FNPF management and Board were quick to release a press statement from their nicely air-conditioned offices saying that those affected by the recent flood will not be able to have access to any flood assistance funds from their own money parked at FNPF.

But during Frank’s walk- about visiting the flood victims, his heart pacer must have skipped a beat with compassion seeing his potential voters suffering from the attack by unarmed rain terrorists his newly promulgated Public Order Decree could not safeguard them from.

Frank was seeing reality on the ground while those arm-chair executives at FNPF were more worried about trying to keep their ledger book balanced after thieving Frank, Aiyaz and Dave Flieger recently raided their vault with the US$200million loan to Air Pacific and now the $195million government paper bond issue they’re forcing FNPF to take in exchange for FNPF suffering members hard cash.

So far, no further announcement has been forthcoming from that FNPF pro-regime mouth-piece Wainikiti Bogidrau to retract their initial statement over-riding it with Frank’s wish.

Meanwhile, FNPF pensioners are still reeling from the devastating effect of their own deluge after Frank and Aiyaz forcefully stripped them off their contractual pension funds they’ve been surviving on for the past years.

Frank and Aiyaz have taken away their right to seek redress in court forcing the grey power movement to revert to blogging as their only other avenue to share their misery.

And we say – hang on in there pensioners, justice will prevail!

This report from Radio New Zealand.

Fiji’s interim prime minister, Commodore Frank Bainimarama, says the Fiji National Provident Fund will assist some flood affected families.

According to FBC News, Commodore Bainimarama has told people in Semo village that assistance will be available from the fund but only for those who were in the worst affected areas.

The FNPF had earlier in the week stated it would not provide flood assistance like it did in 2009.

Commodore Bainimarama has been visiting the west of the country which has suffered serious flood damage.

News Content © Radio New Zealand International
PO Box 123, Wellington, New Zealand

http://www.rnzi.com/pages/news.php?op=read&id=65805

Ousted Vice President, Joni Madraiwiwi was the chief guest.

Deposed Prime Minister Laisenia Qarase was also present and so was a Fiji Labour Party stalwart, Khrishna Dutt.

Fiji Labour Party leader, Mahen Chaudhry was missing as he is understood to be under some kind of medical trip outside of Fiji.

Certain members of the Diplomatic Corp were also present and so was Aiyaz Khaiyum.

Tyrant Frank Bainimarama was absent and sources say he was in Namosi meeting the disgruntled landowners there who are demanding that Newcrest Mining company leave their land alone.

They say Frank was also distracted by the negative publicity he was getting from his regime’s slow response to the flood that completely destroyed Western towns and farms.

Was Frank’s absence a set-up?

We think so.

We think Frank did not really want to be in the same room as Qarase and Madraiwiwi and he also wanted to gauge from a distance where the key politicians stood in their deceptive initiative to change Fiji’s Constitution using his unaccepatable coup platform to drive it.

After all, it was these same politiking men who slept on their jobs back in 2006 and allowed Frank to have free reign over his coup idea.

Frank gave them more than enough warning but neither Qarase nor Madraiwiwi was a true leader material to make that tough call and to use their powers to immediately arrest and isolate Frank to avoid him from committing treason.

Madraiwiwi is known to have averted Qarase’s request to arrest Frank saying something along the line that he believed Frank is not the kind of person courageous enough to do such a thing.

And how wrong Madraiwiwi was in his pathetic assessment by giving Frank the benefit of the doubt after soo many threats of a coup from Frank himself.

Qarase on the other hand did not take the risk of arresting Frank anyway to ward off the impending coup d’etat.

 Qarase, Madraiwiwi and past President Iloilo, who depended on the advise given to him by Qarase and Madraiwiwi, all failed the people of Fiji and we think they don’t deserve the peoples trust to depend on them ever again as possible national leaders.

We think they’re better off in retirement or carry on with their advisory role in the public/private sector  and not to return as key leaders of Fiji as they will be spectacularly out-voted by the majority of Fiji Islanders who are dying for a true leader who can make tough decisions.

