Insiders say that leading up to the sacking of Capital Market Development Authority CEO, Mereia Volavola, she was aggresively pursuing an investigation into FHL and Unit Trust of Fiji, two controversial public companies that has attracted public attention and scrutiny for their lack of corporate governance and poor business acumen, when her contract was aborted two days ago.
It is said that Mereia was demanding full disclosures from FHL and Unit Trust of Fiji board and management for what she termed, “intentional violation of capital markets rules and regulations by the two entities that has severely put members of the public’s shares and units under real high risk”.
While Mereia Volavola’s sacking as a regulatory watchdog is unfortunate, why is it then that the real thieves and law-breakers at FHL and Unit Trust are still allowed to carry on without any full investigation into their unscrupulous mismanagement of shareholders and unit- holders funds?
Posted by rawfijinews
Thursday, August 20, 2009
Sunday, August 2, 2009
Questions for FNPF and Frank
There are five questions that I would like to ask Frank:
1. Where is the new FNPF Board?
2. Where is the FNPF Annual Report?
3. What happened to Momi Bay, an injunction been granted to stop the sale, why has no body reported this?
4. Has FICAC managed to read the Funding Agreements to charge all those involved, the evidence will be found in the Affidavit Supporting the application for the Injuction on the clauses relied upon by Garry Urwin to state that FNPF cannot sell the Resort, this was a scam from the start it will take Teleni 12 months to read, 5 years to understand, and 10 years to compile the file for the DPP’s Office, which will take another 5 years to prosecute, by which time everyone involved would have died?
5. Finally can John Rabuku WITHDRAW the frivolous charges against Ro Teimumu Kepa since the Conference has been canceled and since she was used as a scape goat by unethical members of the Methodist hierarchy?
1. Where is the new FNPF Board?
2. Where is the FNPF Annual Report?
3. What happened to Momi Bay, an injunction been granted to stop the sale, why has no body reported this?
4. Has FICAC managed to read the Funding Agreements to charge all those involved, the evidence will be found in the Affidavit Supporting the application for the Injuction on the clauses relied upon by Garry Urwin to state that FNPF cannot sell the Resort, this was a scam from the start it will take Teleni 12 months to read, 5 years to understand, and 10 years to compile the file for the DPP’s Office, which will take another 5 years to prosecute, by which time everyone involved would have died?
5. Finally can John Rabuku WITHDRAW the frivolous charges against Ro Teimumu Kepa since the Conference has been canceled and since she was used as a scape goat by unethical members of the Methodist hierarchy?
Friday, July 10, 2009
FNPF interest payment to members drops …. again!!
It’s confirmed!
FNPF members will get only 5% interest on their funds, a drop from last year’s 6% and 6.5% in the previous year.
The return to FNPF members is lower than Fiji’s going commercial term deposit rates.
Commercial banks in Fiji are offering interest rates between 5.25% and even higher for term deposits and it is expected to increase with Fiji’s liquidity getting tighter by the day.
So what does all that mean for FNPF members?
Ummm …. it means that the current militarized FNPF board and management are not doing a good job as custodians of FNPF members.
It means that FNPF members are getting poorer under the current FNPF board.
It means that FNPF members are not getting premium returns for their money invested in FNPF since interest rates higher than 5% is offered in the open financial market.
It means that FNPF members funds are being looted by the regime.
It means that FNPF investments are not attracting good returns.
It means FNPF is tanking!!!
FNPF members will get only 5% interest on their funds, a drop from last year’s 6% and 6.5% in the previous year.
The return to FNPF members is lower than Fiji’s going commercial term deposit rates.
Commercial banks in Fiji are offering interest rates between 5.25% and even higher for term deposits and it is expected to increase with Fiji’s liquidity getting tighter by the day.
So what does all that mean for FNPF members?
Ummm …. it means that the current militarized FNPF board and management are not doing a good job as custodians of FNPF members.
It means that FNPF members are getting poorer under the current FNPF board.
It means that FNPF members are not getting premium returns for their money invested in FNPF since interest rates higher than 5% is offered in the open financial market.
It means that FNPF members funds are being looted by the regime.
It means that FNPF investments are not attracting good returns.
It means FNPF is tanking!!!
Thursday, July 9, 2009
WARNING TO BAINIMARAMA
Swm please published this asap.
THIS MESSAGE IS FOR THE KAVULA AND BELOVULA
ESALA TELENI AND FRANK BAINIMRAMA
TO THE FIJI POLICE ..DO NOT FOLLOW ANY COMMAND FROM KAVULA (Teleni’s nick name).OR WE WILL ARREST ALL OF YOU WAIT FOR OUR ORDERS COMING THROUGH SOLIVAKASMA.ORG WEBSITE.
