Sunday, July 05, 2009

Fijian Holdings Thrown to Crooks

Mariana Saumadu says additional $5million pay-out by FHL engineered by suspended trio
July 6, 2009

Fijian Holdings acting Managing Director, Mariana Saumadu, says the additional $5million paid out by FHL to extend settlement date with BP Oil to end of June was made by Isoa Kaloumaira, Colonel Aziz Mohammed and Sereana Qoro without proper board approval. Mariana admitted that a US$10 million non-refundable deposit was paid by FHL to BP Oil during the signing of their sale and purchase agreement. However, demands from BP Oil that FHL pay them an extra $5million non-refundable deposit was not discussed with the rest of the board members. She said no flying minutes or an extraordinary board meeting was called to rectify the matter and instead, Kaloumaira, Aziz and Sereana decided between themselves to sign and hand-over the $5million cheque after they realised they were caught between a rock and a hard place. She went on to say that other board directors only got to learn of the additional $5million payment from blogs and later, the mainstream media.
Posted by rawfijinews
Fiji’s stock exchange under siege
July 6, 2009
The decision by the military regime to step in and to take-over operations at Fijian Holdings Limited, a public company listed on Fiji’s stock exchange, is affecting their stock exchange credibility ratings. Fiji’s stock exchange independence and integrity is now in question with the regime disregarding the stock exchange strict guidelines on how listed companies should conduct itself for the sake of their public shareholders. Again we say, Fiji’s South Pacific Stock Exchange should move fast and suspend FHL from trading as they are obviously contaminating the stock exchange.
Posted by rawfijinews
Leweni’s veiled attempt to cover up Colonel Aziz Mohammed’s wrong doings is obvious but it will not stop the truth from being told. Emails sent to us show supporting evidence to prove without doubt that Colonel Aziz Mohammed was milking money from FHL without shame. We can report here that Colonel Aziz was charging Merchant Finance (owned by FHL) $33 each time he signed loan approvals. He is the Chairman of Merchant Finance and he insisted that the conveyancing fee of $33 usually paid out to Merchant Finance lawyers for each loan transaction should be redirected to him since he is a also a Commissioner of Oath in his capacity as a military lawyer. Obviously, Aziz’s get-rich-quick scheme is quickly catching up on him with whistle-blowers freely sending information for our posting.
Posted by rawfijinews
Not one, two, three but all of the eight board directors of FHL should be suspended for their negligence that has contributed to the wasteful allocation of more than $30million of shareholders funds lost in the failed BP buy-out plan. They should all be taken to task for approving what was already proven to be a poorly crafted deal from day one. So who exactly is doing the investigation at FHL? FICAC or the newly appointed Acting Managing Director, Mariana, who is Sereana Qoro’s shadow? What a bunch of thieving holligans trying so desperately to cover up their million dollars error in judgment!
Posted by rawfijinews
94% of the Methodist congregation want their church leaders to go ahead with their annual conference in August. This is the result of the feedback from all the 53 districts under the Methodist Church Fiji wide constituency. And that is what the Methodist church leaders must honor if they are to be taken seriously. Their congregation have spoken and they must be seen to do what they’re purporting to promote – to respect their members freedom of choice, freedom to vote and freedom of speech, in defying the usurpers oppressive and discriminatory plan to ban their annual conference.
Posted by rawfijinews
Colonel Aziz Mohammed’s investigation into tyrant Frank’s $184,000 back-pay questionable
July 5, 2009
Colonel Aziz Mohammed didn’t need anyone to tell him and his tyrant boss how shady he is when it comes to money. He himself exposed what a big crook he is as a board director of Fijian Holdings Limited and its various subsidiaries. Now that he has been suspended by his own coupmaker boss for indiscriminately indulging himself in FHL’s pot of gold, the credibility of Frank Bainimarama’s call for an investigation into the validity of his own $184,000 back-pay lumpsum payment, led by Colonel Aziz, becomes questionable. Colonel Aziz have shown that he doesn’t have what it takes to conduct any kind of investigation because he himself is a thief and a corrupt individual. Frank’s announcement months ago that Colonel Aziz was nominated to investigate his back-pay was nothing more than a lie. He went further to say that if the investigation ruled against him, he was willing to repay the $184,000. But like all the bull they spin, no one knows whether the investigation did take place or what came out of it. One thing is clear though – it is doubtful Frank will wanna return that $184,000. Over his dead body as he always say!
