COMING UP: Biman Prasad and Rajni Kaushal Chand sold their Burerua St property to Lotus (Fiji) in which Prasad holds 50% shares.
*Basically, he sold the house to his own company Lotus (Fiji) for $550,000.
*Lotus (Fiji) paid on his behalf the Capital Gains Tax of $34,600 to FRCS.
*Lotus (Fiji) paid Prasad and his wife's ANZ loan of over $230,000.
*Lotus (Fiji) wrote off Biman Prasad's contribution of over $296,000 in exchange for two units in Westfield Villas, Legalega, Nadi.
*Biman Prasad never disclosed that his wife owns two units in Westfield Villas. He has never disclosed that the sub-leases to the 28 units were transferred to Rajni Kaushal Chand by Lotus co-director Sunil Chand.
*We call on FICAC to track down Fiji's Finance Minister and charge him.
*He has committed multiple breaches in his statutory declarations from 2014 to 2024 under the Political Parties Act 2013.
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LOTUS (Fiji) Ltd in which Biman Prasad holds 50% shares paid from the company's Lotus ANZ Account No*************on 1/3/2016, 10/3/2016, 11/3/2016, 14/3/2016, and 31/3/2016 the following amounts for |   |
*There is a bit of confusion in the Valuation Report. The Valuer appears to be making an assessment of future value of $2.815million on completion of 14 flats but ends up saying 'on the date of inspection, 9 July 2015'.
*We can't see anywhere in the Report that he actually and separately declared the value of the Burerua property.
*Anyway, Biman Prasad sold it to himself (via Lotus (Fiji) and ANZ might have relied on the valuation to lend to Lotus (Fiji).
*In fact, although Biman Prasad failed to disclose in his statutory declaration for three consecutive years that the Burerua property was jointly owned by him and his wife Rajni Kaushal Chand, the couple jointly sold it to Lotus (Fiji) - the company in which he is 50% Director, for $550,000.
*The original owners on the Certificate of Title were Biman Prasad and his wife Rajni Chand. The mortgagee on title was ANZ Bank.
*Did Lotus (Fiji) purchase it unencumbered? Or they sought finance? *Was the funder ANZ as new registered mortgagee on the Title?
*If ANZ is on the title now, than did ANZ organise another valuation or did they rely on the same valuation ($2.815m) of future earnings and loans serviceability?
*The financials would show who the directors of Lotus (Fiji) were, one is Biman Prasad the vendor.
*Three years earlier, in 2013, Biman Prasad had applied to the Suva City Council for permission to build an extension to the Burerua St property, to the cost of $350,000
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