They were given a chance to lead the Fiji peoples but they stuffed them up real good and Fiji Islanders are still stuffed right now because of the lack of good leadership qualities in them.

Anyway, Frank’s absence at Holiday Inn was a trap for Qarase, Madraiwiwi and others present.

Their sheer presence (whether they know it or not) meant they were in agreement with Frank and Aiyaz’s trickery to change Fiji’s 1997 Constitution in a dishonorable manner outside of parliament lending credence to Frank’s coup d’etat of 2006 and the illegalities that followed.

Their presence also sent a message that they no longer have faith or honoured the Appeals Court decision that ruled Frank’s coup as illegal.

It also means that they’ve somehow accepted the purported promulgation of the 1997 Constitution during Easter weekend of 2008.

Simply put, they have all agreed to come under Frank and Aiyaz’s new illegal order by compromising their moral high ground and stooping very low with the likes of Akuila Yabaki to knowingly or unknowingly legitimise Frank’s coup.

And we say, shame on you all!

It’s no secret that Akuila Yabaki’s Citizens’ Constitutional Forum is a professional lobby group sponsored by  the European Union, UK Department for International Development (DFID), Misereor, EED, the Finish Embassy in Canberra, and AusAid.

It is also a money earning initiative (a real job) for a rejected Methodist Church priest in Akuila Yabaki.

One simple question everyone should be asking is – if Akuila Yabaki and his CCF team (and other NGOs for that matter) are soo passionate about implementing an ideal Fiji Constitution, why haven’t they bothered to form a political party and contest a general election where they can advocate their fanciful Constitutional  ideas as their party manifesto at their own cost and not from overseas donors?

We say, put your own money where your big mouth is Akuila Yabaki and CCF and stop fooling the people with your blurbs to justify getting funds from overseas donors to finance you and your brainwashing methodologies.

Stand for election backed by your savings or else, shut up!

We say, resurrect the sleeping 1997 Constitution and make changes to it in the most civilized and legal manner already allowed for within the Constitution i.e by 2/3 votes in parliament.

No one is above the law including Frank, Yabaki, Qarase, Madraiwiwi, Dutt and whoever else was present in Holiday Inn that evening.

It is the role of true leaders to show the people how the law of the land must be respected and upheld at all times, even during conflicts when everything else seem to make it redundant.

The challenge now for true Fiji leaders is to resurrect the 1997 Constitution in a peaceful manner, no matter how long it’ll take, for not Frank nor Aiyaz and their supporters have the power to defend themselves from the peaceful resistance of patience, long-suffering and non-violence.

They are getting caught in their own lies, and they will eventually lead Fiji to bankruptcy.

And so be it, for every Fiji man, woman, youth, child and their dog need to learn that usurping authority illegally through a coup have far-reaching destructive consequences that no one will ever wish for again.

Every Fiji Islander must feel the coup bite in their daily lives to appreciate how wrong and immoral a coup is.

It’s not until everyone suffers during coup famine times for people to learn from the mistakes of a coup,and  only then can a true Constitutional Revival ever take place in Fiji.

We say, let Frank and Co. do their thing because we know and believe what the law says about this things, “everything have a season,” “what goes up must come down.”

Neither Frank nor Aiyaz can guarantee that their tormented worried hearts will continue pumping this time tomorrow.

They don’t have the powers to control life, and not even their own, therefore, they don’t have powers to control your life.

So live freely, live righteously and live truthfully and stay away from wayward law-breaking ambitions of man.

Jale Baba was SDL party’s controversial General Secretary whom sources say embezzeled large sums of money while he was in office.

Sources say he was also well known for his womanising and ended up impregnating a young lady who worked for him as a volunteer in the SDL office.

Information sent to RFN say Jale Baba was also involved with Peter Foster, a well-known con-man who was initially used by Frank & Co. to infiltrate the SDL party.

Peter Foster later released video recordings from a hidden camera he set up while having private discussions with Jale Baba and another SDL advisor, Navi Naisoro, at a hotel room in Suva.

