Fijileaks: Nalin Patel made dividend payout from a public entity owned company that has not had its audits publicly available.
What kind of an accountant who is chairman of the board allow this?
Can Nalin Patel comment on High Court case HBC 318/2014
Nalin Patel – v – Girdhar Lal?
What kind of an accountant who is chairman of the board allow this?
Can Nalin Patel comment on High Court case HBC 318/2014
Nalin Patel – v – Girdhar Lal?
Fiji Airways pays Fijian Government first dividend in seven years Nation Benefits from Airline’s Record Operating Profits
Thursday 23 July 2015:
Fiji Airways has paid its major shareholder, the Fijian Government, a dividend of more than FJD $2.5m following its record profit of $60.8m last year.
A cheque for the amount was formally handed over today to the Attorney General and Minister for Aviation, the Hon Aiyaz Sayed-Khaiyum, by the Chairman of Fiji Airways, Nalin Patel.
The dividend allocation to the Fijian Government – which owns 51 per cent of the airline - is part of an overall payment of just under FJD $5 million. ( FJD $4,957,576.33 )
The rest is shared with the other major shareholder, Qantas - which holds a 46 per stake in Fiji Airways – plus the other shareholders – Air New Zealand and the Governments of Kiribati, Tonga, Samoa and Nauru. Fiji receives a total payment of FJD $2,528,344.25, Qantas receives FJD $2,296,118.08 and the others receive amounts depending on their respective stakes.
Last year’s operating profit by Air Pacific Limited, trading as the Fiji Airways Group, was more than double that of the previous best result in 2005 and today’s dividend payout is the first since 2008.
It represents a return on the earnings of Fiji Airways and its subsidiaries Fiji Link and Pacific Call Comm Ltd plus the Group’s 38.75 per cent stake in Richmond Limited, owners of the Sofitel Fiji Resort and Spa on Denarau Island.
Mr Patel said Fiji Airways was delighted to be now in a position to share its financial success by giving a return to its shareholders as well as rewarding its staff through its pioneering profit-sharing scheme announced in February.
“Since rebranding to Fiji Airways from Air Pacific in 2013, the airline has achieved significant success thanks to the hard work of our entire team. Alongside our dividend distribution today, 835 eligible non-management staff have also received a profit sharing payout of $3000 each. And all eligible Fiji Airways and Fiji Link managers received a management bonus of $7,000 each, subject to tax and superannuation deductions as required”, he said.
In accepting the dividend cheque, the Attorney General also paid tribute to the staff of Fiji Airways for what he termed their great contribution to the airline’s financial performance.
“ On behalf of the nation, I want to thank every worker at Fiji Airways for showing every Fijian what is possible when employees work constructively with their managers as a team. An airline that many had written off is now flying high again thanks largely to your efforts. And every Fijian is benefitting not only from the dividend cheque we are receiving on their behalf today but in the great pride we all feel in Fiji Airways. With your continuing efforts, we are well on the way to fulfilling our ambition to build a world class boutique airline and take the Fiji Airways brand to more destinations”, he said.
The Acting CEO of Fiji Airways, David Bowden, said the national airline had been turned around with the adoption of a clear and strategic five-year plan that commenced in December 2013.
“ Our financial performance provides us with the foundation to continue to build the business over the remainder of the five year plan, but there’s no room for complacency. We must continue to make long-term financial decisions that are sustainable and in the best interests of the airline. On this basis, we look forward to sharing more of our success with our staff and shareholders at the conclusion of the current 2015 financial year”, he said. Source: Fiji Airways Press Office
Thursday 23 July 2015:
Fiji Airways has paid its major shareholder, the Fijian Government, a dividend of more than FJD $2.5m following its record profit of $60.8m last year.
A cheque for the amount was formally handed over today to the Attorney General and Minister for Aviation, the Hon Aiyaz Sayed-Khaiyum, by the Chairman of Fiji Airways, Nalin Patel.
The dividend allocation to the Fijian Government – which owns 51 per cent of the airline - is part of an overall payment of just under FJD $5 million. ( FJD $4,957,576.33 )
The rest is shared with the other major shareholder, Qantas - which holds a 46 per stake in Fiji Airways – plus the other shareholders – Air New Zealand and the Governments of Kiribati, Tonga, Samoa and Nauru. Fiji receives a total payment of FJD $2,528,344.25, Qantas receives FJD $2,296,118.08 and the others receive amounts depending on their respective stakes.
Last year’s operating profit by Air Pacific Limited, trading as the Fiji Airways Group, was more than double that of the previous best result in 2005 and today’s dividend payout is the first since 2008.
It represents a return on the earnings of Fiji Airways and its subsidiaries Fiji Link and Pacific Call Comm Ltd plus the Group’s 38.75 per cent stake in Richmond Limited, owners of the Sofitel Fiji Resort and Spa on Denarau Island.
Mr Patel said Fiji Airways was delighted to be now in a position to share its financial success by giving a return to its shareholders as well as rewarding its staff through its pioneering profit-sharing scheme announced in February.
