FNPF, FHL, FDB SCAPEGOAT

Frank and Mahen’s very unpopular military regime is desperate to pounce on any scapegoat they can find to justify their coup. And what better orgs to pick on than FNPF, FHL and FDB.

WFC agents say that the investigation at FHL and FDB has taken another twist. This time, their sources have told them that FNPF records are also been scrutinized as FICAC search for paper trail relating to any FNPF withdrawals made by those “selected few elite Fijians”. According to FICAC, these individuals and their family $2 shelf companies were given special preference and colluded with Weleilakeba, Qarase and Foana Nemani of FNPF, in what they are claiming as insider trading, to purchase the $1 FHL shares funded by loans from the then Qarase led FDB. They say that most of them were given an unconventional 100% loan by FDB while few were found to have a security documentation attached to part of their FNPF money.

These insiders say FICAC has found that most of the FDB loan was approved under the condition that the purchased zero value FHL share certificates fully funded by FDB were kept by FDB as collateral with an arrangement made directly between Weleilakeba at FHL and Qarase at FDB to pay the FHL share dividend directly to FDB as loan repayment to make the scheme viable. FICAC is saying that it was a “dirty scheme” in the sense that these so-called “elite Fijians” started receiving their annual 20% tax free dividend return from the first year of their share purchase in 1992 to now, something FICAC claim is almost unheard of in the world of share investment.

Insiders also said FICAC is claiming that the security held by FDB for these “elite Fijians”was way below any bank’s acceptable standard given that most of them were provided with a very generous 100% loan by Qarase.

1992 is a long time ago. The banking and share market were unsophisticated back then and proper regulations to legislate activities in the financial market were undeveloped and untested. But FICAC and this junta is determined to use FNPF, FHL and FDB as scapegoats for their 5/12 coup.

Whether FICAC will be able to prove these allegations by their militarized Police Force and Judiciary is anyone’s guess. For us here at WFC, we will keeping on saying it as it is with updates on the latest happenings from Frank’s coup clux clan camp.

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