Sources say Jale Baba received money and other perks from Peter Foster for passing on SDL information.

Team Frank used that video recording to nail Jale Baba, Navitalai Naisoro and the SDL party accusing them of rigging the 2006 election.

Sources say that Frank & Co. returned Peter Foster’s favor by “accidently” releasing him from his house-arrest in Denarau.

Foster reappeared in Vanuatu after he was ferried there by a yachty only to be recaptured by the Australian Police, wanted in Australia for some other sophiticated con jobs he did which has resulted in his jailing.

As for Jale Baba, these sources say he seem to be following Peter’s footsteps and is now a declared bankrupt for his corrupt practices and conning.

It is understood that Jale Baba is now lending his support to team Frank by propagating alongside Sharon Smith Jones in his spare time.

Jale Baba remains unemployed and is believed to be squatting in a settlement.

Will team Frank give this SDL con-man a full-time job?

He might – to reveal all the SDL crap he was party to!

And he did a good job of it by entering the danger zone at the height of the flooding and even assisted in the evacuation process.

His good samaritan pictures were plastered on his propaganda Fiji Sun newspaper and Fiji government website.

He even used the flooding as an excuse not to attend the Pacific Forum Leaders meeting at PNG but instead, he sent his side-kick Aiyaz Khaiyum who was later dressed down and put in his right place by those democratically elected Pacific leaders.

Frank’s attitude towards the recent Fiji flooding have somewhat changed.

He was not seen wading through the flooded towns in the Western side of Fiji, nor was his Qorvis Communications spin doctors or his other mouth-piece Sharon Smith-Jones tweeting or churning out pictures of a hands-on dictator reaching out to the flood-stricken locals.

That Qorvis woman, Tina Jeon ditched her luxurious tweeting boat ride with the dictator.

Accompanying the dictator through muddy waters is not her thing, she only wants the touristy type of boat ride and getting her hands and feet dirty with flood debris is not part of their US$40,000 per month PR terms of engagement.

They all remained silent during the deluge.

What happpened cranky Frankie?

Well, it’s not too hard to speculate on the main reason behind his slow reaction.

For starters, he as Fiji’s Minister for money is now scratching his head on how and where he will find the extra money required to rehabilitate affected people and areas in a flood that took everyone by surprise causing damages that is more severe than recent ones.

His free for all spending habits have emptied the public kitty long time ago and he has been borrowing heavily to fund his regime’s activities.

He borrowed FJ$500 million in bonds alone last year and is again borrowing $195million local bonds as we blog.

Actual total borrowings todate remain hazzy due to his refusal to publicise the Auditor General’s report and other unreported loans he’s been getting from China.

His 2012 budget is an unsustainable one with major revenue centers like direct taxes and indirect taxes on VAT and Customs expected to take a nose dive this year with dimishing activities in the private sector due to his incoherent policies and corrupt, non-transparent processes, punctuated by a compromised judiciary heavily influenced by the whims of Frank, Aiyaz (and Nazhat).

Business people feel they’ve been ostracised by his overly socialistic budget aimed at killing the hen that lays the golden eggs, and they are getting tired of working the engine room for the unappreciative megalomaniac dictator and his deceitful right hand man, Aiyaz Khaiyum.

Most of them have either packed up and left to invest elsewhere or have simply down-sized their unprofitable Fiji operations.

Yesterday, Frank launched his unappealing flood appeal, well after his “unco-operative enemies” (as he like to call them) Australia and NZ gave their pledge to donate $1million on Australia Day.