DO NOT TOUCH OR GO NEAR THEM THE TWO METHODIST CHURCH HEADS SHOW THEM YOUR SUPPORT AS ALL THE BOYS HERE ARE DOING WE WILL JOIN WITH THEM…WE ARE SICK AND TIRED OF YOUR LIES FROM VOREQE AND TELENI,DOU TAMATA QARAVI TEVORO…MEKEMEKE TIKO
A WARNING
A WARNING TO BELOVULA ( Bainimarama’s nick name)DO NOT COME BACK TO FIJI STAY THERE IN VANUATU IF YOU WANT TO STAY ALIVE YOU HAVE BROUGHT TO MUCH DAMAGE TO OUR BELOVED FIJI AND SUFFERING TO THE FAMILIES YOU WILL BE SHOT THE MOMENT YOU ARRIVE IN NADI VAKASAMATAKA VAKA VINAKA.NOMU SA MAI BULA OTI…YOU WILL NEVER HAVE A SECOND CHANCE THIS TIME..
QILIHO KUA TIKO NA VAKA FANCY O IKO NA MOKU I LIU RAICI IRATOU VINAKA NA TIKO E DAKUMU
Sa sega vei ira na Dina, iratou tamata DAULABA, DAUBUTAKO, LASULASU, DAUYALEWA, KOCOKOCO, LAWAKICA. Na ka kece qo e lau rai ga kina na TEVORO
OUR FAITH IS IN CHRIST’ S RESSURRECTION. As stated in
Job 19:25-27
‘But in my heart I know that the vindicator lives and that he will rise last to speak in court;
and I shall discern my witness standing at my side and see my defending counsel,
even God himself,
whom I shall see with my own eyes, I myself and no other.
SA YALA EKE..
THIS MESSAGE IS FOR THE KAVULA AND BELOVULA
ESALA TELENI AND FRANK BAINIMRAMA
TO THE FIJI POLICE ..DO NOT FOLLOW ANY COMMAND FROM KAVULA (Teleni’s nick name).OR WE WILL ARREST ALL OF YOU WAIT FOR OUR ORDERS COMING THROUGH SOLIVAKASMA.ORG WEBSITE.
DO NOT TOUCH OR GO NEAR THEM THE TWO METHODIST CHURCH HEADS SHOW THEM YOUR SUPPORT AS ALL THE BOYS HERE ARE DOING WE WILL JOIN WITH THEM…WE ARE SICK AND TIRED OF YOUR LIES FROM VOREQE AND TELENI,DOU TAMATA QARAVI TEVORO…MEKEMEKE TIKO
A WARNING
A WARNING TO BELOVULA ( Bainimarama’s nick name)DO NOT COME BACK TO FIJI STAY THERE IN VANUATU IF YOU WANT TO STAY ALIVE YOU HAVE BROUGHT TO MUCH DAMAGE TO OUR BELOVED FIJI AND SUFFERING TO THE FAMILIES YOU WILL BE SHOT THE MOMENT YOU ARRIVE IN NADI VAKASAMATAKA VAKA VINAKA.NOMU SA MAI BULA OTI…YOU WILL NEVER HAVE A SECOND CHANCE THIS TIME..
QILIHO KUA TIKO NA VAKA FANCY O IKO NA MOKU I LIU RAICI IRATOU VINAKA NA TIKO E DAKUMU
Sa sega vei ira na Dina, iratou tamata DAULABA, DAUBUTAKO, LASULASU, DAUYALEWA, KOCOKOCO, LAWAKICA. Na ka kece qo e lau rai ga kina na TEVORO
OUR FAITH IS IN CHRIST’ S RESSURRECTION. As stated in
Job 19:25-27
‘But in my heart I know that the vindicator lives and that he will rise last to speak in court;
and I shall discern my witness standing at my side and see my defending counsel,
even God himself,
whom I shall see with my own eyes, I myself and no other.
SA YALA EKE..
Fosters share sale will hide FHL’s poor financial performance
According to the latest FHL market announcement, it will be announcing its group financial performance for the year ended June 30th, 2009 soon.
Are people waiting with bated breath for such announcement?
Boring …….
Anyway, the truth is this – FHL group will still book a profit.
How come?
Remember that lucrative Fosters shares they sold not so long ago for a discounted $40million?
That extraordinary one-off share sales proceeds is the positive net capital gain receipts that will help hide FHL’s mismanagement by its military appointed board and management.
When FHL finally announce their result and you wanna know how much real profit they made, simply deduct Fosters share sales capital gain of $30 million from their profit and you get a rough idea of their real performance.
Are people waiting with bated breath for such announcement?
Boring …….
Anyway, the truth is this – FHL group will still book a profit.
How come?
Remember that lucrative Fosters shares they sold not so long ago for a discounted $40million?
That extraordinary one-off share sales proceeds is the positive net capital gain receipts that will help hide FHL’s mismanagement by its military appointed board and management.
