Fijian
Holdings Ltd Scandal: How Fijian Provinces were betrayed and
looted by their trusted sons
Thakur
Ranjit Singh,
(Initially
published August, 2007)
FIJIANS BETRAYED BY
THEIR TRUSTED SONS
People of Fiji had been told of
corruption and questionable dealings by those who were considered the marshals,
saviours and guardians of Fijian race. When Frank Bainimarama sacked Qarase
regime and took charge, his reasoning, among others, was to save the I-Taukei (Fijian)
race from unscrupulous and wanting leadership within I-Taukei community. My
purpose here is to substantiate this through reporting on Senate proceedings of 1993.
When Adi Quini Bavadra was alive she tried
her best to reveal the dealings in Fijian
Holdings Limited (FHL) but people with power and influence won and this
matter never saw the light of day. My lament had been that while Fiji has an
abundance of copy journalists and copy feature writers; there is dearth of
good, conscientious, bold and sincere investigative journalists. Perhaps
somebody like that can pick the hints from here, and perhaps create an FHLgate.
However I will report on what took
place in Fiji’s Senate on 18 May, 1993.
SENATE
PROCEEDINGS-MAY, 1993
In the Senate sitting of 18 May, 1993
(pages 731 to 748), Senator Manu
Korovulavula moved a motion for the Senate to call on Government to carry
out an investigation into the method adopted by the Board of the Fijian
Holdings Limited to allow limited liability companies to buy shares into the
company (FHL) without the knowledge of 14 Provinces. Senator Korovulavula had stated that
the motion was brought on a point of principle to reveal less than honest
dealings of people in position of power, knowledge and trust.
The intention of the motion was to
reveal odd and strange method known to a selected group of shareholders who
took advantage of this to borrow funds from the Fiji Development Bank (FDB) or the National Bank of Fiji (NBF) in order to buy shares in FHL.
As example of this a whole Province has only $50,000 Class A
shares while a family private company shares add up to $200,000, which is a
scam in any language. It is obvious someone somewhere had not been honest and
loyal to the Fijian people in not telling them the truth.
FHL was primarily created to be owned
by the Provincial Councils, Fijian people and Fijian institutions, NOT the
elite limited liability family companies. The Great Council of Chiefs, right
from its inception was unanimous to see that FHL was to be owned by 14
Provinces, Native Land Trust Board (NLTB) and Fijian Affairs Board (FAB).
However
the irony and shame is that according to 1992 annual report, 14 Provincial
Councils and two Fijian institutions, NLTB and FAB held only 30 % of total
shares while the elite Fijians with their family limited liability companies
held 70% of shares. This is a fraud on the common indigenous people
who are supposed to be shareholders of FHL through their respective provinces!
People of Fiji need to be made aware of
Fijian Initiative. This Fijian advisory body comprised of intellectuals,
professionals, businessmen and senior executives in the private and public
sector. The aim of this initiative is to pull these resources, convene regular
meetings and seminars to enable it to come up with recommendations to develop
and assist Fijians to better themselves in all aspects of life, more so in the
field of trade and commerce.
Senator Manu Korovulavula reported to
Senate that it was interesting to know that some of the senior members of the
Fijian Initiative did not consider it appropriate to advise the 14 Provincial
Councils that they could borrow three or four times more from FDB, the amount
of shares which they already had in FHL.
All this while, these senior Fijian
sons took secretive actions to line their own and family’s pockets at the cost
of Provincial Councils!
Senator Korovulavula revealed private
shareholding of three provinces with which he was familiar. Please note that
all figures, amounts and situations reported are as at 1993, and they may have
changed now.
KADAVU
PROVINCE
In Kadavu Province, he spoke about 3
companies. The first, Kadavu Development Company, which is fully owned by
people of Kadavu, owned only $50,000 shares.
