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!!!
Friday, July 10, 2009
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.
Monday, July 6, 2009
What FHL shareholders can do
July 7, 2009
I must say that when the FHL/BP Oil deal officially goes belly up and shareholders loose the value of their shares with the loss of capital in FHL then the Solicitors who drew up the financing agreements must be sued that is what they have professional indemnity insurance for.
We have to understand that the legal advisors are the people that should have warned the Board of the impact of their decisions and should have protected their clients money from being lost with such an idiotic non refundable deposit condition for such a large percentage of the FHL Capital.
Why are the provincial councils and indigenous shareholders still holding on to their shares?
Shareholders must sell immediately and mitigate our losses now because the situation will only get worse by the day and court action will not solve anything especially with the Military government controlling that area and even if we do manage to file how long will we wait for a decision and appeals etc?
That will take around 3 to 5 years in best case scenario.
There are only two steps to be taken now.
First get a Mareva Injunction and Freeze FHL Assets until final determination.
Second sell all shares in FHL before it is too late.
Dont worry the illegal government will steal the money from somewhere else to buy us out anyway but at least we will have our money back now.
I must say that when the FHL/BP Oil deal officially goes belly up and shareholders loose the value of their shares with the loss of capital in FHL then the Solicitors who drew up the financing agreements must be sued that is what they have professional indemnity insurance for.
We have to understand that the legal advisors are the people that should have warned the Board of the impact of their decisions and should have protected their clients money from being lost with such an idiotic non refundable deposit condition for such a large percentage of the FHL Capital.
Why are the provincial councils and indigenous shareholders still holding on to their shares?
Shareholders must sell immediately and mitigate our losses now because the situation will only get worse by the day and court action will not solve anything especially with the Military government controlling that area and even if we do manage to file how long will we wait for a decision and appeals etc?
That will take around 3 to 5 years in best case scenario.
There are only two steps to be taken now.
First get a Mareva Injunction and Freeze FHL Assets until final determination.
Second sell all shares in FHL before it is too late.
Dont worry the illegal government will steal the money from somewhere else to buy us out anyway but at least we will have our money back now.
CEMENTING AND INTOXICATING COMMON FOLKS
July 7, 2009
Come to think of it really, this FHL may have been cursed from the very beginning!! Do we forget that only a handful of privileged and elite Fijians and Rotumans had accesses to generous share capital through some discriminate and nepotistic lending policies by some Merchant/Commercial Banks?Oh, yes we know who those former Bank Bosses were. In fact yours truly had the privilege of bitting me fingernails while admire a mansion build in one of this former bank mangers Island…Yep..build with OPIUM money….opps… OPM….Other People Money!!What did the majority of our common, ordinary, hardworking village and low paid folks benefit from??…eh…the Provincial council shares deputised for them…really??…how so?? Look at the pathetic and near embarrassing state of village schools, rural nursing stations, moon crater roads, broken jetties, Inter Island shippings, empty village wholesale and retail shops , NO village libraries yet in modern Fiji and nil IT excess!!Are they any better than immediately post independence? NO….eh….only more monies for Carlton Breweries, Foster, Cement and other foreign concerns to expand operations to cement their fate and intoxicate the common folks while siphoned the profits’ to the Real share holders overseas. Our capital injection through some dubious lending schemes were just to prime the pump for these foreign dudes who’re laughing all the way to their banks and well deserved holiday in..ehh…Bali…oh no not Fiji..While in the home front, what ever crumps is left… this time around…a different pair of hands are milking the FHL cow….and milking it dry!!
Either way, the victims are ..yep…the common folks!!
Come to think of it really, this FHL may have been cursed from the very beginning!! Do we forget that only a handful of privileged and elite Fijians and Rotumans had accesses to generous share capital through some discriminate and nepotistic lending policies by some Merchant/Commercial Banks?Oh, yes we know who those former Bank Bosses were. In fact yours truly had the privilege of bitting me fingernails while admire a mansion build in one of this former bank mangers Island…Yep..build with OPIUM money….opps… OPM….Other People Money!!What did the majority of our common, ordinary, hardworking village and low paid folks benefit from??…eh…the Provincial council shares deputised for them…really??…how so?? Look at the pathetic and near embarrassing state of village schools, rural nursing stations, moon crater roads, broken jetties, Inter Island shippings, empty village wholesale and retail shops , NO village libraries yet in modern Fiji and nil IT excess!!Are they any better than immediately post independence? NO….eh….only more monies for Carlton Breweries, Foster, Cement and other foreign concerns to expand operations to cement their fate and intoxicate the common folks while siphoned the profits’ to the Real share holders overseas. Our capital injection through some dubious lending schemes were just to prime the pump for these foreign dudes who’re laughing all the way to their banks and well deserved holiday in..ehh…Bali…oh no not Fiji..While in the home front, what ever crumps is left… this time around…a different pair of hands are milking the FHL cow….and milking it dry!!
Either way, the victims are ..yep…the common folks!!
Sunday, July 5, 2009
All FHL board directors should be suspended!
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!
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!
Mariana Saumadu says additional $5million pay-out by FHL engineered by suspended trio
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.
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.
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