Meanwhile the placid opposition parties continue with their toothless defence of their voters' rights and freedoms!
Fiji's 2019 Flying Fijians haven't had a great start to their Rugby World Cup campaign, losing to Australia and Uruguay in the early rounds. So it may have been more appropriate before the next game to have a more talented person give the motivational speech that would inspire the players. Especially a person that the team could look up to, respect and believe in! But no!
The person chosen to give the speech at the jersey presentation was Inia Seruiratu, a military officer and Member of Parliament of poor intellect and prone to smart-ass one-liners that titillate the senses of the less educated including Fiji's dictator Frank Bainimarama!
As a military officer Seruiratu would be used to junior officers and soldiers sitting up and listening to his every word! That was their duty whether they believed him or not! But out in the real world, intelligence matters! So during his speech at the jersey presentation Seruiratu had to tell the audience to look at him, not once, but twice! They were obviously not interested in what he had to say! And I don't blame them! Just watch YouTube videos of Seruiratu's speeches as he bounces around to know that he is a performer and not a motivational speaker by any sane stretch of the imagination!
Apenisa Rokobaro writes in his FB post that there is no more brave hearts and warriors in Fiji to motivate the Flying Fijians in the Jersey presentation and humorously suggests that maybe the potbellied Seruiratu doesn't realise that the World Cup is not a sausage eating competition!
The government funded Fiji Broadcasting Corporation reports that the Fiji Sugar Corporation’s [FSC] financial resources and cash flow is being strained by having to pay back loans to the Exim Bank of India – which were mismanaged years ago claims FSC Board Chair Vishnu Mohan at the Corporation’s Annual General Meeting. Mohan adds that the misuse of funds is still affecting the FSC financially because the Corporation is legally bound to pay back the money – even though it wasn’t used for its intended purpose. That's fraud and needs to be investigated!
Remember that form failed Frank JV Bainimarama has been Fiji’s Minister for Sugar!
In 2015 Prof Narsey wrote an article titled “Lies, damned lies and FSC company accounts” in which he says that the then Executive Chairman of FSC (Abdul Khan) had told the annual general meeting that FSC had recorded “$1.8 m profit for 2012, $6.2 m for 2013 and $6.9 m for 2014.’ Yeah right!
But if you read the 2014 Annual Report, including 2013 and 2012, says Prof Narsey, you would see that the profit for 2014 was $6.9m ‘after writing back a portion of the impairment loss!
This says Prof Narsey should have given nightmares to taxpayers because the FSC accounts revealed that the trading results for 2012-2014 are not real profits. They are actually ‘operating losses!’.
FSC’s net equity continued Prof Narsey has been negative for the previous four years. This means its debts exceeded its assets. For most of us who become overwhelmed with debt we are declared bankrupt.
This should be of great concern to Fiji taxpayers who own 68% of FSC shares through government and to the statutory bodies, local companies and individuals who own the rest of the shares.
FSC’S REAL OPERATING PROFITS
The FSC annual reports give the Trading Profit/(Loss) as operating loses [rounded off to millions]:
2011 ($32 million) (operating loss)
2012 ($14 million) (operating loss)
2013 ($10 million) (operating loss)
2014 ($5 million) (operating loss)
Abdul Khan, continued Prof Narsey, deliberately chose not to mention the good news that the operating losses had reduced from $32million down to $5million. If he had mentioned it then he would have had to acknowledge that FSC had been making losses not profits.
So how exactly did those ‘Operating Losses’ magically become ‘profits’?
THE 2010 ‘IMPAIRMENT LOSS’
According to Narsey the FSC 2010 accounts showed an ‘Impairment Loss’ of $173 million. This was the accounting profession’s sensible way of telling FSC shareholders that the huge loans taken from the Exim Bank of India for the ‘Mill Upgrade Program’ and other loans, had not worked and only added more debt.
This meant that the FSC was technically insolvent [unable to pay its debts] so the Fiji government under the incompetent leadership of Frank Bainimarama continued to give FSC ongoing government handouts! If not, private shareholders could technically have filed for FSC’s ‘bankruptcy’ to protect whatever little financial interest they could retrieve.
Bainimarama and his government tried to hide their failings by providing more taxpayer funds!
NZ consultants apparently advised FSC about how to improve the mills’ performance and future earnings. FSC should release these NZ consultants’ reports so that 'we the people' can see exactly what they recommended.
Whatever the NZ consultants recommended says Prof Narsey, FSC reversed a proportion of the ‘impairment losses’ (using amounts they chose by themselves!) which, when added to the operating losses, resulted in the misleadingly and fake profits of “$1.8 m profit for 2012, $6.2 m for 2013 and $6.9 m for 2014.’
Please note that in reality FSC had recorded large operating losses over these years even though they had been reducing in size!
The South Pacific Stock Exchange also delisted FSC in 2011 and stopped trading its shares. This was to protect members of the public from trading in shares whose values were ‘very unclear’ and certainly not the large positive amounts quoted in previous years. But despite being delisted the FSC 2014 Annual Report states (page 2) that ‘The Corporation’s "shares" were still listed and traded on the South Pacific Stock Exchange. This is a lie! Deliberately done to mislead people and fool lenders! None of the annual reports for 2011, 2012 and 2013 stated this.
WHY AN EXECUTIVE CHAIRMAN
Abdul Khan as the Executive Chairman was both Chairman of the Board and the CEO, drawing a full salary and being the overall ‘manager’ of FSC.
This meant that the Khan was technically reporting on his own management, which includes massive losses, failing to present annual reports for three years, and even failing to hold Annual General Meetings for three years, all the while he was praising himself by telling the media that shareholders were happy.