Posted by rawfijinews
If only we were fighting a legal government
July 5, 2009
Imagine if Frank’s Illegal Govt was lucky enough to be elected like the Qarase’s Govt. Our Justice System would have remained unchanged and would be trustworthy. Our police force would have made sure they abided by the constitutional laws before ensuring the public did. The Military would have remained in camp doing what it does best and that is to protect our country and not get involved in politics. We would have a wail of a time exposing and protesting against Frank’s Govt in our real identities on the blog, on the streets, in the media etc etc We would fight with determination to make sure Frank’s Govt was never given another chance to govern and destroy what was once the best country to live in. The ending of Winston Churchill’s speech – “We Shall Fight On The Beaches” is a good reminder to us all in what we could have done if things were normal to get rid of Fiji’s Military Regime.
However, it will be fought and our only choice is to fight it on Cyber Space! “The British Empire and the French Republic, linked together in their cause and in their need, will defend to the death their native soil, aiding each other like good comrades to the utmost of their strength. Even though large tracts of Europe and many old and famous States have fallen or may fall into the grip of the Gestapo and all the odious apparatus of Nazi rule, we shall not flag or fail.
We shall go on to the end, we shall fight in France, we shall fight on the seas and oceans, we shall fight with growing confidence and growing strength in the air, we shall defend our Island, whatever the cost may be, we shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight in the hills; we shall never surrender, and even if, which I do not for a moment believe, this Island or a large part of it were subjugated and starving, then our Empire beyond the seas, armed and guarded by the British Fleet, would carry on the struggle, until, in God’s good time, the New World, with all its power and might, steps forth to the rescue and the liberation of the old.” Fiji 4 All
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Businessman Asif Razak buys Governor Reserve Bank’s official residence
July 5, 2009
There are rumours that Golden Manufacturers majority owner, Mohammed Asif Razak, is the buyer of that controversial Governor of Reserve Bank official residence in Tamavua. Sources say Razak offered $1.7million to buy the property that cost RBF $1.4 million to build. Asif Razak’s packaging company in Valelevu is a successful private company that manufactures boxes for big companies like Fiji Water. A small shareholding of Pacific Manufacturers was bought by Fijian Holdings Limited before the coup of 2006 which sources say is earning good returns for FHL.
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FNPF ousted board of directors received almost $100,000 yearly directors fees
July 5, 2009
Word is out that certain members of the ousted Fiji National Provident Fund board of directors received close to $100,000 per annum as directors fees. This is a far cry to the $12,000 annual directors fees paid to previous board members before the 2006 coup. James Dutta and Felix Anthony were named as two ex-board members who were paid such amounts. Reports reveal that the two often demanded seating allowance each time they appeared at FNPF head office to do some “work” for FNPF. They are part of the FNPF board that turned almost all of the FNPF tourism investment projects into disastrous ventures. Their Natadola Intercontinental Resort, eventhough completed, had millions of dollars over-run after they hijacked the project from its original developers, APRIL.
Pundits say that it is the Intercontinental hotel management team that will make money from this project and not the FNPF members whose funds was used to build the resort. They added the Natadola Intercontinental Resort will continue to bleed FNPF funds in the coming years with negative returns to the FNPF members. APRIL’s legal case against the FNPF board is still pending.
Posted by rawfijinews
We’re told that FHL’s suspended deputy chairman, Colonel Aziz Mohammed, was advanced US$10,000 per diem each time he travelled to India to try and convince Habib Bank to fund their BP South West Pacific buy-out plan. It is said that Sereana Qoro, one of the three suspended executives, also advanced herself similar amount for her many unsuccessful travel to India. Sources say that eventhough the duo were given perdiem, they often charged their FHL company credit card expenses that were meant to be paid from their perdiem allowance. Colonel Aziz Mohammed and Sereana Qoro’s abuse of office is part of the investigation instigated by their junta appointing authority.
Posted by rawfijinews
FHL already paying $500,000 per month to Hindustani Petroleum
July 4, 2009
We have evidence to prove that FHL is already paying a hefty $500,000 monthly management fees to Hindustani Petroleum Company. This is the company FHL commissioned with a management contract to manage the BP operations. Late last month, Sereana Qoro announced that the same Hindustani Petroleum Company will own 25% while FHL will take the remaining 75% shareholding in FHL Energy Limited, their subsidiary company created for the purpose of buying BP Oil. It was a sudden announcement aimed at hogwashing the public. The reality was that FHL was having problems paying up their half a million monthly management fees to Hindustani Petroleum and were forced to offer equity instead of paying cash. FHL’s once healthy cash reserves was quickly depleting given the ridiculous monthly management fees they were paying to Hindustani Petroleum, quite apart from the US$10 million plus another $5million non-refundable deposit already paid out to BP Oil. Millions was pouring out from FHL’s shrinking purse with nothing to show for and that, we are told ,was another reason why the FHL board decided to sell off their cash cow Fosters stocks – to pay their monthly fee to Hindustani Petroleum Limited for setting up a failed deal.
