Bainimarama & Khaiyum reveal SOME of their Assets.
Shazzer & Grubby that Bainimarama has finally revealed his pay. It comes in at nearly $280,000. That makes Frank Bainimarama the highest paid Prime MinisterEVER in Fiji’s History. There is NO WAY TO VERIFY these claims because:
If you are a regime supporter or the Fiji Sun you will take them at face Value but if you are a thinking voter or even a true journalist you will want to have some questions answered.
1- When Bainimarama held the coup he insisted all ministers have a 30% pay cut. He himself said he would continue to receive only the commanders pay of circa $70,000. He is now receiving 4 times that amount. Who else in Fiji has had a fourfold increase in Salary in the last 8 years? Most people are now earning less in real terms than they were in 2006.
He went on the record in 2006 and said NO ONE INVOLVED IN THE COUP would benefit financially. $280,000 IS A HUGE BENEFIT
2- Who authorized Bainimarama’s massive pay increase?
3- When did he get his 400% pay Rise?
3- Why is he paid by Aliz Pacific and not by the Ministry of Finance?
4- Where are the declarations about his children?
5- Are there any Trust accounts of which he or any member of his family is a beneficiary, a contributor or a Trustee?
LASTLY AND MOST IMPORTANTLY what about his alleged undeclared income.
• The brown envelopes from Chinese developers,
• The Overseas payments from wealthy businessmen,
• The freebies he and his family get.
Someone did some analysis on FB's salary. and it's implications.
It seems to me that Frank Bainimarama has paid himself off an unreasonable salary when the rest of Fiji is getting poorer at 43% poverty level, the worst in history.
What is more interesting is this: Frank Bainimarama has been in power for 8.5 years so on the basis of the above annual income, Frank Bainimarama would have now received a cumulative salary/allowance of at least $2,601,000 (oops almost fell off my chair writing this) since he took over power.
Frank Bainimarama’s bank savings is actually a staggering FD$255,000 (1/4 of million dollars) which is unusually high for an indigenous Fijian whose family has quickly acquired a very lavish lifestyle ( weekends at top local hotels, overseas jaunts and whole family at HK 7s, shopping, etc.) that are costly and expensive and chews up the family savings.
Most well off Fijians I know are asset rich but cash flow poor because of the demands of their traditional obligations and extended family kerekere - their savings are usually low.
What is surprising to me is that despite Frank Bainimarama’s family's expensive lifestyle, he still has 1/4 million stashed in the bank. Its been reported that he has paid back the $184,700 illegal leave claim paid to him at the start of the coup - thank God he did that otherwise he would have $439,700 (savings + leave payment) stashed in the bank. Add to this F$400,000 for his FNFP for the accumulated F$2.6 million salary.
The calculation of Frank Bainimarama FB's net worth (net assets) also does not add upor make sense stating that his net assets is USD28,000 or F$47,600. His declared assets are a car (USD29,000 or F$49,300) and a Nadi property (USD 13,000 or F$22,100) with a total asset value of F$71,400. Then how can he explain a bank debt of USD164,000 or F$278,800 when he does not have the corresponding assets to back it up as collateral? His debt exceeds his assets by $207,400 - how did he manage to borrow this money from bank without adequate security and what did he spend it on other than the two assets he has declared? No bank that I know gives an unsecuritized personal loan of F$207,400 (balance of total F$278,800 bank debt after accounting for the declared assets).
The million dollar question is this: how much savings did Frank Bainimarama have before the coup, based on his Commander salary compared to what he now has in the bank? This will give us an idea of how much Frank Bainimarama has gained financially from the coup.
Someone from his bank can simply check his savings in June-November 2006 and make the comparison. I still recall Frank Bainimarama saying earlier on that no-one - no one from the army will benefit from the coup - what a load of crap! $2.6 million in total salaries and 1/4 million bank savings (saved only 9.8% of his income) plus F$400,000 in FNPF. Well there we go folks! More food for thought.
Its funny that when people report their incomes just like businesses and corporates, lets not take it as gospel until when its properly audited. Frank Bainimarama's financial reporting of his income and assets is unaudited [and not checked and verified by any independent entity] so its only as good as Frank Bainimarama’s word and he does have a record of easily lying to anyone.
More importantly, the basis of my doubt comes from the very important question as to why their salaries had to be paid through Aunty Nur's accounting firm, who is of serious doubtful character? This is unlawful because all government transactions including salaries can only be paid through the Treasury. Why couldn't Frank Bainimarama do this and have their salaries paid through Treasury if it was above board?
A Government Treasury salary statement is a credible document that confirms how much a government official is paid. Is Frank Bainimarama hiding something because that is the only conclusion I am left with since Frank Bainimarama has not given us a reasonable explanation.
I leave it to you to make your own conclusions!
One thing is clear though, Frank Bainimarama has become really rich since the coup:
Remember we have not even considered his children's financial standing and wealth (all of them had nothing before the coup).
Guys don't get me wrong: I am not doing any digging I am just analyzing the figures already provided by Frank Bainimarama.