When FHL finally announce their result and you wanna know how much real profit they made, simply deduct Fosters share sales capital gain of $30 million from their profit and you get a rough idea of their real performance.
Wednesday, July 8, 2009
FHL have no money to pay its cement clinker
Wanna know the truth why FHL is not producing cement any more?
Word from FHL is that the whole group is having cashflow problems after the board paid out almost $30million to BP Oil for a buy-out plan that has gone completely wrong.
They say FHL’s bankers ANZ and Westpac are not giving FHL any relief by freezing a large component of their overdraft facility.
This overdraft restriction was placed on FHL by both banks following FHL’s reckless decision to channel all its available cash towards the payment of BP Oil non-refundable deposit of close to $30 million.
But now that the sale and purchase has flopped followed by the suspension of its senior executives and the company’s impending suspension from South Pacific Stock Exchange, the banks are managing their risk by declining FHL’s overdraft credit line.
Sources also say that FHL’s clinker supplier, the main ingredient for cement manufacturing, has refused to dispatch the raw materials to Fiji without prior payment by FHL.
The supplier is demanding cash on delivery before they can load the raw materials onto the shipping vessel.
In an earlier report, we ran a story on how Merchant Finance, owned by FHL, was not able to pay its staff on time during its last pay day.
Cash is getting very scarce in what was once the Fijian flagship in commerce.
Word from FHL is that the whole group is having cashflow problems after the board paid out almost $30million to BP Oil for a buy-out plan that has gone completely wrong.
They say FHL’s bankers ANZ and Westpac are not giving FHL any relief by freezing a large component of their overdraft facility.
This overdraft restriction was placed on FHL by both banks following FHL’s reckless decision to channel all its available cash towards the payment of BP Oil non-refundable deposit of close to $30 million.
But now that the sale and purchase has flopped followed by the suspension of its senior executives and the company’s impending suspension from South Pacific Stock Exchange, the banks are managing their risk by declining FHL’s overdraft credit line.
Sources also say that FHL’s clinker supplier, the main ingredient for cement manufacturing, has refused to dispatch the raw materials to Fiji without prior payment by FHL.
The supplier is demanding cash on delivery before they can load the raw materials onto the shipping vessel.
In an earlier report, we ran a story on how Merchant Finance, owned by FHL, was not able to pay its staff on time during its last pay day.
Cash is getting very scarce in what was once the Fijian flagship in commerce.
Tuesday, July 7, 2009
They're back: Fijian Holdings executives reinstated
THE three Fijian Holdings Limited executives who were sent on leave last week to allow for an investigation into the company's corporate governance affairs have been reinstated.
Chairman Isoa Kaloumaira and managing director Sereana Qoro were among the three reinstated yesterday following the green light from the Prime Minister's office.
The State had launched a corporate governance audit at FHL last Friday and requested that the three proceed on leave for five days to allow for the audit on corporate governance.
FHL acting chairman Iowane Naiveli confirmed the audit had been completed and a report had been forwarded to the Prime Minister's office.
"The Prime Minister in receiving the report is satisfied with the report and has decided that the chairman and managing director to be reinstated immediately," Naiveli said.
He added it was business as usual in the group and all group companies functioned normally.
The findings of the audit will be first released to the South Pacific Stock Exchange before it is circulated further. Meanwhile, FHL's proposed acquisition of British Petroleum South West Pacific (BP SWP) has been assured the go ahead.
BP SWP (New Zealand) communications and external affairs manager Diana Stretch said the sale process between BP and FHL continued.
"BP remains committed to concluding the sale with FHL in due course," Stretch said from New Zealand yesterday.
"The specific details of this sale process are confidential.
She said the current investigation of FHL by the Fiji Government was a matter for the two parties.
Chairman Isoa Kaloumaira and managing director Sereana Qoro were among the three reinstated yesterday following the green light from the Prime Minister's office.
The State had launched a corporate governance audit at FHL last Friday and requested that the three proceed on leave for five days to allow for the audit on corporate governance.
FHL acting chairman Iowane Naiveli confirmed the audit had been completed and a report had been forwarded to the Prime Minister's office.
"The Prime Minister in receiving the report is satisfied with the report and has decided that the chairman and managing director to be reinstated immediately," Naiveli said.
He added it was business as usual in the group and all group companies functioned normally.
The findings of the audit will be first released to the South Pacific Stock Exchange before it is circulated further. Meanwhile, FHL's proposed acquisition of British Petroleum South West Pacific (BP SWP) has been assured the go ahead.
BP SWP (New Zealand) communications and external affairs manager Diana Stretch said the sale process between BP and FHL continued.
"BP remains committed to concluding the sale with FHL in due course," Stretch said from New Zealand yesterday.
"The specific details of this sale process are confidential.
She said the current investigation of FHL by the Fiji Government was a matter for the two parties.
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