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*One is lost for words that the NFP leader, Deputy Prime Minister, and Fiji's Finance Minister, was once a Professor of Economics, Accounting, and Statistics at USP.
*His declarations under the Political Parties Act relating to shares in companies, and directorship, are so vague and elusive that a faint hearted investigator would have given up after a few hours of inspecting the declarations.
*First, we thought the 'poor chap' was just hiding the true nature of his wealth, assets, land, shares and directorship from the megalomaniac Aiyaz Sayed Khaiyum but now we suspect he had other compelling reasons, and he has to explain to FICAC.
*We were, however, determined from the moment we got hold of his declarations, from 2014 to 2024, to forensically go through and lay bare the irregularities in his declarations.
*In his declarations he has a notorious slap-dash streak of simply stating, 'Shares in Business, Value$ - 85,000', 'Shares in Business/Companies-85,000, estimated total value as 31/12/2015', 'Shares in Business/Companies, 2 companies. Value$: One third (33% share in company 1 (and 50% share in another). No where has Prasad specifically mentioned that he has 50% shares in Lotus Construction (Fiji) Ltd. He merely states, 'Lotus Construction Ltd'. As we know, Lotus Construction (Fiji) Ltd is the sister company of Lotus Construction (Australia) Ltd. Sunil Chand owns Lotus (Australia).
*The 33% share in 'Company 1' evaded us for days but in the past 24 hours, we finally made a major breakthrough and can reveal that he owns 33% shares with Sunil Chand and his nephew Krishil Kisan Kumar in Lotus Tours & Transfers Ltd. When the company was formed his nephew was still employed with the HFC Bank but was the principal contact for Lotus Tours & Transfers Limited.
*The company was formed on 5 September 2015 by Lotus Construction (Fiji) Ltd, the owners of Westville Villas in Nadi. Biman Prasad and Sunil Chand have 50% shares each in Lotus (Fiji). It started operations in May 2016, to cater for tourists coming to Fiji.
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*In its '2016 Lotus Tours & Transfers Ltd Business Proposal', the company was seeking for refinance of existing debts and additional funding for purchase of fleet for operation of car rental business from HFC Bank. The total debt subsequent to successful refinance and additional funding sought was stated at $802,500.
*The total funding, the 'Business Proposal' claimed would be secured against the following securities to be pledged by the company and the Directors (Prasad, Chand and Kumar) as follows:
* 1st Registered Mortgage Debenture
*First Registered Mortgage over Residential Property comprised in Crown Lease 12167, being Lot 25 on SO 1878, situated at Bulai Rd, Laucala Beach Estate, Suva, with current market valuation of $400,000.
*First registered mortgage given by Biman Chand Prasad over residential property comprised in Certificate of Title 27032, being Lot 9 on DP 5799, situated at Matasawalevu, Dreketi, with current market valuation of $60,000.
*First registered mortgage over vacant land comprised in Certificate of Title 42203, being 2 on DP 9474, situated at Naidiri Bay Road, Malomalo, Nadi, with current market valuation of $65,000.
* First registered Bill of Sale over 17 second-hand motor vehicles with estimated current market value of $437,000 (Motor vehicle details to be provided in due course).
*Unlimited guarantee from Lotus Construction (Fiji) Ltd
*Unlimited Guarantee from Directors.
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*First Registered Mortgage over Residential Property comprised in Crown Lease 12167, being Lot 25 on SO 1878, situated at Bulai Rd, Laucala Beach Estate, Suva, with current market valuation of $400,000.
*The Owner/Lessee are listed as DIP NARAYAN and RITA DEVI NARAYAN
*Date of Ownership: 14 March 1997
*In 2016, in consideration of the sum of $380,000 the Narayans, after being explained by the solicitors in Hindustani, transferred (sold) the property to Lotus Tours & Transfers Ltd.
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HANGING BY THE FINGERNAILS BUT FOR HOW LONG, AS FIJI WAITS
LOTUS RENTAL: DORMANT? |  |
