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Who would lend Frank $2.8 billion?

November 5, 2014

According to the 2010 Auditor General’s Report the Government had borrowed $2,759,292,150 from lenders inside Fiji. This is an astounding level of debt and raises the question who would lend an amount like this. We don’t have to stand around scratching our heads too long to work this out. It was the FNPF, in other words you and me. This money is mostly short term, going in and out of the FNPF accounts to keep the government operating. Some 58% of Government revenues in 2010 were spent on repaying short term loans to FNPF and other lenders, leaving only 42% of revenues available for providing government services. This was a 20% fall in the amount of revenues available for services. On top of this huge mountain of debt there were contingent liabilities of $1.8 billion. These are debts that will have to be paid by the Government if the borrower, such as Fiji Sugar Corporation or Fiji Airways can’t pay their debts. This is owed to Banks, including the Export Bank of India. If these fall due we will really be up the creek. If 58 cents in every dollar raised from taxes in 2010 was being spent on keeping the creditors at bay, just think what it would be if Fiji Airways or FSC debts have to be repaid.

14 thoughts on “Ex FDN

  1. The same one that conveniently overlooks that just about every household that’s buying their house on mortgage, buying their car with a bank loan and TV from Courts with weekly payments works in exactly the same way as the government.

  2. Tomasi’s contributions are usually one of the most fulfilling, well researched and balanced views in these columns and I always look forward to reading them.

  3. Let’s comment on the topic instead of the person. Let’s play the ball instead of playing the man.

    Looking back to December 2006, it is strongly evident that major abuses of power, freedom and government finances were enacted upon many victims, let alone all the citizens who honestly pay their taxes to pay these abusers. Now that Biman and his Public Accounts Committee are looking into how taxpayers’ funds were used, misused or abused, I hope that they are empowered to prosecute any of these abusers right up to PM and El Presidente.

  4. Tualeita, Isn’t it Classic to realise how the Policy Makers of the last 8 years failed in so many ways to fool prove themselves???? They tried so hard but failed to realise that there are avenues available to others to have these corrupt, fraudulent half wits Arses drag around by The Real Educated one of Fiji straight to the Judiciary process. It would be interesting to see how these imbecile react and counter attack all the observations and findings of the Auditor General and. Prominent people will be implicated in this matter as they were the ones holding office at the time. Can we say that justice will prevail???? Not yet, I say, Lets see what change the Bai KAI government is going to administer to brush the issue under the carpet. They are cunning that way. They may put Biman behind bars, who knows. The fact of the matter is there are people in Fiji now like Biman who is not afraid to speak the truth and beating around the issue that are so of great significance to the growth and well being of All Fiji people and Fiji herself.

  5. Saunivalu, when actions of corrupt people are based on lies and cover-ups in the attempt to cheat and hoodwink the innocent people to save these cheaters and abusers, truth always finds its way through their deviant intentions; they are unaware that they have created loopholes and they become exposed. And when the misdeeds of tyrants and dictators become exposed, they are weakened and they leave themselves vulnerable to the power of the humble people who have been victimized.

    Truth will always stand the test of time.

  6. This is what we were meaning when we were saying years ago that the ship which Baikhai captains is heading for the rocks! The people of Fiji have been forcefully made passengers and are no doubt deceived that the journey is a safe. Handouts have certainly played a part and Fiji’s recent election results though contentious in many aspects testify that. Now the Aussies are getting their Victoria Legislature personnel to mentor Fiji’s parliament. Its not just about getting a proper parliament going – it is more about getting Fiji’s elected politicians working together to devise a credible plan to tackle the country’s finances. Canberra does not trust Baikhai with the public purse. They had this belief long ago. They knew the coup was no just about Frank evasion of justice but also about Frank’s intention along with cronies to the loot the public purse. The abuse of regimental funds was good enough sign that military thugs are not good with money. Now they have even abused the FNPF and Fiji’s position is worsened when they are advised on how to go about it from their civilian cronies who are also benfitting with them from this grand robbery! The Baikhai coup was not just illegal, it had a master plan to defraud the nation of its wealth and also disenfranchise the people of their rights, their identity and their resources. They are trying to reinvent Fiji the way they intend it to be and fundamental to this agenda is their reconstructing and dipping into state wealth and redistributing to meet their aims. They have made themselves rich overnight at the cost of the ignorant citizenry who are handed sewing machines, garbage bins etc! Dont tell me that Canberra and Wellington are not aware of these undesirable developments. They are fully aware hence the change in tone to support an election that was obviously not going to be free and fair right from the start. All they wanted was a government – and moreso a parliament that would get parties debating a plan to resolve he country’s finances. Baikhai could not be trusted with it alone. The Auditor General’s report on the Baikhai regime speaks for itself and proves the trans Tasman neighbours’ worry about Baikhai’s style of managing public finances. Its a problem they cannot let slide because of Aus and Kiwi investments in the country. We shall see how this all pans out. Interesting days ahead between Baikhai and the opposition parties. Canberra now has the group that ANZ initially lent money to (ANZ $500m loan) running the country and will definitely want their money back! I dont think they have confidence in Baikai’s ability to repay hence the cajoling of Fiji’s opposition parties by Bishop over the recent week. So life in animal farm goes on……

  7. @Tualeita, Kainoqu, Tintin, Saunivalu and friends. Thank you for stoking the embers to rekindle the fire of restoration, hope, comfort and direction for people and small nation. Our contributions, though they may appear insignificant or small, are droplets of water, which together amass themselves into a huge and powerful body water that cascades downwards in a mighty and majestic waterfall like the great Lakes and Niagra.