“Since rebranding to Fiji Airways from Air Pacific in 2013, the airline has achieved significant success thanks to the hard work of our entire team. Alongside our dividend distribution today, 835 eligible non-management staff have also received a profit sharing payout of $3000 each. And all eligible Fiji Airways and Fiji Link managers received a management bonus of $7,000 each, subject to tax and superannuation deductions as required”, he said.
In accepting the dividend cheque, the Attorney General also paid tribute to the staff of Fiji Airways for what he termed their great contribution to the airline’s financial performance.
“ On behalf of the nation, I want to thank every worker at Fiji Airways for showing every Fijian what is possible when employees work constructively with their managers as a team. An airline that many had written off is now flying high again thanks largely to your efforts. And every Fijian is benefitting not only from the dividend cheque we are receiving on their behalf today but in the great pride we all feel in Fiji Airways. With your continuing efforts, we are well on the way to fulfilling our ambition to build a world class boutique airline and take the Fiji Airways brand to more destinations”, he said.
The Acting CEO of Fiji Airways, David Bowden, said the national airline had been turned around with the adoption of a clear and strategic five-year plan that commenced in December 2013.
“ Our financial performance provides us with the foundation to continue to build the business over the remainder of the five year plan, but there’s no room for complacency. We must continue to make long-term financial decisions that are sustainable and in the best interests of the airline. On this basis, we look forward to sharing more of our success with our staff and shareholders at the conclusion of the current 2015 financial year”, he said. Source: Fiji Airways Press Office
Victor Lal and Russell Hunter (September 2012) to DPP and Fiji Police: "6. We request the Director of Public Prosecutions to establish whether Mr Chaudhry and Nalin Patel, in presenting to FIRCA the letter from Harbhjan Lal, whose content was materially false [re his enquiring the details of the funds etc] –Chaudhry (and Nalin Patel) committed a criminal offence under Fiji’s tax laws by offering a false document to FIRCA, namely the Harbhajan Lal letter."
On 20 August 2012 Victor Lal wrote to Nalin Patel asking the following questions:
Dear Nalin
Bula.
Did You/Pradeep read the contents of Harbhajan Lal's letter dated 9 September 2004, which is in direct contrast to the evidence you were presenting to FIRCA on his [Mr Chaudhry’s] behalf?
When was the first time you came into possession of Harbhajan Lal's letter?
From all the correspondence to FIRCA there are so many inconsistencies - the letter was written on 9 September and you chaps were still asking for extension on the 15 September.
Please note that I am not blaming you for anything but I need to ascertain certain facts
Warm regards
Victor Lal
Three days earlier, on 17 August 2012, Victor Lal had written to Nalin Patel:
Bula Nalin
You may recall I contacted you regarding Mahendra Chaudhry's tax details. You neither acknowledged nor replied to my set of questions that I had sent you in 2008.
To date, I have not been able to locate Harbhajan Lal in Haryana, and now Justice Goundar's judgment quotes a letter from Delhi Study Group, which was never a part of your exchanges, on behalf Mr Chaudhry, with FIRCA in 2004.
I would be very grateful if you could comment on the attachment, especially with the Prime Minister calling upon accountants to take a more active role in the Constitution making in Fiji.
When did you submit that Harbhajan Lal letter dated 9 September 2004 to FIRCA that year?
Did you have a copy of the Delhi Study Group letter dated 12 October 2004 also but chose to submit the Harbhajan Lal one?
Look forward to hearing from you.
Warm regards
Victor Lal
On 20 August 2012 Victor Lal wrote to Nalin Patel asking the following questions:
Dear Nalin
Bula.
Did You/Pradeep read the contents of Harbhajan Lal's letter dated 9 September 2004, which is in direct contrast to the evidence you were presenting to FIRCA on his [Mr Chaudhry’s] behalf?
When was the first time you came into possession of Harbhajan Lal's letter?
From all the correspondence to FIRCA there are so many inconsistencies - the letter was written on 9 September and you chaps were still asking for extension on the 15 September.
Please note that I am not blaming you for anything but I need to ascertain certain facts
Warm regards
Victor Lal
Three days earlier, on 17 August 2012, Victor Lal had written to Nalin Patel:
Bula Nalin
You may recall I contacted you regarding Mahendra Chaudhry's tax details. You neither acknowledged nor replied to my set of questions that I had sent you in 2008.
To date, I have not been able to locate Harbhajan Lal in Haryana, and now Justice Goundar's judgment quotes a letter from Delhi Study Group, which was never a part of your exchanges, on behalf Mr Chaudhry, with FIRCA in 2004.
I would be very grateful if you could comment on the attachment, especially with the Prime Minister calling upon accountants to take a more active role in the Constitution making in Fiji.
When did you submit that Harbhajan Lal letter dated 9 September 2004 to FIRCA that year?
Did you have a copy of the Delhi Study Group letter dated 12 October 2004 also but chose to submit the Harbhajan Lal one?
Look forward to hearing from you.
Warm regards
Victor Lal