Are we to expect another tea party fund-raising appeal at his office soon like in 2009? Or are we to expect a blue-label whisky party?

tsk..tsk…tsk…

http://rawfijinews.wordpress.com/2009/01/20/cartoon-for-aid-seeking-frank/

in places around Tavua, Ba and Rakiraki there are settlements which have been without water and electricity since Sunday – they have also been cut off because of the flooding.

most of those families are rural farming families – and they rely on firewood and kerosense and gas to do their cooking

but with the houses underwater and with no ability to go out and fetch food and clean water, starvation is now starting to set in

they are completely cut off – even mobile phones are unreachable because the batteries have died for not being recharged

in the urban areas they have had no electricity since Sunday also – which means that all the food in the refrigirators are now probably bad. they also have no water.

rain is forecast to carry on into the weekend.

it appears that there is no coordination – i thought that the RFMF would have been out there from Sunday when this thing started – they should have been deployed to start work immediately when this thing started on Sunday/ Monday and it was clear where it was heading – they should have been using fibreglass to move around and go to houses in every single settlement and village under water and either take them out to evacuation centres or provide them with tinned food and bread

the weather office also did not give any warning over the radio – those people out West were not prepared for the flooding which has now happened. it looks like the weather office hid this information from the general public – the day before the bad weather hit the North there was very inadequate warning on the radio – they said there would be rain and that was it – but within 24 hours after that, when that system hit, they were talking about a “cava” (i.e hurricane) on radio fiji’s itaukei station.

we have never had flooding on this scale – in the past the rain eased off after two days and that sort of thing.

this weather pattern is new for Fiji – the rain is forecast to go into the weekend. thats 7 days and night of heavy rain non stop.

they had 300 mm of rain in Nadi within a 24 hour period – thats a massive deluge. normally Nadi averages 172 mm per month – even  the best flood mitigation measures in Nadi wouldn’t be able to stop a flooding with that kind of deluge.

and its ongoing - it hasn’t stopped.

these are weather pattern variations which we simply have to prepare for – its now coming every year around about this time.

this morning its starting to rain in Suva as i am typing this post – its very overcast with heavy cloud cover overhead. 

Just a few days ago, everybody were going gung-gho over the junta’s extreme fear of being terrorised by some “terrorists”.

Fiji’s dictator and his law maker Aiyaz Khaiyum went all out  trying to protect their turf by calling anyone and anything “suspicious” as potential threat to their rule by bluff.

Unlimited powers were given to any member of the military to arrest and detain by force any person(s) they view as a hazard to the military regime.

Aiyaz and his decree scribers thought they have a water-tight Public Order Act that will keep them safe and sound from these “terrorists”.

Last weekend, there was an uprising in Fiji, but in a popular entertaining manner as exhibited by the many people that flocked to the National Stadium in capital Suva to watch the Uprising rugby tournament.

The unexpected happened when an underdog team won the big price over the newly selected Fiji team.

Nothing more happened from that rugby uprising, neither did it invoke any part of that newly promulgated Public Order Decree that may have been a cause of alarm to cowardly Frank and Aiyaz.

And then another uprising happened, this time from the heavens when it opened up with bucket loads of rain hosed down onto the Fiji dwelllers, more so in the touristy Western division.

This rain uprising have somewhat kept the regime thinking again as to how they should apply their new Public Order Decree.

The rain has created havoc to the masses the duo are pretending to be overly protective of, yet they are not sure whether to make a State of Emergency call or not because the “terrorist” don’t have guns like them but rain and lots of it.

One thing is for sure though – that rain uprising happening in Fiji right now only serves to show team Frank how fragile and insignificant they really are.

Let’s sit back and watch them as they are about to roll up their sleeves to start their real “clean up” campaign with the mess that’s before them now – thanks to the uprising by the rain terrorists.

And watch how their spin doctors will now use the flooding there to try and raise funds from compassionate donors, all in the name of assistance towards the flood stricken Fijians, but with the hidden motive to channel any money received to finance Frank and Co’s military regime.

Beggers can’t be chosey aye Frank and Aiyaz? Bring out your beggers plate!

Fiji’s economic freedom score is 57.3, making its economy the 105th freest in the 2012 Index. Its overall score is 3.1 points lower than last year due to considerable declines in property rights and freedom from corruption. Fiji is ranked 18th out of 41 countries in the Asia–Pacific region, and its overall score is below the world and regional averages. Fiji recorded the fifth largest score decline in the 2012 Index.

