Forced to come clean

Bainimarama has been defying demands from political parties to release the full Audited Accounts for the period he has held power but now he has quietly released some audit statements. He must be feeling the pressure.  The rival parties must be getting through to the voters. People are starting to realise there must be something to hide.

The oldest of the reports, the 2007 audited statements, shows it was signed off by Eroni Vatuloka (remember him, he used to be Auditor general until he “resigned” after he decided he would investigate Bainimarama’s leave pay-out). Vatuloka’s sign-off was sat on for nearly 6 years.  Why was this?  Bainimarama seized power in the name of “transparency” but he refused to handover all of the normal documents and compromised the independence of the Auditor General’.

There’s a lot to go through in these reports and all parties will be combing through them for facts. Try this for a start. It is confirmed that the economy shrank by 6.6% in 2007, by 0.1% in 2008, by 2.2%, or 3% or 1.9% in 2009, and grew by only 0.3% in 2010.  The figures change as it seems there’s been on-going recalculation of the output of the economy to try to make them look better, but they show the devastation the coup has caused to the economy.

Coup4.5 has all the details.  Download and start reading, then BLOG, BLOG BLOG.

Coup 4.5

 

26 Responses to “Forced to come clean”

  1. Audited accounts Says:

    What do AG’s chum inthe form of Deputy Governer of Reserve Bank, The FIRCA boss, former Commerce Commission boss and now a FF candidate, the FIACAC have to say now. Arif was so adamant that Economists (apart from Mahen Reddy) are all wrong. Maybe he shoud go back to secondary school and learn basic accounting. I can suggets a few good accounting and economics teachers to him if he cant find one.
    Can AG tell us why is there 2 different policies. One for all-even the smallest of smallest NGO, and club to get all paperwork in place for registration. And, mind you, we have a government that cant even gets its accounts audited!

  2. faruk Says:

    These accounts have been left for too long out of the public eye so will have to be scrutinized and verified carefully against published and officially stated figures and policies during the first year of the illegal regime. It will be a painstaking job but someone’s got to do it for 2007 and subsequent years to 2013, for the sake of establishing the real footing of where exactly are we in 2014. The sooner this is done the better and I won’t be surprised there will be some glaring gaps and discrepancies in comparing it with some of the ‘as at’ balances sheet figures right now. Whilst the regime needs to be accountable and taken to task for those indiscretions, what is more important is establishing our true position right now and designing corrective measures to bring us back to the right trajectory so to speak.

  3. james Says:

    @ Audited accounts aka Neelesh Goundar

    Maybe, you should first understand how GDP is calculated. Go and check the data again. The GDP numbers for the current year is only finalized towards the end of the following year. Secondly, the official numbers are released by FBOS and not RBF.

    By the

    Thirdly, some of the numbers quoted is from the old base and had to be revised as its was not representative of the economis structure.

    Forthly, pls go and review the IMF reports and you will note that they had projected the economy to grow. Even ADB made similar growth forecasts.

    Fifthly, tell you bullshit NFP leader that you can buy 2 chicken when vat is reduced to 10%, so tell him to go back to class 5 maths.

    Lastly, RBf is saying the economy is growing for the fifth consecutive year since 2010. Isn’t that correct unless you can’t read the data. Pls go have your eye sight checked before you go and learn basic economics from a Form 3 teacher.

  4. Lawrance Says:

    Its not Neelesh goundar who put the post, it looks like Kamal Iyer, who has a big mouth and never understood economics. Maybe, his leader should teach him how to read economic data which an accountant will not be able to teach.

    But we all know his leader does not know basic maths.

  5. USP Says:

    It seems odd that NFP is quick to pass accussations of the auditor generals report without understanding it. Issuing press releases left and right does not mean you are correct. Making the loudest noise does not mean you will be heard. Throwing the dirt on other people who had no input on the Report just shows NFP is sinking. Biman who professes to be clean in his campaign is showing his dirty side as he did at usp.

    RBF in my view is the most qualified institution to speak on the economy. Not my colleagues from usp who think they are too smart but have never really understood how to interpret or analyse data.

    The savings from vat to buy 2 chickens instead of 1 clearly illustrates that their is a bag gap in the understanding of people who pride themselves of being called professors. Imagine if they had said the same thing in a developed country. I am sure the so called professor would have been asked to go back to first year under grad program.

