THE MISSING MIDLIFE INVESTMENTS FILE: AIYAZ KHAIYUM OWNS IT!
Fijileaks: By declaring LOT 13 to be worth $80,000 in 2015, 9 years after he purchased it for $100,000 from Faiyaz Koya and three others, Aiyaz Khaiyum committed an offence under his own
Political Parties (Registration, Conduct, Funding and Disclosures) Decree 2013
15 March 2005: Aiyaz Sayed Khaiyum (99 shares) and his mother Latifa Khaiyum (One share) formed Latifa Investments Ltd
31 May 2005: Particulars of mortgage: $284,000, Property Mortgaged, Lot 1 on DP 1280, Certificate of Title No 66993, with ANZ Bank
23 August 2006: Four months before Khaiyum suddenly bolted out of the blue as the interim Attorney-General and Minister for Justice, Latifa Investments secured a new mortgage of $675,000 on the same above land title with National Bank of Fiji (NBF), trading as Colonial National, Fiji
15 August 2006: Aiyaz Sayed Khaiyum (99 shares) and his mother Latifa (One share) formed Midlife Investments Ltd to facilitate the purchase of Lot 13 from Faiyaz Koya, Sahim Arif Khan, Mohammed Altaf and Anwar Hussein for $100,000 at Wailoaloa
29 August 2006: Faiyaz Koya and three others transferred LOT 13 to MIL for $100,000; in fact to "Mr 99 Per Cent MIL Director Khaiyum"
29 August 2006: MIL borrowed $80,000 from NBF trading as Colonial National Bank via
mortgage against Lot 13 at Wailoaloa
19 August 2008: The mortgage was discharged
24 February 2015: Under his Political Parties Decree Khaiyum declared his Income, Assets and Liabilities stating that he owned a plot of land (Lot 13) owned through MIL at Wailoaloa worth $80,000
16 October 2015: The Opposition Leader Ro Kepa filed a complaint with FICAC that Khaiyum had under declared the value of the land by $20,000 when it bought for $100,000
23 October 2015: FICAC ruled that Khaiyum overstated value of Lot 13 by $60,000 when he declared it was worth $80,000; he only had an equitable contribution of $20,000 in Lot 13, owned by MIL
QUESTION: Who owned MIL? We could not get the answers because the file had been missing from the ROC for several months but now we can reveal that MIL is owned by none other than AIYAZ SAYED KHAIYUM, who owns 99 shares and his mother LATIFA KHAIYUM owns the remaining ONE SHARE in MIL
(1) Aiyaz Khaiyum owns 99 per cent of the MIL for the past 9 years including its assets; he is also Company Secretary and Director;
(2) FICAC is WRONG to claim that Khaiyum’s interest in the asset is not the majority interest; in the Annual Returns of MIL for 2006 and 2007 the liability listed is $80,000, which is the amount borrowed by MIL from National Bank of Fiji T/A Colonial National Bank - Mortgage No 593803 on 29 August 2006, and discharged on 19 August 2008, No 708225;
(3) When Khaiyum declared Lot 13 as his asset, he owned 99 per cent of it through his equitable contribution of $20,000 and ownership of 99 per cent of the shares in MIL;
(4) Khaiyum and Midlife Investments Limited paid $100,000 for Lot 13 on 29 August 2006 and that is the value of the property and not the $80,000 he stated in his declaration;
(5) Khaiyum also failed to furnish information about his 99 shares in Latifa and all of these are required to declared by his own Political Parties (Registration, Conduct, Funding and Disclosures) Decree 2013; he merely stated the company was dormant and de-registration has been applied for (he didn't say when ROC was notified) - LIL file is missing and we have not seen a gazetted notice that it has been de-registered!
Fijileaks: By declaring LOT 13 to be worth $80,000 in 2015, 9 years after he purchased it for $100,000 from Faiyaz Koya and three others, Khaiyum committed an offence under his own Political Parties (Registration, Conduct, Funding and Disclosures) Decree 2013 and he must be held to ACCOUNT, and either hauled to the QEH barracks or before the COURT!
THE MISSING (AND NOW FOUND) MIDLIFE INVESTMENTS LTD, OWNED 99 PER CENT BY AIYAZ SAYED KHAIYUM SINCE 15 AUGUST 2006:
On 15 August 2006 Aiyaz Khaiyum lodged the AoA with the Registrar of Companies. He gave his name and that of Volisa Lynda Elaisa of Lot 1, Nawanawa Rd, Suva, as the subscribers to the AoA. Their signatures were witnessed by Rohit Narayan (f/n Hari Narayan), a Senior Law Clerk, at Colonial National Bank. Basically, Khaiyum and Elaisa were listed as two directors of MIL. They gave their postal addresses as GPO Box 555, Suva.