Performing notably worse across the 10 economic freedoms, the island economy is no longer one of the “moderately free” economies in the Index. The quality of the judicial framework has deteriorated considerably, severely hampered by the lack of judicial independence or any strong political will to eradicate corruption. With the judiciary becoming more vulnerable to political interference, corruption has become a serious cause for concern and undermines the foundations for long-term economic development.

Regulatory uncertainty and the lack of effective open-market policies continue to cause economic stagnation. Public debt has surpassed 50 percent of GDP, a level higher than that in most regional neighbors. Inefficient government-owned enterprises in sugar, electricity, and transportation significantly impede fiscal stability. Monetary freedom remains constrained by state meddling through price controls.

Rule of Law

Protection of property is highly uncertain. The backlog of cases is significant, and there is a shortage of prosecutors. Government actions undermine the judiciary’s independence. Obtaining land titles is difficult, and the enforcement of intellectual property rights is inadequate. Limited accountability for corruption and lack of effective disciplinary processes pose challenges to entrepreneurs.

Read and see more data here http://www.heritage.org/Index/country/Fiji

These are photos sent to NaDraki by Nadi dwellers. Thanks to NaDraki, Viraj Khatri, Krupesh Patel for these photos.

“As the next step on the path to Fiji’s 2014 elections, selection of a highly-respected international partner such as CODE Inc. will ensure all segments of the Fijian population are properly registered to vote,” said Attorney-General and Minister for Justice Aiyaz Sayed-Khaiyum. “For the first time in Fiji’s history, the 2014 elections will feature true universal suffrage—one person, one vote, one value—and it is critical we get it right.”

The Fijian Government chose CODE from among 11 proposals, consisting of four Fijian firms and seven international firms—from Australia, Bangladesh, Belgium, Canada, Spain, and two from the United States. The decision process took more than three months, with presentations and extensive question and answer sessions.

The Ottawa-based firm further distinguished itself through its cost proposal and by offering local knowledge transfer, through which they will educate Fijians on best practices for voter registration. The EVR process will cost approximately FJ$4 million.

Over the past 20 years, CODE has worked with more than 65 countries worldwide to deliver support of their registration programs. CODE recently completed the registration of more than 800,000 voters in Gambia in preparation for the country’s 2011 Presidential Elections, and the successful registration of 1.5 million Kenyans at 1,600 registration sites in 18 of Kenya’s 210 voting constituencies.

Fiji’s projected voter base is approximately 660,000 voters, aged 18 and up. The Attorney-General says the lowering of the voting age will ensure the young adult population has a say in the upcoming Parliamentary elections.

In choosing to use EVR, Fiji is following recommendations made by the European Union’s report on Fiji’s 2006 elections, which cited irregularities with voter registration and voting practices, such as 101% voter turnout in one constituency, and the disenfranchisement of certain voter groups.

Fiji has sent out invitations to the international community to participate in the EVR process by way of financial assistance; however, so far no countries have opted to participate.

SOURCE Republic of Fiji

http://www.prnewswire.com/news-releases/fiji-selects-canadian-firm-to-assist-with-electronic-voter-registration-for-2014-elections-137879768.html

While Aiyaz is spinning his yarn with the help of Qorvis Communication that everything is funky dory in that sinking island state, the truth reveals itself by a consistent negative growth that continue to plague that little island since the December 5th, 2006 coup, which is confirmed all over again by Moody’s, Standard and Poor and other ratings orgs.

Who’se talk will people believe? That insignificant Aiyaz Khaiyum or these expert rating global organizations?

Announcement:

Moody’s Disclosures on Credit Ratings of Fiji, Government of

Flight Centre’s executive general manager, Mike Friend said this increase, imposed by the Fijian Government, is unfair to travellers and predicts it will affect thousands of Kiwi travellers.

“To increase departure tax by this significant amount in itself is unfair, but to give such short notice is unacceptable,” Mr Friend said.

Mr Friend said he is disappointed by the decision and it makes Fiji a less attractive holiday destination.

