WFC STARTS TO STINK YET MORE !!!

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The language at the WFC site is starting to stink; sa boi. Just look at the latest post at WFC; my comments are in red, and I have highlighted the stink !

Is this a signal that these losers have not much to clutch upon no more ?

><> BulaFijiCoup Admin !

THE QARASE - SDL - FHL - FDB - 2000 COUP CONNECTIONS

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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.

COUPS OF FIJI - THE REAL REASONS

How Fijian Provinces were betrayed and looted by the Fijian Initiative

Thakur Ranjit Singh, Auckland, New Zealand

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 the government and took charge, his reasoning, among others, was to save the Fijian race from unscrupulous and wanting leadership. My purpose here is to substantiate this through reporting on Senate proceedings of some 14 years ago.

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 FHL gate.

However I will report on what took place in Fiji's Senate on 18 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, NLTB and FAB.

However the irony and shame is that according to 1992 annual report, 14 Provincial Councils and two Fijian institutions, Native Land Trust Board (NLTB) and Fijian Affairs Board (FAB) hold only 30 % of total shares while the elite Fijians with their family limited liability companies hold 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 whichthey 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.

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.

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 currently Fiji's High Commissioner to USA, appointed by deposed PM Qarase. Taoi is President of Indigenous Fijian Business Council. Previously Rodney Acraman also used to own shares which have since been bought by the remaining two shareholders.

The interesting issue here in that Konisi Yabaki was then the Chairman while Vitusagavulu was Secretary respectively of Kadavu Development Company. They went ahead, used their positions to build their own interests at the cost of Kadavu 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 current CEO of NLTB. The purchase of shares was financed by NBF
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.

Now we move to the Province of deposed Prime minister, 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 is the 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.

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 the Fijian race needs to ponder is that Qarase regime has been projecting Indo Fijians as the common enemy of the indigenous race. 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 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 need no enemies at all. There is a saying that enemies 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 past President Ratu Iloilo and Adi Litia Cakobau need to answer to the Fijian race why this call for investigation was wiped under the carpet. Other Great Council of Chiefs nominees in that Senate also need to answer to their people.

As part of Commander's cleanup, the whole saga at FHL needs to be reopened and relooked and the $20m of taxpayer funds should be repaid to the nation, and specifically reserved for rural development of each of the 14 Provinces and fat cats Fijians need to be trimmed down to size, so that the whole nation can be spared from ungrateful sons who projected others as enemies of the indigenous race.

And those racist politicians and their hangers-on who projected and put Indo Fijians as red herrings should be made to answer to the indigenous race of this betrayal and who their real enemies are!

The Qarase - SDL Shame

The 5/12 Fiji coup is a blessing. Thank you Frank and Crew.

When Frank Bainimarama (FB) entrusted the governance of Fiji in the hands of one Laisenia Qarase (LQ) after the 2000 shame, little did he know then, that he was passing the control of the nation in the hands of none other than the satan.

That the 2000 coup was planned in the boardroom of the Fijian Holdings Limited (FHL); that LQ was one of a number of prominent figures in the shadows of 2000; that Sitiveni Weleilakeba (SW) was to have fronted up as the face of the 2000 coup; that George Speight (GS) was recruited very close to 19/05/2000 and replaced SW; are only some of the facts that emerged later on, as LQ's web of deceit and the cover over his shit finally started to be uncovered.

While in power, LQ rode the nationalist and a racialist agenda, which not surprisingly, matched exactly the agenda of Rabuka in 1987, and of Speight in 2000.

Beyond these, LQ not only turned a blind eye to corruption that was rampant in every arm of government, but was the prime-minister in a cabinet full of overly and blatantly corrupt ministers. I have not mentioned the lineup of ministers who had been convicted in the court of law for serious crimes against the nation, and had been fast tracked to leadership positions through the tools of the 'mercy' and other suspect judicial decisions. Not surprisingly, the Chief Justice (CJ) was none other than Daniel Fatiaki, an SDL-compliant CJ by all accounts.

The final nails in LQ and SDL's coffin were driven by LQ and the SDL themselves, through the forceful pushing through parliament, of the evil Reconciliation and Tolerance Bill.

Not only the actions of FB and his crew are understandable, but also applaudable.

Of course our big brother Jonny Howard and Big Aunty Helen Clark are bent on punishing FB and crew. This is understandable too.

Uncle Sam of the Stars and Stripes team had some time ago, entrusted the control of the Pacific in the hands of Big Bro Jonny H, but how miserably has Uncle Jonny H failed in PNG, Solomons, and now in Fiji. Shame ! Shame ! Shame ! That Andrew Hughes, a member of the australian secret service, became the Commisioner of Fiji Police was not surpring to many in the know, but our unsuspecting brothers and sisters in Fiji were taken for a ride. Of course Johnny H had LQ by his balls, but yes, for the sake of what they called 'stability in the Pacific' which meant 'control over the Pacific' , they supported corrupt Qarase. So LQ was not only leading the nationalist agenda in Fiji with blatantly racist policies, these were supported from behind the scene by none other than Big Brother Johnny H and crowd.

Then we have our HYPOCRITE Big Aunty Helen Clarke, throwing the red carpet to none other than Pervez Musharraf, who conducted a bloody coup in Pakistan, and sent Nawar Shariff packing like a dog to exile. YET, hellbent on trying to punish FB and crew, and the IG.

I say, to hell with OZ and NZ, well done frank, and give Johnny B and Helen C the multiple finger salute.

Thank you Frank. God Bless.