarase's PMship was the Agriculture Scam! For soemthing of this magnitude to occur it simply means people were so confident of doing what they did & getting away with it they just became cock sure of themselves. Pity the Govt officials took the rap, as if the Minister & PM were never in the loop? Qarase was smart-he always did things "within" the law but sometimes you trip over yourself when you become to over confident. What is missing here is MORALITY! How can you be buying so much shares for your family even more than some Yasanas beats me! There's more here than meets the eye! Qarase and his extended family of friends sure knew how to milk the system-Bakani is another one that knows a lot he was Qarase's pupil in the whole exercise form FDB to FAB!

Anonymous said...

i cant smell jealousy in some statements here! aha

Anonymous said...

Agriculture scam, what agriculture scam???

Anonymous said...

It sad that people still defend garase with comments like what agriculture scheme!!!
Let the law take its course and the guilty will be punished. Both leaders MPC and garase should end their political ambitions and retire and make way to the new aspiring leaders who have the dignity and are clean!!!

Jai Ho said...

Anonymous

Despite all your propaganda here, the actual trial is taking place in a courtroom, not on this blog site.

Let the law takes its course.

Anonymous said...

Jai Ho, if the law were allowed to take its course, we wouldn't be here today. C4.5 would have no reason to exist. An illegal dictator would not be ruling in Suva.