  6. not an economist Says:

    I could not help but laugh at the post by audited accounts.

    I feel that he/she needs a lesson in economics and there is no better person that Arif from RBF. Pls provide your details and I will arrange for a private tutorial free of charge as it is clear you can’t digest the fact that arif is more sharper and knowledge than you or your master. I suggest that you ask Ms caroline curry of ADB office here in suva as she herself told me of her extreme respect for Arif. I also heard similar comments from one of the expatriate CEO of a commercial bank.

  7. annon Says:

    How can the economy contract by 2.2%, 3% or 1.9% all in one year that is in 2009?

    That’s the problem when people do not understand how to read data.

    Rbf records show the economy contracted in 2009 by 1.3% due to GFC. Their records also show that the economy rose in 2008. These information is also on FBOS’s website.

    Another mischief reporting I suppose.

  8. Jone Says:

    Sorry to dissappoint Audited accounts but to my knowledge the deputy governor is one of the sharpest economist in the country. I know that first hand as I studied with him while at USP for the MBA program where his GPA was close to 4.5 and he taught the rest of us must simplier than even our lecturers. He even taught us some new ways to answer some of the complicated maths problems in a very easy way.

    So I will say to you, go shove the biggest vudi up your rectum and cry till you bleed cos your cheap shots will not sway people like me.

  9. Aunty Says:

    Its less than 4 weeks to the elections and the writing is on the wall that FLP and NFP will not be in parliament.

    FLP to nominate less than 50 candidates means that they are struggling with support from the people. NFP on the other is getting coverage in the Fiji times due to Biman’s girl friend cum reporter giving him some space on a few pages. However, the attendance to his rally has been worse than ever with no meeting having more than 20 people in attendance. Feedback from the west and north has been giving biman a headache and he may be looking at covering himself in a sari soon in shame.

  10. Banta singh Says:

    Latest news from NFP is that YP Reddy is giving another 5 figure donation to the party. However, attar, raman pratap, parmod rae and parmod chand, dor sami naidu are thinking of kicking Biman out as party leader as biman is giving too much credit to tupou and Adi Eci.

    These 5 stalwarts are telling biman that less than 1% of the itaukei votes will come NFP’s way as NFP has never done anything for the people.

    However, biman is hoping that the 5 don’t get enough votes so that they don’t get into parliament. Biman’s favourite is Sunil, faizal koya and bimal.

  11. Bobby Says:

    NFp can go and climb the tallest mango tree and commit suicide by jumping from the tree as it will not be in Parliament this time around. I have personally told its con leader who lost badly inthe 99 elections.

  12. Telu Says:

    Can we pls have an economic debate between NFP and RBF.

    NFP can bring usp academic Neelesh goundar as its towel man and kamal iyer as its 2nd assistant.

  13. Panapasa Says:

    NFP is just good at talking from the sideline. Pls go ask former usp students and they will tell you which female students had “links” and “correlations” with Biman and Sunil.

    Sometimes there was “autocorrelations” between the 2 usp academics.

  14. KB Says:

    If Indian want to have a say in the next parliament, they should vote for FLP, since Labour is now a Indian party and SODELPA is the Fijian party. Lets face it – the Indians will not vote for SODELPA and most Fijians would vote for SODELPA.
    That is how the SODELPA/FLP coalition should work.
    FLP should have enough seats to help SODELPA go over the top with a total 26 seats or more. If FLP withdraws its support then SODELPA falls.

    That way regardless of how “racist” a few of the SODELPA leaders may seem to be – they cannot go against their coalition partner FLP, because FLP can then bring down a SODELPA government.

    That is why the SODELPA/FLP coalition is the best deal for the Indians.

    It is in the best interest of the Indian community to vote FLP and make sure this coalition forms the government.

    You don’t know when the FF will turn on you – or what if the FF only supports some elements of the Indian community – those that it benefits from such as the businessmen and the friends and family of a few other Indians who are in the FF.

    Self Interest says vote FLP.

