BIMAN PRASAD has committed multiple criminal acts under the Political Parties Act 2013 in his statutory declarations from 2014 to 2024, and also as Director of Lotus Construction (Fiji) Ltd and Lotus Tours & Transfers
 Manoa Gadai | SECTION 131 (2) of the Constitution of Fiji. |  |
$747,000 owed to FRCA (Salus Populi- To People of Fiji). In today's terms, we estimate that Biman Prasad's failure to declare the true realised Capital Gains from the transfer of 45% of shares in Lotus (Fiji) from Sunil Chand valued (at 2024 Market Value) estimated at $18m, with Sunil Chand's cost base of estimated $1.4million. The calculated realised capital gain of $18m-$1.4m) = $16.6m against consideration of $4,500 for the transaction. This transaction potentially defeated FRCA of Capital Gains Tax of $747,000.
BIG VILLA COST LIE: During the opening ceremony of 'Westfield Villas', one of the two directors Sunil Chand claimed that it cost him $4million to build the 28 villa units at Legalega, Nadi.
*The total cost was $6,456,501. Sunil Chand only contributed $1,128,608.The Australian Indo-Fijian investors, $1,500,000. Pacific Hotels and Resorts Ltd, $2,709,924.. Lotus (Fiji) obtained ANZ Bank Loan of $1,126,989.
Total: $6,465,501
*The Co-Director BIMAN CHAND PRASAD did not contribute a single cent.
*While shifting through Lotus Construction (Fiji) Ltd files, we stumbled upon an e-mail from Krishil Kumar, a nephew of Biman Prasad and Sunil Chand. Kumar had witnessed the formation of Lotus (Fiji) and later became a shareholder with his uncles in Lotus Travels company, a subsidiary of Lotus (Fiji). He was returning the Transfer of Shares certificate to Prasad after having submitted it to ANZ Bank for loan.
*We wonder if the 45% transfer of shares to Biman Prasad was made to strengthen applications for loans from ANZ and HFC banks?
 *The FICAC has powers to investigate and prosecute breaches under the Crimes Act of 2009, Electoral (Registration of Voters) Act No. 54 of 2012, Political Parties Act No. 4 of 2013, and the Electoral Act of 2014. |   |
*BIMAN PARASAD did not disclose in his statutory declarations that he was one of two directors (the other his cousin SUNIL CHAND) of Lotus Construction (Fiji) Ltd, and that he had been gifted 5% shares in the company on 15 March 2014. He was still Professor of Economics at the University of the South Pacific.
*He prolifically lied in his statutory declarations for the next ten years until he became Finance Minister in the Coalition government.
*On 12 March 2014, Biman Prasad bought two villa units off-the-plan from his cousin Sunil Chand worth $300,000 ($150,000 each). Three days later, on 15 March 2014, the two formed Lotus Construction (Fiji) Ltd to build 28 units (Westfield Villas) in Nadi. Prasad never contributed a single (CENT or DOLLAR) but was made a 50% shareholder in Lotus (Fiji) Ltd.
*In 2016, Prasad and his wife Rajni Kaushal Chand sold their Burerua St property to Lotus (Fiji) for merely $550,000. He never disclosed in his statutory declarations that his wife was joint owner of the Burerua St property.
*The couple transferred the property on 19 January 2016 with a reported market value (on 9 July 2015, some 7 months before the transfer) of $2,815,000 (end value) for declared value of $550,000.
*In return, Lotus (Fiji) paid Prasad's CGT and other debts, including his ANZ bank loan.
*Further, Sunil Chand gave Prasad's wife 2 Units worth $300,000 in Westfield Villas. Also, Rajni Chand was granted a lease for the term of 99 years plus of Westfield Villas, effective from 13 August 2018 (rent of $320 per annum).
*As we revealed previously, the Burerua property was sold for $550,000 in exchange for Lotus (Fiji) to clear the couple's bank loan, pay their Capital Gains Tax, and for Rajni Chand to get 2 units in Westfield Villas, Legalega, Nadi.
*Worst, Biman Prasad never declared in his statutory declaration that Rajni Chand owned two villas worth $300,000 or that she jointly owned the Burerua St property.
*He must be arrested, charged, and SACKED as Finance Minister and Deputy Prime Minister
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Fijileaks to FICAC: Here are two counts to start with against Prasad
Count One
Statement of Offence
PROVIDING FALSE DECLARATION OF ASSETS, INCOME AND LIABILITIES: Contrary to section 24(1A) and 24(5) of the Political Parties (Registration, Conduct, Funding and Disclosures) Act No. 4 of 2013.
Particulars of the Offence
BIMAN CHAND PRASAD between 01 January 2015 and 31 December 2015, at Suva in the Central Division, as the Leader of a registered Political Party namely the National Federation Party, provided a false declaration of assets and liabilities to the Supervisor of Elections by
failing declare and provide information namely that BIMAN CHAND PRASAD was a company Director in Platinum Resorts & Hotels Limited, a limited liability company duly registered with the Registrar of Companies in Fiji contrary to sections 24(1A) and 24(5) of the Political Parties (Registration, Conduct, Funding and Disclosures) Act 2013.
Count Two
Statement of Offence
PROVIDING FALSE DECLARATION OF ASSETS, INCOME AND LIABILITIES: Contrary to section 24(1A) and 24(5) of the Political Parties (Registration, Conduct, Funding and Disclosures) Act No. 4 of 2013.
Particulars of the Offence
BIMAN CHAND PRASAD between 01 January 2016 and 31 December 2016, at Suva in the Central Division, as the Leader of a registered Political Party namely the National Federation Party, provided a false declaration of assets and liabilities to the Supervisor of Elections by
failing to declare and provide information namely that BIMAN CHAND PRASAD was a company Director in Platinum Resorts & Hotels Limited, a limited liability company duly registered with the Registrar of Companies in Fiji contrary to sections 24(1A) and 24(5) of the Political Parties (Registration, Conduct, Funding and Disclosures) Act 2013.
*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.
*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 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.
RAJNI CHAND: One STEP behind in Her Husband's 'UMBRELLA DEALS'