Posted by rawfijinews
FHL should be suspended from trading on stock exchange
July 4, 2009
For the sake of FHL shareholders and to protect the credibility of Fiji’s capital market, relevant authorities in Fiji should now move fast and suspend FHL from trading on the South Pacific Stock Exchange. Minority shareholders should also exercise their right by applying for a court order to freeze all dealings and movements of monies associated with the failed BP Oil buy-out including pay-outs to the Indian Petroleum Company managing the project for FHL. Minority shareholders should demand a full investigation to be conducted by Fiji’s Capital Market Development Authority to pave the way for their ensuing court battle against FHL’s current board of directors and management for the millions of dollars they’ve flushed down the toilet.
Posted by rawfijinews
Public company FHL brings disrepute to Fiji’s capital market
July 4, 2009
Publicly listed Fijian Holdings Limited bizarre dealings have no doubt brought disrepute to Fiji’s capital market. The manner in which FHL board and management have mis-led the public with their overly ambitious BP South West Pacific acquisition gah gah is now a proven lie. Dictator Frank Bainimarama no doubt played a major role in this phenomenal stuff up of the year. His direct intereference in ordering the wholesale sacking of FHL’s previous board and management should have immediately pulled Fiji’s capital market emergency gear into full throttle. No individual should be allowed to exert his/her illegal influence in any capital market and coupster Frank Bainimarama is no exception to the rule. So where and what exactly did Fiji’s capital market watchdog (Capital Market Development Authority) do to safeguard not only the FHL shareholders but Fiji’s stock exchange and capital market?
Sweet eff all!!!
We think their (CMDA) silence and inaction is a major injustice to all individuals and corporate entitites who are part of Fiji’s capital market. How they’ve allowed FHL board to manipulate and take the public for a ride with their BP acquisition bullcrap reflects negatively on the integrity of Fiji’s capital market in general. The FHL bluff have shown to the world that Fiji’s capital market is really a circus of dumb asses, controlled by one tyrant pupeeter called Frank, who has absolutely no idea how to run the show. And what a put-off for potential investors thinking of raising capital in Fiji’s capital circus market!
Posted by rawfijinews
Sada Reddy’s sinister motive not to move into RBF’s house
July 4, 2009
Military man and now Governor of Fiji’s Reserve Bank, Sada Reddy, has publicly announced that he ain’t interested to move into the official million dollars Tamavua home specially built for the holder of his position. What Sada Reddy is not saying though is the fact that he is receiving $4,000 per month housing allowance for remaining in his private home, while the Governor’s official residence becomes a well appointed home for spiders, roaches and ants to holiday in. But why should Sada receive housing allowance when it is his own personal choice not to move into the RBF home? We think Sada Reddy’s RBF board decision to put the house in the market shows just how dumb these people have become in trying to camouflage their guilty conscience.
Sada Reddy can’t deny that he feels ackward moving into that house given the unceremonious way in which the real lawful Governor Savenaca Narube was ousted by his junta friends. His decision to accept that position under Frank & Co’s new illegal order just comes to show how unprincipled Sada Reddy is. He might be good at what he does but without basic principles, he become poisonous to the morality of the RBF staff and Fiji peoples. One would have thought that economic and finance wizzes at RBF already know what a a no-brainer it is to try and sell in a bears market, unless you are desperate of course. There’s no hiding that Fiji and the global economy is effed, yet, these so-called smart people are selling? Even the no-school commoners are holding back their cash and assets with their school of hard knocks understanding that you just don’t sell when the market is down. Gippes, no wonder Fiji’s economy is all screwed up with this kind of stupid decisions going on at Reserve Bank of Fiji! People like Sada Reddy come and go but the role of Governor of Reserve Bank of Fiji is permanent demanding a permanent residence for the position holder. So Sada, stay on at your private home and stop being a crook with the housing allowance. Rent the RBF home to the diplomatic community until such time a lawful Governor is in place. Sell your private home when you finally migrate to New Zealand but leave the Governor’s official residence alone!
Posted by rawfijinews
Methodist congregation carry on with their annual meet preparation
July 3, 2009
There is nothing stopping the Methodist from carrying on with their preparation for the upcoming annual conference. Not even tyrant Frank Bainimarama’s blurbs and threats of soughts will stop them. Allowing Teleni’s new found church to march through the city of Suva with their noisy week long Sukuna Park crusade has confirmed to these Methodist followers that Frank Bainimarama has no right to stop them from doing the same. The people of Rewa are on full swing preparing for the August do. A spirit of commaraderie is in the air with Rewa paramount chief , Ro Temumu Kepa, a Roman Catholic, leading the way in preparing to host their Methodist relatives at her turf. Our sources say she is currently in the US garnering support from her people there. They say a large group of Fijians from the US will take their high chief back to Fiji with suitcases full of knick knacks for the Methodist conference meet. Call it what you want but that is the true Fijian way of preparing for big ceremonies like the Methodit church conference. It’s their unique friendly and giving way of doing things which dictator Frank Bainimarama can not and will not be able to stop. What a sight it’ll be with Frank Bainimarama dispatching his green goons to set up a war zone in and around Rewa, ready to haul innocent unarmed Methodist church followers heading to their church meet! Not a smart strategy Frank & Co. It can be your un-doing you know!!