    While talking about our economy and national finances, you may recall how our Khai and Bhai used our FNPF as a piggy bank to finance their illegal schemes and furnish their empire. Here is some information about the Airbus saga where our FNPF was used as deposit for the loan to purchase our Airbus for Fiji Airways. I hope you will find it useful and share it with others who may still be wondering what really happened..

    1. The name of the company is Waqavuka Financing Limited. It is a shell company.

    2.Waqavuka Financing Limited was set up on Mon the 28th of Jan 2013 in Dublin.. Their current status is Normal.

    3. The company’s current directors Eimir McGrath, Lynda Ellis and Rhys Owens have been the director of 478 other Irish companies between them; 124 of which are now closed.

    4. Company Vitals
    • Company Name:Waqavuka Financing Limited
    • Time in Business:1 Year
    • Company Number:523015
    • Current Status:Normal
    • Principal Activity:[71.23] Renting of Air Transport Equipment
    • May Trade As:Waqavuka Financing Ltd

    • Registered Address:5 Harbourmaster Place, Ifsc,
    Dublin 1

    Full Company Vitals, including Directors & Mortgages available.


  8. Hunger is a ferocious saboteur. Physical or emotional, hunger can push us to abandon our goals, crack our moral compasses, and lose sight of what truly matters. The Bible explains human nature having two hungry forces within us, sometimes in conflict and intended to work together. In Hebrew, they are called the yetzer hara (positive inclination) and the yetzer hatov, (negative inclination). The yetzer hara is our drive towards comfort, pleasure, and security, while the yetzer hatov is our ethical conscience ensuring we remain on a righteous path. The yetzer hara is necessary. Such a drive moves us towards love, career advancement, and business success. It can even spur us towards the pursuit of justice and the defense of human rights. Yet if unchecked by the yetzer hatov, the yetzer hara may lure us into behavior destructive to ourselves and others.

    We commit to a healthier lifestyle and plan for ntutritious and balanced diet. All goes well for a moment, but we are placed in situations which we cannot resist. We fall back into the old habits and have to muster enough discipline and will to get back to our goals of staying healthy. So strikes the yetzer hara (negative drive).

    Or, we’re deeply committed to a partner, in love, willing to sacrifice and compromise, and planning for a beautiful future for which we’re so willing to fight. Everything seems settled into perfect place. But then there’s some drama, and life takes a sharp detour, and we’re face-to-face with someone else willing to fall with us away from such commitments. Suddenly, we’ve made an irretrievable trade for momentary pleasure. The yetzer hara triumphs again.

    The Bible takes the time to tell us the story of two brothers, Jacob and Esau, and how each of them demonstrated the strong influence and potential consequences of these human inclinations. It also helps us to see how our personal choices and ability to control our human drives can affect our material and spiritual destiny.

    Esau returns from hunting, desperately hungry. His brother Jacob, with whom he’s struggled since they shared a womb, has prepared an apparently irresistible lentil stew. “And Esau said to Jacob, ‘Give me some of that red stuff to gulp down, for I am famished’ – which is why he was named Edom. Jacob said, ‘First sell me your birthright.’ And Esau said, ‘I am at the point of death, so of what use is my birthright to me?’ But Jacob said, ‘Swear to me first.’ So he swore to him, and sold his birthright to Jacob. Jacob then gave Esau bread and lentil stew; he ate and drank, and he rose and went away. Thus did Esau spurn his birthright” (Genesis 25:30-34).
    Esau traded momentary comfort, even pleasure, for his inheritance and future privilege. After a day in the fields he was certainly quite tired and also very hungry, but he did not literally hover on the verge of death. The agreement he made was simply less challenging than exerting patience while he prepared his own meal. He chose what was easy rather than what was most worthwhile. And worse, his brother exploited such a weakness for personal gain.

    The yetzer hara lives within us all and hunger demanding sustenance comes in many forms. It may foster small indiscretions or gargantuan moral pitfalls. It requires constant awareness to combat, and patience with ourselves when we lose the struggle. Allowing the yetzer hara to dominate is part of our very flawed and very meaningful human experience. Finding balance with the yetzer hatov is an integral step on the path, as well. The story of Esau and Jacob is one in which both forces play prominent roles. Our holy Scripture reminds us none are exempt from such challenges, and stumbling is inevitable.

    To all our citizens, and especially to Raikoro, our soldiers, police and prison offers, our Government MPs and all those who are supporting Kahiyum and Bai, let this be a lesson to all of us. Our hunger for physical and spiritual comfort can influence how we see things, how we make decisions and how we live our lives everyday. Many have tried to justify the 2006 coup, the fraudulent elections, the tortures, murders, and all the evil that has happened since then simply because their hunger has been satisfied somewhat. Like Esau, many have sold their birth-rights for a single meal. For the momentary comfort and satisfaction of money, roads, and freebies, they have sold our faith, justice, freedom, ethics, our Fijian identity and our birth-rights in our own land. The yetzer hatov or negative drive has struck many of our people with a devastating blow. Fiji as a whole, and especially our native Fijian society has suffered a death blow.

    To Raikoro, Milamila, and others, we can argue about the pros and cons of Khai and Bhai’s evil dictatorship and current tyrannical leadership until all the crabs and mongoose and pigs come to Albert Park or Vunidawa. Absolute truth cannot be debated. It is not subject to controversy, neither can it be derided by ignorance, nor be distorted my malice. Fijians have traded our birthright for the momentary comfort and security of a single meal. It is not weakness to admit our wrongs, but wisdom. It is not events that dictate history, but human choices and human inclinations. We need the moral clarity and discipline that enables us to see clearly, think clearly, and act wisely in order to turn our national ship of state away from potential destruction. May God help us. Vinaka.

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