Former Qarase's Cabinet Minister Konisi Yabaki's Family Company owned $100,000 Class A shares when his Province Kadavu owned only half those shares. |
The other, KJY Investment Limited,
owned by Qarase’s Cabinet Minister
Konisi Yabaki and his family, owned $100,000 shares.
The third, Taoi Investment Limited,
owned $200,000 shares. Shareholding in this Company then belonged to Jesoni Vitusagavulu and Ulaiasi Taoi. Vitusagavulu is former
staff of FDB, former Air Pacific Executive, former Director of Fiji Trade and
Investment Board and former Fiji’s High Commissioner to USA, appointed by
deposed PM Qarase.
Taoi used to be President of Indigenous Fijian Business Council. Previously Rodney Acraman also used to own shares which have since been bought by the remaining two shareholders.
Taoi used to be President of Indigenous Fijian Business Council. Previously Rodney Acraman also used to own shares which have since been bought by the remaining two shareholders.
Jesoni Vitusagavulu, who together with Ulai Taoi, once head of Fijian Indigenous Chamber of Commerce owned four times ($200,000) the shares that their Kadavu province owned ($50,000).
LOMAIVITI
PROVINCE
The next province is Lomaiviti, which
had only $55,100 shares while KB Investment Limited and 5X Investment Limited owned
$100,000 each while Vensalisi Investment Limited had $80,000 shares.
KB Investment Limited, with $100, 000
shares is owned by Bakani family. The head of this family Kalivati Bakani is former executive of FDB, former Deputy
General Manager of NBF, former Carpenters Executive and former CEO of NLTB. The
purchase of shares was financed by NBF
Kalivati Bakani, once former boss of your truly at Carpenters Fiji Limited, owned $100,000 shares compared to $55,100 by his Lomaiviti Province.
5X Investment, with $100,000 shares,
is owned by Lote Rabuku, Semesa Matanicake,
Delai Sainikinaivalu, Penisoni Gauna and KB Investments. Note that
acquisition of these shares was also financed by NBF.
Vensalisi Investment Limited, with
$80,000 shares, is owned by Isikeli
Mataitoga and family. Isikeli then was Director of Public Prosecutions
and is CEO of Foreign Affairs.
Interesting point to note is that in
less than two months after registration of 5X Investment, this $1 per Share
Company got $75,000 loan from NBF.
Additionally, three months after KB Investment Limited was registered, Kalivati Bakani’s wife got $107,000 loan from NBF where her husband was the then Deputy General Manager. Three months after Isikeli Mataitoga’s family company was registered, he obtained $64,000 from FDB which was headed by Qarase.
Additionally, three months after KB Investment Limited was registered, Kalivati Bakani’s wife got $107,000 loan from NBF where her husband was the then Deputy General Manager. Three months after Isikeli Mataitoga’s family company was registered, he obtained $64,000 from FDB which was headed by Qarase.
LAU
PROVINCE
Now we move to the Province of
deposed Prime Minister Qarase,
Lau Provincial Council, which had only $50,100 shares. At same time, Stiks
Investment Limited had $150,000, Q-Ten Investment Limited had $200,000 and Kepa
Investment Limited had $100,000 worth of shares.
Stiks Investment Limited shares of
$150,000 are fully owned by Weleilakeba family. Sitiveni Weleilakeba was a former CEO of FHL and one time
business partner of democracy activist Laisa Digitaki, together with whom, he
tried to run Mobil Walu Bay Service Station which went into receivership and
was then acquired by Carpenters Motors. The shares in Stiks had been financed
by FDB.
Sitiveni Weleilakeba, former CEO of Fijian Holdings Limited owned $150,000 shares, almost three times more than his Lau Province. |
Q-Ten Investment Limited held
$200,000 shares, which is owned by Laisenia
Qarase Family. One property CT 14743, Lot 2 was mortgaged twice to
acquire finance for $112,400 and $353,217 respectively. Note that at the time,
Laisenia Qarase was the Managing Director of FDB, the lender for share
acquisition. At that time, Laisenia
Qarase was also the financial advisor to the Fijian Affairs Board, but
failed to advise them of this insider information of acquiring shares.
