Tuesday, 16 February 2010

• FIJI NATIONAL PROVIDENT FUND TRUSTEES MUST BE SUED

  What a great start to the New Year it has been for Sada Reddy and his Reverse Bank of Fiji, fancy launching a micro finance unit when the cost of money is quite simply not affordable to the intended market that they miraculously wish to “include”.                                                                                 

  Anyway just an update on what has been happening in our domestic economy in terms of our illegal governments public sector borrowing from our Fiji National Provident Fund.

  It has been over 3 years since the 2006 coup but the Reverse Bank of Fiji has not published (as it is required to under real law) exactly what has been happening, especially when secret guerrilla loans have been taken on board from various rouge governments that do not in any way “move Fiji forward”.                                                                                                                                                                   

  Nevertheless, we will start afresh since it is 2010 and watch closely until the $249m becomes due and payable next year. Also worthy of note is to see how this government will pay its external loans that they had sought an extension of time to pay because of their inability to pay as and when same fell due last year which led to Moody’s withdrawing its C credit rating in its entirety for the illegal military Government of the Banana Republic of Fiji.              

  Since January 2010 this is how much our Fiji National Provident Fund LENT the illegal military government of Fiji with its magic worthless T-Bills and FDL Bonds.

  January 8 2010 - $40,000,000.00 of which $28,000,000.00 has to be PAID BACK to the FNPF in 28 DAYS together with $700,000.00 in interest. Redemptions for this day totalled $15,450,000.00.

  January 15 2010 - $10,500,000.00 of which $10,000,000.00 has to be PAID BACK to the FNPF in 28 days together with $250,000.00 in interest. Redemptions for this day totalled $15,450,000.00.

  January 22 2010 - $13,020,000.00 of which $3,000,000.00 has to be PAID BACK to the FNPF in 28 days together with $75,000.00 in interest. Redemptions for this day totalled $14,500,000.00.

  January 29 2010 - $15,000,000.00 of which $14,500,000.00 has  to be PAID BACK to the FNPF in 28 days together with $362,500.00 in interest. Redemptions for this day totalled $31,115,000.00

  February 5 2010 - $47,120,000.00 of which $39,000,000.00 has to be PAID BACK to the FNPF in 28 days together with $975,000.00 in interest. Redemptions for this day totalled $15,100,000.00

  February 12 2010 - $9,000,000.00 of which $2,000,000.00 has to be PAID BACK to the FNPF in 28 days together with $50,000.00 in interest. Redemptions for this day totalled $4,100,000.00

  If you read between the lines you will understand how Sada Reddy and Frank Bainimarama are milking the cash cow, and they have been doing this for 3 years, do the math you will see that apart from all the money lost from all the failed flopped investment projects due to the 2006 coup the end result is thus :

  Total Fund prior to Coup, less Funds Stolen and Squandered Since Coup, is Equal to NO ANNUAL REPORT for 3 YEARS.

  But if you think that this is scary stuff we are in for an “emergency” overdose of theft from the FNPF with the upcoming issues on these dates:

  Feb 17 2010        - $15,000,000.00

  Feb 18 2010        - $20,000,000.00

  Feb 24 2010        - $10,000,000.00

  March 3 2010     - $20,000,000.00

  March 5 2010     - $20,000,000.00

  March 10 2010   - $20,000,000.00

  March 24 2010   - $10,000,000.00

  You see what the average commoner on the street that has her monies in the FNPF do not seem to understand is that it is THEIR MONEY that FUNDS THE MILITARY GOVERNMENT on a 28 day basis.

  Without the PEOPLES MONEY Frank Bainimarama and Sada Reddy would be planting Cassava and drinking Home Brew.

  What needs to be done is quite simple.

  The Fiji National Provident Fund and its Board of Trustees/Directors and Senior Management MUST BE SUED IMMEDIATELY to obtain inter alia the following:

  ·         A Declaration that the Trustees of the Fiji National Provident Fund are required under law to produce Annual Financial Accounts and to make same available to the Members of the Fund.

   

  ·         A Declaration that the Trustees have breached their statutory duty in not producing the accounts as required by law for 3 consecutive years.

   

  ·         The Appointment of an Offshore Independent Auditor to Audit the Assets of the Trust Fund, appointed by the Members and paid for by the Fund.

   

  ·         An Interim Injunction to Restrain the Trustees of the Fund from disposing or in any way dealing with the Assets (what’s left of it) of the Trust until the production of the Accounts in compliance with the governing Statute as verified to be in compliance by the appointed  Offshore Independent Auditor to the satisfaction of the members.

  Obviously the balance of convenience may not ostensibly lie in our favor in procuring an interim injunction to delay the daylight robbery of the peoples’ money, nevertheless, it is worth the shot been taken, because every day that we delay the thieving process and expose the truth of the State of Affairs of our lone super fund the faster our people will wake the F&%k UP!!

  As a bonus we can test the independence and IMMORALITY of our Judiciary LED BY TONY GATES.

  • 7:30 PM
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