Our earlier search of this address had led us to BDO Zarin Ltd, the address he had used to secretly buy the domain name FijiFirst in 2009, breaching his own PER decree. As Minister for Elections he was planning to use it in the election his side-kick Frank Bainimarama had promised he was going to hold in September 2009. We were able to confirm the link by examining the Latifa Investments Ltd file, a company in which Khaiyum held (holds?) 99 shares and his mother Latifa, held (holds?) one share. BDO is owned by his aunty Nur Bano Ali. LIL file is still missing from the ROC. In 2005, he had asked Lydia Elaisa, his legal secretary at Colonial, to witness the MoA of Latifa Investments Limited, in which he owned 99 shares and his mother had held one share.
On 30 August 2006 Lydia Elaisa resigned as one of two MIL directors.
She also resigned as company secretary. She was replaced by Khaiyum's mother Latifa as a new director with Khaiyum.
He also became MIL secretary.
SHARES: Aiyaz: 99 and Latifa: One (1)
In his Annual Return of 31 December 2006 he declared that he owned 99 shares in MIL and his mother Latifa owned one share, exactly like the quota of shares that the mother and son had owned in Latifa Investments Ltd. In his MIL 2006 Annual Return he notified the ROC that Lydia Elaisa had transferred on 30 August 2006 her one share to his mother Latifa. He held on to his 99 shares.
The Annual Returns of MIL for 2007- 2014 (all filed in April 2015) prove that he owned 99 per cent of the shares in Midlife Investments Limited so he owned the majority of the ASSET in MIL and not nominal as ruled by FICAC
FICAC is WRONG to claim that Khaiyum’s interest in the asset is not the majority interest; in the Annual Returns of MIL for 2006 and 2007 the liability listed is $80,000, which is the amount borrowed by MIL from National Bank of Fiji T/A Colonial National Bank - Mortgage No 593803 on 29 August 2006, and discharged on 19 August 2008, No 708225
Fijileaks to Aiyaz Sayed Khaiyum: You filed all the MIL returns in April 2014, and brought in the Companies Amendment Decree in June 2014? What for or who for, can you tell us?
Fijileaks to FICAC: Aiyaz Khaiyum also failed to furnish information about his 99 shares in Latifa Investments Limited and all of these are required to be declared by his own Political Parties (Registration, Conduct, Funding and Disclosures) Decree 2013; he merely stated the company was dormant and de-registration has been applied for (he didn't say when ROC was notified) - LIL file is missing and we have not seen a gazetted notice that it has been de-registered!
The matter was highlighted by the Attorney General while defending himself against the Opposition Leader’s complaint against him for making a false declaration of his Assets & Liabilities.
Beddoes said in a statement today that while the Annual Returns of his company in 2012 has nothing to do with the false declaration complaint lodged by the Leader of the Opposition against Mr Khaiyum, it is likely Hon Khaiyum sought to embarrass him because he signed for the Leader in her absence.
Beddoes said that he was unaware of the error until it was highlighted by Hon Khaiyum and following a search he discovered that his partner’s name is listed in the remarks column as the recipient of a parcel of 1,000 shares, which was intended for him. Beddoes said the error has been rectified.
But as for Hon Khaiyum, the Leader of the Opposition has authorized a 2nd letter to the Chairman of the Electoral Commission as well as the Commissioner of Police because further information has been obtained from the Registrar of Companies regarding Midlife Investments Limited. Interestingly the company file had been missing for some time and finally turned up yesterday
Beddoes said that it was noticeable that all of Midlife Investments Annual Returns from 2006 to 2014 [9 years] were all lodged on April 23rd 2015?
Beddoes said the search revealed that Hon Khaiyum did in fact own 99 of the 100 shares issued by Midlife Investments Limited; therefore he effectively owned 99% of the company and its asset, which is contrary to what FICAC concluded in its findings.
Beddoes said FICAC’s findings were based on the assumption that the complaint lodged by the Leader of the Opposition was about the understatement of the asset value, it was not and has nothing to do with either the overstatement or understatement of the asset value, it is all to do with making a false declaration in breach of the Political Parties Decree.
October 30th 2015