Does anyone out there really know the reason why is this IG up against the FHL.
Questions I will pose
1. How was the FHL started?
2. Who is FHL answerable to?
3. Has it done violated anyrules of investment?
4. Has it shortchanged the investors
5. Has it taken and not return any of your dime?

Is this a personal vendetta of those in powers to get rid of those successful in business and this is a question I will pose

Is this hunt for FHL
1. Racial
2. Personal
3. Tribal or
4. Purely economical misdemeanour

I hope its purely economic misdemeanour and if it is ...give us the numbers.

God bless the Capitalist

FHL under investigation
Friday, July 03, 2009

Update: 6:33PM THE State has begun proceedings to investigate Fijian Holdings Limited.

This was confirmed by the Ministry of Information in a statement this afternoon.

The statement said this was the reason FHL chairman Isoa Kaloumaira and group managing director Sereana Qoro were asked to "step aside to allow the investigations to proceed without hindrance."

The company has been under considerable pressure after undergoing a series of reforms following the removal of several senior managers and directors since the Constitution was abrogated in April.

A major hurdle resulted in its succesful bid to purchase BP Southwest Pacific Limited's Fiji interests at $190million, a sum that automatically increased as a result of the devaluation.

Concerns were also registered by several shareholders that they were not consulted when the option of a buyout was explored

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Comment by Apete Naitini on July 20, 2009 at 9:46pm
Vinaka vakalevu Mr Rasolo. Forgive me for my intruisiveness, was there any illegal dealing as far as business acumen/transaction is concerned or was it a question of moral and ethics. Please allow for my sillyness in requesting this piece of the puzzle.
Comment by Taliai Tupou Rasolo on July 15, 2009 at 2:39pm
Though there is much against the IG, take comfort all are within God's Providence i.e. including those who are against, those sitting on the fence and the sympathizers. Well sometime in the vicinity of 1980-84 during Dr.Lasaqa's term as the Fijian Affairs Permanent Secretary, he, then made a submission to Government for a $20m Loan. The purpose of the loan from Government was to facilitate the exit-out of the Fijian Affairs, NLTB, Fijian Affairs Board, Provincial Councils in fact all the Fijian Institutions that are being managed, runned and paid for by Government. This was approved by Parliament during the Alliance Government and then the money was given to the Central Fijian Treasury to distribute investment portfolios such that the 14 Provincial Councils to hold majority shares and proceeds from investment to cater for staff emoluments and whatever else the FAB administers. Unfortunately CFT did not really know what to do with it and so the cheque for the $20m practically sat in the safe for almost 5yrs. And not right up to until after the Coup of 87 was something done about the idea. So the Government appointed Lyle Cupit, Kamikamica, Qarase, and others to pursue the idea of investing the $20m.Well anyway such a noble idea unfortunately Alibaba got to it first so to cut a long story short the mandatory Provincial Council priority was no longer but an option.Investment portfolio priority than moved to whoever was registered in the VKB.Well you know the rest! so it was left to individuals those who had money went straight for it and those who did not went to the National Bank gave 5 grand as a deposit for a 20 grand took it to the Fiji Development Bank got 80 grand then "walla" you got your 100 grand. And that was how individuals got their money to buy shares from the Fijian Holdings "magic". After that the Fijian Holdings promised 20% dividend so you ended up getting the 20 grand almost before the years end paid off your loan and you are sitting on a goldmine , I do hope it is still the goldmine and not a volcano. Well they did not forgot about the monkey that was all along idle by the way side. So, they created the Yasana Holdings for the National TV investment where the 14 Provincial Councils hold majority shares reaping around a little over a hundred thousand per year to be shared amongst the 14 Provincial Councils. And that is in comparison with the ten million per year Fijian Holdings Share Holders enjoy every year, smart don't you think. The sad thing about it all as they had said it was legal to the core. Or yes and someone later on changed the loan status of the money that was borrowed from the Tax payers to that of a grant so FHL is no longer obligated to pay back Government for that 20m. The supposed Fijian so called Flagship shot and brought down even before it took off, now it is out in the open market. Another latest development you no longer have to be a Fijian or in the VKB to invest and hold shares with them anymore. I hope Mr. Naitini that this will somehow quench your curiosity.


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