INCOMPETENT BAINIMARAMA LEADERSHIP
Bainimarama and his government and unqualified military officers who were put into senior government positions, have always tried to sell their incompetence as success while issuing bullshit statements about how much they value the sugar industry and the welfare of the thousands of people. Bainimarama didn't and still doesn't care about the people!
Remember that in 2009, Bainimarama arrogantly threw away 300 million dollars of EU aid for the sugar industry because he refused to hold elections that he had promised! He was not going to discard his corrupt ‘vision' to remain in power because a few carrots were being dangled’ by the EU. Bainimarama remaining in power was more important than the 300 million dollar EU aid to help the sugar workers and their families!
That $300 million could have gone a long way towards enabling the industry and cane farmers to diversify says Prof Narsey.
Niko Nawaikula MP stated in his Facebook post that according to Fiji Sun newspaper, the FSC had suffered yet another trading loss of $23.1M for the year ending May 31st 2019. Fiji Sun tried hiding the true state of affairs by reporting a gross profit of $.8M the year before while leaving out the $24.6 operating losses.
Nawaikula bases his figures on FSC Annual Reports from 2007 - 2018 that were tabled in Parliament. According to those reports FSC incurred yearly loses except for 2007,2013 & 2014 when it made a profit, but we now know from Prof Narsey that these were fake profits!
Nawaikula states that the total loss under Bainimarama as Minister responsible for Sugar from 2007-2018 was $401M. When we add Prof Narsey's figures into the calculation the total LOSS becomes $416 million.
Frank Bainimarama has destroyed the Sugar Industry, the Fishing and Mahogany industry and Fiji’s economy all through his greed, corruption and stupidity!
Remember Bainimarama was broke and almost bankrupt in 2006 living beyond his means, and he has unfortunately carried over his "koco" mentality into his mismanagement of Fiji and its resources! And like an idiot he has borrowed loans beyond Fiji’s ability to repay.
In 2010 Fiji was insolvent but the Chinese government stepped in to pay Fiji’s bills! Fiji is now maxed out on loans and broke!
So now Bainimarama is travelling the world trying desperately to milk free money through Climate Change. Meanwhile, he continues to pay himself $3,000 per day in allowances that is in addition to his already taxpayer funded salary, food, accommodation, credit-card and travel expenses. This is not the actions of leader who cares for the people living with a high cost of living caused by Bainimarama's incompetence!
Radio NZ reported that Fiji's corrupt and lying dictator Frank Bainimarama has again made another promise when he announced at the 'World Leaders for Nature event in New York' a plan to plant about 30 million trees in response to the climate crisis.
This all sounds very nice but Frank Bainimarama has a record filled with broken promises and lies that are said at the time to impress the gullible and less educated of society! Many still fall for his lies!
While Bainimarama talks about planting the trees over the next 15 years, he is also engaged in destroying Fiji's environment! The man is a hypocrite!
He also said the plan will encourage Fijian people to protect trees and mangroves because it offers a financial incentive as well as a natural one. Meanwhile Bainimarama approved the illegal destruction of the mangroves and environment on Malolo Island where his family is in partnership to build a resort! And there is Nawi island where the local residents started a petition titled "Save Savusavu Bay" They calim that the Savusavu Town Council and Ministry for Lands are responsible for approving the destruction of 10 hectares of mangrove and dredging Nawi’s seabed, thus threatening local livelihoods, safety, ecology and the environment. This is all under Bainimarama's watch!
Opposition Leader Rabuka told Pacific Beat that there were other cases that also needed to be looked at. "There is still the Nawi [Island] case on Savusavu and there are other developments in the west [of Viti Levu], which need to be thoroughly investigated and looked into to make sure that the everybody involved is following the procedures,"
The 30 million trees in response to the climate crisis sounds more like another fairy tale that the villagers in the district of Noemalu in the upper reaches of Fiji's Wainimala River are all too familiar with.
On 18 March 2018 the FijiTimes reported that the villagers were still asking dictator Voreqe Bainimarama for the 100 horses he had promised them on January 21, 2016! Its now October 2019, and they are still waiting!
Being the typical show-off and CONMAN, JV Bainimarama, after hearing of their troubles, arrogantly promised he would provide the village with 100 horses to ease the burden of transporting supplies to and from their Village. The promise was well-received by more than 600 villagers, reported the FijiTimes.
BUT after three years the villagers are still waiting to see the first horse!
69-year-old Aminiasi Rakula, who lives in Nasauvere Village, accessible via a four-hour trek which involves crossing the Wainimala River 32 times, spoke on behalf of villagers,
"We carried dalo and yaqona from the village to the school because the Prime Minister was coming to visit us. We were so happy when he told us that he was going to give us 100 horses to help carry our supplies while we waited for a road to be built. But we are still waiting, we don't know whether we will be given the horses, or maybe the horses have not been born, or maybe waiting for the horses will be like waiting for the road to reach us".
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Fiji's rigged 2014 elections. Click HERE to hear Prof Wadan Narsey explain how the 2014 Fiji elections was Far from free and fair: Another victory for treason, lies, deceit, money and the culture of silence.
Prof Ghai Constitution
Fiji's dictator revealed
RFMF BoI report 2000
BoI missing pages
Khaiyum's Final Solution Thesis
Click HERE to read the article on C4.5 about JV Bainimarama’s anti-Fijian policies driven by Khaiyum’s genocidal 'sunset clause' thesis on how to destroy Fijian cultural autonomy.
Click HERE for a copy of the thesis posted on C4.5.
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