Home » Uncategorized » We did not fritter away $700 million of members’ funds in questionable investments – a point on which the Fund’s reply is deafeningly silent!

We did not fritter away $700 million of members’ funds in questionable investments – a point on which the Fund’s reply is deafeningly silent!

Mahendra Chaudhry

Fiji Labour Party

I refer to FNPF’s response to my article on reversing the pension cuts arbitrarily enforced by the Fund on its members in 2012 (Fiji Sun 1/2/14 ). The reply evades the real issues and hides behind the decades old reports of the ILO, IMF and the World Bank. Indeed, these reports were acted upon when the annuity rate was gradually cut from 25 per cent to 15 per cent. There was no need to go any further.

The Fiji Labour Party does not survive on cheap political propaganda, as alleged by the FNPF Board. It won the mandate of the people twice to govern the country, but was not given the opportunity to run its full term by vested interest groups. It was the last Labour-led government which in 2000 increased the rate of FNPF contribution from 7 per cent to 8 per cent and introduced a number of measures to assist members of the Fund.

Let it be understood that the Party is well versed in superannuation matters and has the requisite expertise to make sound judgments. We are not appointees of a regime without the mandate of the people. For the record, FLP made comprehensive submissions to the Fund in 2011, fully supported by facts and figures and alternatives, to demonstrate that there was absolutely no need to throttle the members of the Fund to achieve its misguided objective when there were other more sensible ways of dealing with the issue.

We received no response. FLP reiterates that the Fund was never in any real danger of collapse as made out by the scaremongers who were bent on penalising the vast majority of pensioners at the lower end of the scale. It is unfortunate that FNPF has chosen, in its reply, to question our ability to make sound financial decisions.

Let it be known that the Fiji Labour Party led coalition government of 1999/2000 posted the best financial results and economic growth figures ever achieved by any government in Fiji. We did not fritter away $700 million of members’ funds in questionable investments – a point on which the Fund’s reply is deafeningly silent! It makes no sense for the Fund to boast a net surplus of $293 million in 2013 after writing down asset values by around $450 million in the preceding two years. The FLP is serious about reversing the impositions of the regime regarding pensions and given the opportunity, it will prove its point. However, this debate cannot be settled through the news media. I invite the representatives of the Fund to a public debate on the subject. Let the people decide.

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15 thoughts on “We did not fritter away $700 million of members’ funds in questionable investments – a point on which the Fund’s reply is deafeningly silent!

  1. Chaudhry as I have said earlier and will continue to say that he was the best Prime Minister Fiji ever had looking at the economic figures during his tenure.

    He was removed illegally and people like Bola ( current Minister for Education), Inoke Kubobola (Foreign Affairs) were all instrumental in his removal.

    These thugs are there for their own selfish motive and will do anything to be in power.

    The current board chairman Ajit from Sri Lanka has a bad record with C.J. Patel workers. Ajit has never worked in the interest of workers at C.J. Patel.

    Now he has removed the benefit for workers at FNPF while he has filled his pocket working at C.. J Patel and now in the various board.

    Vote for FIJI LABOUR PARTY.

  2. FLP and SOPDELA will form the next government.

    The regime has people who have filled there pocket.

    Bainimarma and Khayium Fiji people want to know your assets and liabilities before and after 2006.

    Both have robbed the people of Fiji and earn over $ 1 million in salary alone.

    You have robbed the people of Fiji by reducing their pension benefit whilst both of you have filled your pockets.

    Vote for FLP and SOPDELA for the best government.

  3. Ajit came to Fiji with nothing from Sri LANKA.

    Now the black sheep is acting as if he was born in Fiji.

    He has done a lot of injustice to the workers of Fiji.

    All C.J Patel companies must be audited for tax evasion.

    It will never happen as he is chairman of FIRCA.

  4. The people of Fiji demand for freedom of speech.

    Everyone should be free to speak their mind without been victimised.

    8 years of robbing the states finance and suppression of the people by Khayium and Bianimarma is enough!

    Long live Chaudhry.

  5. Tappos have borrowed to build Tappo City through FNPF.

    This fund is for the workers of the country.

    The workers go through nightmare if they have to withdraw their savings.

    The workers benefit has been reduced by the regime.

    Khayium works with Tappos to fill his own pocket.

    Khayium sold his Berry street property to Tappos for $850,000 which he bought for $310,000.

    Check with the tiles office to confirm this transaction.

    Conflict of interest!

    Corruption!

    This is the Fiji we live now.

    We need democracy.

  6. Mahen, why don’t you and your gay son do Fiji a favour and fuck off now. You are a corrupt SOB and you gladly accepted Frank’s offer to join him.

    FLP wake up now. Some of us want to vote for you. That won’t happen while the chor is your leader.

  7. Mahen why don’t you and your gay son fark off now. You accepted a position with VB.

    I would vote for FLP if the chor was not their leader. The only reason he has not been locked up is because Aus won’t cooperate with tracking his money.

  8. @ Anon above

    Just talk on issues you stupid. I am not a fan of Mahen, but he has the right to speak his mind. if you disagree with him, then counter the points he spoke on with alternatives. Stupid people like you who cannot justify issue they believe resort to personal attacks and unfounded accusations.

  9. How did Fnpf lost money on the hotel projects?

    Its because it had SDL and later FLP people on its board.

    It all happened when Felix, Urai and rajeshwar singh were there. Don’t blame anyone else.

    As for chaudary, the chor, can he explain how the millions went missing enroute from India.

  10. Mahen chor is after his own pension. He is not worried or concern about others.

    I hope he goes to jail next month.

    Tata chor.

  11. Anon is right talk on issues.

    What has been the implication of the reduction in pension by the illegal regime.

    It does not make any different to Bainimarma, Khayium and Ajit.

    Their reduction in FNPF contribution has been offset by the huge salary over $ 1 million they have been earning since 2006.

  12. Rajeshwar Singh of FPSA is the biggest chor.

    He earns $160,000 in salary drives discovery HC 300, HOUSING ALLOWANCE $2000 PER MONTH. overseas travel every second month.

    Rajeshwar Singh made $40,000 recently in the purchase of building for FPSA Credit Union ( wooden building was bought for $495,000 when the original price was $455,000.

    Rajeshwar Singh colluded with Rohit of R. Hooker ( only two person were in the office of Rajeshwar Singh) at FPSA HEAD OFFICE when the commission and final price was discussed.

    Rajeshwar Singh then told the FPSA BOARD that a chinese has offered a higher price.

    Rajeshwar Singh hoodwinked the entire board and made a commission of $40,000.

    Rajeshwar Singh does nothing in his office.

    The election for FPSA IS IN march can someone stand agianst this chor.

    Rajeshwar has also made money with FPSA CONTRACTORS – Pacific Plumbing – who were seen doing work at his house in 33 Vunacake at the expense of FPSA.

  13. FPSA needs a clean up .

    Rajeshwar Singh must be removed at the election in March this year.

    His 4th wife id driving the discovery whilst the members get hat, grog and a serve of food at AGM.

    WAKE UP MEMBERS OF FPSA and throw the chor Rajeshwar Singh out!

  14. Advance warning to all crooks ! GOD is watching , maybe human beings have not caught your evil ways but be warned GOD is watching . He will catch where it will be too late for you to either pay back or repent your sin – at your death bed on your way to HELL.

    GOD BLESS FIJI

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