Posted by rawfijinews
FHL shareholders ready to launch legal battle against their military-imposed board
July 3, 2009
We’ve been reliably told that a litigious court battle will soon ensue between FHL indigenous Fijian shareholders vs its military appointed board and executives. Key shareholders are said to have already mapped out their legal battle plans many months ago, when their invitation to the FHL board fell on deaf ears. Sources say the FHL board and its Managing Director were invited by provincial councils to attend their annual general meeting to dispel concerns surrounding the controversial $190million BP Oil acquisition deal they had committed themselves to. But the FHL board thought these shareholders were insignificant in the whole scheme of things and that it was them as board of directors who had the absolute power to do as they see fit. The FHL military board snubbed these key shareholders and instead launched a series of press conferences and insignificant press announcements aimed at distracting peoples attention from their huge stuff up.
But with the suspension of FHL’s big kahunas by another FHL board faction, it is clear that the directors are pitting against each other in their desperate attempt to disassociate them from the mess that is before them. Can they run away from it? Hell no! They sure like hell have failed to discharge their duty of care, to protect the interest of FHL shareholders, etc,etc,etc.. and they gonna get it from the shareholders come their October AGM.
Posted by rawfijinews
May we soon see the collapse of this godless tyranny
July 3, 2009
Yes indeed, someone should stand up and take all these misery away! It should be completely unbelievable but now it is quite believable because this is completely consistent with the conduct of the criminals who hold on illegally to offices they have so unjustly usurped – particularly Mr Justice Gates who must know that he business whatsoever to adjudicate the Qarase vs Bainimarama case since his own position was in the balance because of his prior illegal appointment. It is not lawful administration that is an ass in Fiji. And now this gang of thieves are showing that they are hell-bent on running a vendetta which exposed them as inept even before the initial writs were issued. It must be pointed out, as a matter of justice, that the Daily Post and its Editor were alerted to the serious error which had not been discovered by Mr Khaiyum and those seeking to get back at the Fiji Times (for publishing the same letter). The Daily Post published an apology as soon as it became known on the 14th November 2008 and supporters of press freedom in Fiji were then wondering whether, in fact, the letter had its origin in some dirty tricks unit from those bent on defending the perpetrators of the 2006 coup. The writer of the letter has not come forward. To have this case re-opened now – after the contemptuous way in which this junta and Mr Gates himself have shown complete contempt for the freedom of Fiji’s citizens and the media in particular – simply shows the underlying jealousy and fear from those who do not know how to conduct themselves of those who do act in the true public interest. The Daily Post apology can be read here: http://www.fijidailypost.com/editorial.php?date=20081114 And I can report that the Daily Post Editor is not well at this time and his family and friends would respectfully ask those who love the Lord who abundantly repays those who act haughtily to restore to full health this servant of God’s justice in Fiji. May we soon see the collapse of this godless tyranny. “Be strong and let your heart take courage, all you who wait for the Lord.”
charleswhyman
Posted by rawfijinews
Frank for Pride of Fiji Awards!
July 3, 2009
The Fiji Times is to be congratulated for staging the Pride of Fiji Awards and I think it’s just wonderful that “prominent” people cannot be nominated. The Awards are open only to ordinary men and women, so I would like to nomiate someone who is very ordinary and so humble that he tries to keep his Award-winning ways a complete secret. While other people who know him call him “the dictator” or “the pig” I call him my “Miracle man” or the fantastic, fantabulous Frank. This is my 100 word statement in support of his nomination.
“Miracle man, the fantastic, fantabulous Frank is my nomination for the Pride of Fiji Award for the following 6 reasons. 1. He holds the Fiji land-speed record despite the fact he was running in a cassava patch. 2. He makes money appear out of thin air, eg: he suddenly got $184,000 back pay! 3. He primes the Fiji economy by buying real estate while also generously supporting the airline industry by flying first class. 4. He’s a loyal friend who makes sure his family and best mates get rich. 5. He saves us lots of money by not wasting it on meaningless administrtive exercises like elections. 6. Kids love him because he gives them an extra day off from school every week! Yes!!! He’s a Miracle Man!!! Is there anyone, anywhere in Fiji, who wouldn’t love this fantastic, fantabulous fatuous freak of nature?”

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