As a result, all Flight Centre, Student Flights and Cruiseabout stores in New Zealand will give the customers the choice to transfer their deposits to other destinations, such as the Cook Islands, Tonga, Vanuatu, Hawaii, Niue, Bali or Thailand, to avoid paying this extra tax.

All travellers who have not paid in full as of today, will be affected and need to pay the extra FJ$50 per person, on their booking.

http://www.voxy.co.nz/business/new-fiji-departure-tax-unfair-travellers/5/112852

Flight Centre’s executive general manager, Mike Friend says the increase, is unfair to travellers and predicts it will affect thousands of Kiwi travellers.

He says to increase departure tax by this significant amount in itself is unfair, but to give such short notice is unacceptable.

Mr Friend said he is disappointed by the decision and it makes Fiji a less attractive holiday destination.

As a result, all Flight Centre, Student Flights and Cruiseabout stores in New Zealand will give the customers the choice to transfer their deposits to other destinations, such as the Cook Islands, Tonga, Vanuatu, Hawaii, Niue, Bali or Thailand, to avoid paying this extra tax.

News Content © Radio New Zealand International
PO Box 123, Wellington, New Zealand

http://www.rnzi.com/pages/news.php?op=read&id=65652

So far, the landowners are crying foul that Newcrest has reneged on their compensation promises forcing them to protest against the mining company to pack up and leave their land immediately.

Where’s the money team Frank and why haven’t you guys passed it on to the landowners?

Sad to see the possibility of Newcrest getting screwed over by Frank’s corrupt gang considering the amount of investment dosh they’ve already poured into that business venture.

But then again, one should ask why previous democratically elected government weren’t able to facilitate the Namosi mining project.

The Tui Namosi himself was a member Minister in the ousted SDL government, yet he was still unable to get the project off the ground with the influence he had with his SDL ruling government.

It then leads to the question of ,”what made Newcrest believe that things in Fiji will be rosier under Frank & Cos corrupt regime?”

Records show that Newcrest launched their investment interest in Namosi after the coup of 2006.

One can therefore deduce that they wilfully placed their trust in dictator Frank’s leadership to see their venture through only to be hit with a barrage of copper-headed con artists who’ve created untold losses and embarrasement to the rather overly ambitious Newcrest guys.

Tsk…tsk…tsk…

Sources report that he paid 3/4 of the property purchase price in hard cash pointing to a taxpayers money thief who is flushed with lots of cash.

It’s understood that the house sold for $0.5million.

Where did he get the money to buy this other property?

From Fiji taxpayers funds worth $640,000 per annum on salaries alone.

And don’t forget the approximately$400,000 capital gain he got from his Berry Road property sold for an inflated price of more than $800,000 to Tappoos.

That property sale was executed just before he introduced the 10% capital gains tax meaning that he timed his sale and introduction of capital gains tax to suit himself so that he doesn’t have to be subjected to that 10% capital gains tax payment to Fiji Inland Revenue.

And to see that this is the same guy trying to tell the Fiji Islanders to be transparent and pay up their taxes?

From where we are sitting, we can confidently identify a full-fledged hypocrite in Aiyaz Khaiyum!

Landowners in the Namosi district have decided they do not want the mining project to go ahead because of the environmental impact and are demanding Newcrest leave.

The secretary of the Namosi Landowners Committee, Sipiriano Nariva, says they are also frustrated by the non payment of compensation to landowners as promised.

But in a statement Newcrest, which is an Australian company, says there are processes for the landowners to raise any issues they may have.

Newcrest says the process is managed by the government and it is not aware of any non payments relating to the compensation agreement.

No one was available for comment from the interim Fiji government.

News Content © Radio New Zealand International
PO Box 123, Wellington, New Zealand

http://www.rnzi.com/pages/news.php?op=read&id=65632

With the southward trajectory of Fiji’s economy since 2007 (after the December 2006 coup) as recorded by Fiji Bureau of Statistics below, Frank and Aiyaz have pretty much created their own legacy as Fiji’s worst ever leaders who have completely stuffed up that island state with their pathetic financial management skills.