  15. journalist observer Says:

    What is seen here are barely disguised self-exclaimed accolades for Arif by his close buddies or Arif himself. Arif is no different from the current bunch of sycophant executives in RBF, Finance, FNPF and FIRCA. They are so pliant and bendable backward and forward that they are more of spinners for the regime than ever witnessed before in Fiji. From the 87 coup to 2000, these institutions were always in the backdrop quietly churning out their work and speaking, if need be, with candor and more on the conservative side of things. Cannot say anything about this lot. As a journalist now working and living abroad, looking back, I cannot help admire that caliber of officials back then. Maligned as they were from the likes of myself, they stuck to their guns with grit and came out reliable, honest and steady through thick or thin. Just watch these current lot of regime lickers if there is a change of Govt, I’m sure they will switch to more candid-speak and talk data/figures as they really are. And not as they purport it to be right now, with their lips stuck to Aiyaz and Frank’s buttholes.

  16. Turanga Says:

    Journalist observer aka Kamal iyer

    Anybody that disagrees with your leader, aeroplane, you accuse them of being regime backers.

    Your leader does not know that a 5% reduction in Vat is around 50 cents and not $10.00.

    So go and bark NFP is finshed. As for RBF,Finance,FRCA staff they are more knowledgable and smart than you leader whose phd is on rice in dreketi based on cooked figures.

    But you would not know.

    Can you also tell us what has been your record as GS for NFP?

    Its a big zero.

  17. Smart Ass Arif Says:

    Fiji Reserve Bank Boss: Another of that Khaiyum-Islam Choice Minces His Words on Fiji’s Economic Growth!

    Was the article badly written? Or is it that this Arif Ali, is another of those long list of Muslim elites in Fiji that has taken control of vital government portfolios? Arif Ali in the comment below appears to be taking everyone on a $$$ merry-go-round. The article is not only confusing but vague. No matter how much this new Reserve Bank man tries to ‘cook the Fiji-Finance books’ we all know why. So cut the story short Arif Ali and tell the Fiji people the truth. Or should we say you are also related to that dodgy woman Nor Bhano Ali? The quicker all these Alis go the better for all of us. There are too much lies about Fiji’s income and losses! Fiji people are not gullible anymore. Save your stories for court.

    Read an excerpt of Arif Ali’s comment;

    “We do acknowledge debt has risen but I think it’s important to note that debt has risen by almost two-thirds of what was in the comaptible seven year period before that. I think the other important thing to note when you compare debt to GDP ratio, thats below 50% right now,” ~Arif Ali.

    and this…

    29 Days:

    Given the reckless borrowing by the BaiYum regime from 2007;- the Government Debt Repayment Commitment (Principle + Interest) now stands over $500m annually which is equivalent to 30% of Government Revenue.

    Clearly demonstrates the excesses and reckless financial management of BaiYum.
    http://www.finance.gov.fj/s/annual-financial-statement.html

    Pray Arif Ali [Fiji Reserve Bank] Tell Us: “More on the Offshore Accounts of Bainimarama and Khaiyum.”

    It is now known that the Offshore Accounts are in Jamaica, PNG, Geneva, Indonesia, Fiji, USA and Hong Kong. They also have apartments and properties that are given to Family members through this Family Trust so that when the time comes for them to declare their assets these will not be shown, that is, if they are going to declare any assets for that Matter. There are a few more accounts to be made known when the time comes. It is also known that Khaiyum has Accounts and Properties in Australia and New Zealand through his parents. All this is known and it is up to them to declare it or face the consequences.~

    also…

    Also care to inform which 3rd Rate Islamic Malaysian university Arif did his Bacehlor’s degree and Islamic fundermentalist degree from? Anyone (even those without a Bacehelor’s degree) can enrol for USP’s MBA programme.

    Beware Fiji is becoming an islamic state and they will behead all those who go against them-like in all islamic countries.

  18. Turanga Says:

    Another comment by kamal iyer the not so smart ass. Pls go check arif’s credentials. Maybe, ask your kaput leader to have a debate with him.

    As for the quote on debt, pls go check the IMF mission report.

    Guess you can’t read that.

    As for the university in Malaysia, I suggest that you check its ranking against USP and you will know which is the 3rd grade uni.

    The bottom line is Biman does not know what is the savings from Vat for 1 chicken. That’s a fact.

  19. Biman for PM Says:

    What all these comments by pro-regime bloggers have confirmed is that the only way the Bainimarama regime could make the economy grow was by playing with the figures.