Kepa Investment Limited, with
$100,000 shares, was wholly owned by Lakepa
family, Satini and Milika, and financed by FDB.
An interesting point is that one of
the nine points of Deuba Accord was for government to make $20m interest free LOAN
to FHL through Fijian Affairs Board, repayable over 20 years.
What taxpayers of Fiji need to know is under whose authority this taxpayers’ loan of $20m was converted to a gift for FHL. Note that board members of FHL, with shares then included Laisenia Qarase, Sitiveni Weleilakeba and Josaia Mar, who has been removed as Chairman of FEA by Commander. Also note that Laisenia Qarase was the interim Prime Minister when this shady and questionable deal took place.
What taxpayers of Fiji need to know is under whose authority this taxpayers’ loan of $20m was converted to a gift for FHL. Note that board members of FHL, with shares then included Laisenia Qarase, Sitiveni Weleilakeba and Josaia Mar, who has been removed as Chairman of FEA by Commander. Also note that Laisenia Qarase was the interim Prime Minister when this shady and questionable deal took place.
DOES
FIJI DESERVE TO BE RULED BY SUCH DECEITFUL I-TAUKEI LEADERS? IS DIVISIVE RACIAL
DEMOCRACY NOW OUTDATED IN FIJI? YOU DECIDE
What
the Fijian race needs to ponder is that Qarase regime has been projecting Indo-
Fijians as the common enemy of the indigenous race, the I-Taukei. Is this really so?
Indigenous Fijian people had placed their faith in the hands of these intellectuals, so called professionals and who were supposed to be guiding the I-Taukei (Fijian) race. The FHL was the commercial vehicle through which the wellbeing of Fijian race was intended to be improved. The dependency of the wisdom of Great Council of Chiefs and the elders in the villagers was on the shoulders of the so called Fijian Initiative group. However these very same people tricked their own people while projection Indo-Fijians as villains.
Indigenous Fijian people had placed their faith in the hands of these intellectuals, so called professionals and who were supposed to be guiding the I-Taukei (Fijian) race. The FHL was the commercial vehicle through which the wellbeing of Fijian race was intended to be improved. The dependency of the wisdom of Great Council of Chiefs and the elders in the villagers was on the shoulders of the so called Fijian Initiative group. However these very same people tricked their own people while projection Indo-Fijians as villains.
With friends like the Fijian
Initiative, the indigenous race needs no enemies at all. There is a saying that
enemy who strike from front is miles better than friends who strike on the
back. Fijian Provinces have been dealt
commercially fatal blows on their backs by their trusted sons.
Perhaps those who are crying for
Qarase regime to come back need to consider whether he is worthy of this honour.
The Commander is right in trying to save the indigenous race from the enemy
within, as there is no fear from those outside.
Those who were Senators in 1993, and
were present in Senate, [including late past President Ratu Iloilo and] like
Adi Litia Cakobau need to answer to the Fijian race why this call for
investigation was swept under the carpet. Other Great Council of Chiefs
nominees in that Senate also need to answer to their people.
And those racist politicians, their
hangers-on and democracy refugee advocates in Australia and USA, who are now
shedding crocodile tears for democracy, AND SOME REAL AND FAKE PROFILES ON THIS SITE (on Facebook), and who projected and put
Indo- Fijians as red herrings and Bainimarama as a villain should be made to answer to the indigenous race of
this betrayal and who their real enemies are!
Thakur's 2011 thesis in his Masters in Communication studies from Auckland University of Technology (AUT) was on how a free media (especially Fiji Times) led to fall of democracy in Fiji in 2000. He resides in Auckland New Zealand and is a journalist, media commentator and runs his blog FIJI PUNDIT. E-mail: thakurjifj@gmail.com.]
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