Source: Fiji Bureau of Statistics http://www.statsfiji.gov.fj/Economic/gdp_summary.htm

Fiji National Accounts – Summary Table

gross domestic product summary [FJD]

In late 2011, they announced their Robin Hood vote buying budget that literally penalised the hard working business entrepreneurs for their precious part in trying to generate a robust economic climate in coup coup land.

The high risk takers who own businesses in Fiji were slapped with all sorts of taxes and business fees while the middle and low income earners who are mostly employees to these risk taking business people, but who make the majority voting community, were given attractive discounted tax on their income.

But many knew how unsustainable Frank and Aiyaz’s 2012 budget was with the big holes glaring back at them on the lack of information on just how the junta was going to finance their unrealistic wish list.

Now let’s go back to early 2011 to retrace how the two have been playing money to hide their poor financial management thinking.

In March 15th, 2011 (only 10 months and 4 days ago today), Frank and Aiyaz borrowed US$250 million from the international bond market, to refinance a US$150 million bond issued by the ousted SDL government in September 13th, 2006, of which only US$100,000 was drawn-down as at Frank’s coup d’etat of December 5th, 2006.

But the maturity date of that US$150 million bond by SDL was due in September 13th, 2011, some 6 months later from when Frank was issued his US$250 million bond to square off the US$150 million bond.

What did Frank do with the money between March 15th – September 13th 2011?

It’s anybody’s guess with the Auditor General’s report still kept hidden away from the Fiji public’s eyes by its dictator.

One thing we know for sure though  is that he repaid that US$150 million bond when it fell due in September 13th, 2011, but at a much higher coupon rate of 9% per annum, payable every 6 months (i.e coupon frequency of 2 per year), over the US$150 million bond raised by SDL at 6.875% coupon. Both bond issue were for a term of 5 years.

It means that Frank and Aiyaz’s bonds are nothing but junk bonds for it’s high coupon rate, add to that their recent draconian Public Order Decree among others, against a backdrop of a compromised judicial system, incoherent regulations, corrupt non-transparent systems, etc,etc, and what does it do to their credit rating?

Again, another not soo convincing credit rating result is at hand with future bond issues by Frank and Aiyaz at the international money market expected to attract an even higher coupon rate to more than 10% per annum.

So what do they do?

They’ve decided to borrow from within Fiji, with a hope of a cheaper coupon rate, via their manipulated bond issue instrument (coerced with Kodagoda at FNPF) which is going to have a crowding out effect on the local money market restricting private sector demands for domestic finance, reducing Fiji’s high liquidity status (because investors and business people are not borrowing due to unstable government policies and unstable political climate),  forcing lending rates to customers to increase yet again.

See how they keep on messing about with Fiji Islanders lives and pockets to finance their bluff?

Will be interesting to see which institutional investors will buy into Frank and Aiyaz’s junk bonds with zero guarantee they’ll still be in power to repay them…tsk…tsk…tsk…

This is  Frank and Aiyaz’s military regime’s recent press release on their Fiji Infrastructure Bond issue of $195million ( we assuming it’s in Fiji Dollars) mouthed by their lapdog Filimoni Waqabaca, their Permanent Secretary Finance.

The Fijian Government will be issuing its new bond, called the Fiji Infrastructure Bond (FIB) in the domestic capital market from February 2012.

Government plans to raise a total of $195 million in 2012 through the issuance of the FIB, with maturities ranging from 2 years to 15 years.

The objective of the bond is to fund Government’s capital infrastructure programs that are outlined in the 2012 National budget.

The bonds will be used entirely for key capital projects to be implemented this year, including the:

• construction and maintenance of roads,
• upgrading of ports and jetties,
• continuation of the rural electrification projects,
• upgrading of school buildings and classrooms,
• upgrading and maintenance of hospitals around the country; and
• purchase of new medical machines and equipments as well as Divisional developmental projects.