    Annon says: “how can the economy contract by 2.2%, 3% or 1.9% all in the one year”? All 3 figures are in reports which are kept from the public. The 1.3% you say was shown by the RBF governor andthe statement that it was due to the GFC followed the sacking of RBF Governor Savenaca Narube and the installation of a puppet RBF governor.

    How could the economy do anything other than shrink when the output of sugar was cut by half.

  20. Turanga Says:

    Confirmed that Biman’s right cherry is putting all this post. The truth is that Biman is running scared. His professionalism or the lack of it has now b ecome apparent. If he knew bit of economics, he would not have made the blatant mistake of taking the real economists.

    Now that it is confirmed that debt level is actually $3.8b, much lower than their lies and the net debt/deficiot much lower than the previous regime, they are running and behaving like spoilt brats throwing tantrums.

    Biman lost the 99 election badly and latest indications is that he is going to get another hiding.

    Biman can go become the pussy mama (pm). This is the begining of the ending of Biman and NFP.

    By the way, the reason NFP is not in parliament since 99 is because Biman and Wadan advised Reddy wrongly. Had they accepted the proprotionate representation, NFP would have been in Govt with SVT.

    More on Biman and his side kicks soon.

  21. Sunila Says:

    News just coming to hand is that a few top NFP politicans almost had a fist fight as they are not happy with its top brass.

  22. Sodelpa Says:

    How can Biman be the PM when he is unlikely to be in Parliament!

    Joke of the century.

  23. Noa Says:

    Biman’s sidekick

    How can u on one hand use the auditor generals GDp growth rate to say the economy has not grown and on the other say that the growth rate does not make sense.

    The auditor general does not forecast or make statements about the state of the economy. NFP is therefore parking at the wrong mango tree.

    Biman said the economic forecast for 2013 should not have been increased from 2.7%. The imf said that the economy is estimated to have grown much faster than that. The rbf governor estimates growth to be around 3.6%. The FBOS will release the final actual number. Biman will not be happy as all indications that nothing is going his way.

    I predict NFP to get only 4% of the votes.

    So forget being in parliament and forget that the party will ever rise again.

  24. Arid and crowd Says:

    Aric and team from RBF who hog this blog site, get your flights to Middle East NOW, You will need to hide very soon.

  25. noa Says:

    Biman and his racist sidekicks, If you can’t take the heat get out of the kitchen.

    Your racist comments will not win you votes. Your true colors are out.

    An rbf friend told me how Biman was told off at a usp seminar last year after presenting bullshit data. There is confirmation now with his Vat and chicken story that he is indeed a 3rd grade economist.

    As a former usp student, I am ashamed at Biman and his ball boys who will suck up to him.

    NFP is becoming sodelpa. I hear there is a marriage being talked about behind the scenes.

  26. Tomasi Says:

    Thank you for the useful comments above. But first I think we must ascertain the authenticity and accuracy of these Audited Accounts. That must precede any analysis we wish to make. In terms of the reliability or validity of these reports, I think it is safe to say that we should not lend it much credibility. Just think about it for a moment.

    Firstly, how it is silently being pushed under the door into the public domain without any official announcement. Its an important document that we are all waiting for, yet no announcement. No music. This is not how they would usually do things to mesmerize the gullible public. Very suspicious? I agree.

    Secondly, the length of time it has taken for the reports to appear. Why the long wait. Is it because of political expediency and vote buying or the need to perform an extreme makeover on the documents? This is a real possibility given their expertise in doctoring documents, don’t you think?.

    Thirdly, why didn’t the Finance Minister or his PS not make any announcement? Oh I see. They have both disqualified themselves from being neutral servants of the Fiji public. They are both standing for election on the Franky First Party one way ticket to Naboro. Yes, but why can’t one of them make the announcement given its importance to us the public and to the nation as a whole? Are they so guilty about something that no one wants to make an announcement. This is excellent CIA/QORVIS style.

    So folks, what must we do? I suggest one of us ordinary members of Vorere’s banana dictatorship ask one of our monkey leaders to explain the notes being pushed under our doors so to speak.I know, they will lie again, but at least we can still hold them accountable later on for the 3,569th lie and deception they have committed during their illegal reign here in Bhainana Land.

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