Ministry of Finance permanent secretary Mr Filimone Waqabaca said the new FIB will replace the existing Fiji Development Loan bonds. Mr Waqabaca said the change reflects Government’s commitment to its citizens and portrays its willingness to develop Fiji’s infrastructure which will promote economic growth and development, improve connectivity and minimize rural-urban migration.

This investment opportunity is open to the general public including individual retail investors, Tikinas, Provincial Councils as well as institutional investors.

By RACHNA LAL

The proposed multi-billion dollar Namosi copper and gold mine has been the centre of discussion recently.
Tension continues between the landowners and the Australian mining company Newcrest Mining, which leads the Namosi Joint Venture in partnership with Japanese interests.
Prime Minister Commodore Voreqe Bainimarama has said he is stepping into lead the discussions – and has made it clear the views of the landowners must be heard.
The Tikina Namosi Landowners Committee yesterday highlighted some of the concerns of the landowners which they believe the mining company was in breach of.
They also said the issuance of the Special Prospecting License (SPL 1420) was done without their knowledge and consent.
In a statement, the committee secretary Sipiriano Nariva said unresolved grievances and what he called an unethical approach by Newcrest over the years had been a major concern for landowners.
“It therefore gives us great concern in the event the mining licence is granted.
“Misinformation is a common strategy used not only to mislead the landowners but most recently the Fiji public as evident in Newcrest’s newsletters, media releases and project information pamphlets.
“We are at the same time deeply concerned about the repercussion of mining to those villagers living downstream in the provinces of Naitasiri, Tailevu and Rewa.
“We are also concerned with the manner in which Newcrest is advocating the Environment Impact Assessment (EIA) when in fact most of the environmental impacts of their prospecting works in Namosi remain unresolved and is still a major concern for landowners.
“To Newcrest, the environment assessment seems to be the solution to all queries raised by landowners and all we have been told was to await its outcome,” he said.
Mr Nariva said they had seen and experienced theimpacts of prospecting works on their land for over 40 years.
“We feel this is enough to assess the environmental and social impacts of mining on their people and our environment, irrespective of what the assessment outcome might be.
In response to these claims, the Namosi Joint Venture said they were consulting directly with landowners and Government through a jointly agreed process.
“The Namosi Joint Venture encourages input from all stakeholders about the project.
“The information we have put out to the public and in our information booklet is correct.
“There is an Environmental Impact Assessment underway with consultations continuing at the end of the month and the process includes extensive consultation with nearby villagers and other impacted or interested stakeholders and a range of studies.
“The assessment will help determine whether a mine can be developed safely and economically and in an environmentally sustainable manner.
“The Government will then determine if a mine can proceed and under what conditions. The NJV will then decide whether to build and operate a mine,” the mining company said.
On the other hand, the landowners acknowledged the benefits received so far in terms of employment opportunities, education assistance, and community assistance.
Mr Nariva said the involvement of NGOs is in no way related to their objective in their initial position that there be no mining on their land.
“It is an insult to landowners for people to say that NGOs should be held responsible for our actions with regards to opposition to the project on environmental grounds.
“It is our land and we are very much capable of thinking and speaking for ourselves.
“We the landowners are very much responsible for our actions and Newcrest should be bold enough to face us and our grievances rather than diverting attention from the real issue.
“In fact we have been requesting for more than two years that there be awareness on the impacts of mining because Newcrest in our view was only informing the people of the benefits of mining. Those requests however fell on deaf ears.
“As a result, it was our decision to seek the assistance of NGOs in order to enlighten the people on the impacts of mining, they were also requested to provide current updates on the impacts of mining from all over the world including our Pacific neighbors,” he said.
Mr Nariva said they have reached a stage where they are so frustrated with Newcrest and Namosi Joint Venture and its activities on their land.
“We have come to a decision to let our intentions known to the whole of Fiji and the rest of the world in that we do not want our land to be mined.
Mr Nariva stated they would be seeking an audience with the Prime Minister to voice their grievances and the decision they had reached communally.

http://www.fijisun.com.fj/2012/01/19/namosi-mine-concern-outlined/