UPDATE: Bond Refinancing - US$200m to be floated in Hong Kong, Singapore and London but man charged with flotation, ANZ's Vishnu Mohan has conflict of interest; he will choose the next PS of Finance

27/8/2015

14 Comments

* US$200m to be floated in Hong Kong, Singapore and London;
* Interest payable from 2011 to March 2016: F$207m on US$200m existing bond;
* ANZ (Vishnu Mohan) handling the refinancing;
* Interest charged by ANZ: 9%;
* Speculation ANZ made cool 3-4% interest spread margin;
* Investors would have got 5-6% interest return;
* IMF offered at 3% interest in 2011;
* Sinking fund offshore: US$182m;
* Balance left: US$81m;
* US$50m to pay principal sum;
* Final Balance in sinking fund: US$31m;
* Existing bond Debt to be cleared by March 2016
* Opposition opposed the current bond motion but Khaiyum/Bainimarama 'imprisoned' them inside Parliament to get votes through to go to lenders!

The Secret Deal Behind Closed Session in Parliament:

CONFLICT OF INTEREST: Vishnu Mohan will decide who becomes the next PS of Finance and National Planning as chair (appointed by Khaiyum in May) of Public Service Commission. He will again be involved in bond refinancing

The "Boss" gets his way from the Speaker and the local media "kowtow":

14 Comments

Double Vision

27/8/2015 03:55:25 pm

Double standard is the hallmark of this government, the useless twits.

Angie

27/8/2015 04:02:52 pm

How does one get "imprisoned" inside P. They had ample opportunity to call a press conference , issue public statements about what went on after the closed session ended BUT NO...so what did they get in return....disappointing

Deckho

27/8/2015 04:40:25 pm

There is no such thing as " conflict of interest "in so far as the Bainimarama - Khaiyum and their cronies are concerned . remember when Khaiyum was the elections minister and at the same time running the Fiji First Theft Party ?

Canada Boy

27/8/2015 05:17:35 pm

How many lives does ASK have? For how much longer can he continue to fool people of Fiji
Since when PArliament is allowed to have closed door sessions?
No other PArliament does this but only in Fiji
Where is the cry from the NFP and SOLDEPA on this?
The opposition I always caught slipping as ASK out smarts them each time
What I ASK hiding from the people of Fifij
The people have the right to know how their tax dollars at being spent
Wake up NFP and SOLDEPA and smell the coffee

Shannon

27/8/2015 10:35:38 pm

Dear Editor,

While I, along with the rest of the general populace continue to marvel at the complexity of the Westminster system, and we throw gravel at the current government, there is a need to remember that every coin has two sides; the other side being the "honourable" opposition members.

Why on earth did they not speak out against this move? Why did they not boycott (as they have been so frivolous in doing previously) by walking out? Why did they not, as a collective group make their stance clear about this proposal and alert their supporters who happen to be members of the public through any means they had?

When words such as "locked in" are used in a parliamentary context, no one is standing with a gun to the opposition members' head and forcing them to stay seated, nor are they likely to be subjected to "detention" whereby they pick up the rubbish around the parliament grounds for disobeying the speaker of the house. Surely common sense and a sense of courage should have filtered through and if people such as Biman harp on about everything these days, surely he could have made some noise about this?

The reality dear Editor is that both sides, more the opposition, are to blame for this unprecedented move and for allowing it to even happen, the opposition shoulder more of the blame then the ruling party.

Tualeita

28/8/2015 12:36:20 am

How can SODELPA be a worthy government if it is not a worthy opposition? Will they be as bad as FFP or worse if they are elected in to power?

well well

28/8/2015 01:07:01 am

No Member of Parliament is allowed to talk or speak about the issue outside of parliament and the media can't report the issue either. It is stated in standing orders. And they all know what will happen if they go against that. This happens only in this country. A thug ruling a nation without any opposition. He has to be removed from his position otherwise it'll be too late for us. He'll bankrupt this country and run away with stolen fortune, REMEMBER he was bankrupt before being recruited by Bai to mastermind the move. He spent so much that he ended up bankrupt, he likes to spent and borrow, simple lifestyle of bankrupt people, he thinks he has the brain but his lifestyle (spent+borrow) will ruin this country. If nothing is done it i warn you now to start using your FNPF saving now, he'll dry all savings. I am surprise that anybody can now join FNPF even if you are unemployed, thats a desperate move. Its happening!! We are so dump and doing nothing about it at least those rebels from west were doing something about it knowing this country is going for a doom they want to create a new nation. I wont be surprise if there is another devalue soon to our dollar

Parliamentary Privilege

28/8/2015 03:42:47 pm

MPs should talk about their experiences and discussions going in parliament to the voters who empower them to be MPs. It is in the interest of all people to know how financially well or ill the government is. After all they (the people) are paying the MPs don't they? So Bhai, Khai and Madam Speaker, no more closed doors please!

More Money..More

28/8/2015 01:32:32 am

Khaiyum needs at least another $300 Million for the campaign and changing of our national flag - a big priority for our country to shred its colonial past.

Araam Se link

28/8/2015 09:58:21 pm

By now after 9 years of dictatorial and our "purported "Return to democracy" the FFP government has shown the world that it can even gag the opposition and sit behind closed doors.While the opposition lost a golden opportunity to prove to the nation that they are worthy contenders,Kahiyum tamed the most talkative member and placed him on the seat "motionless". With the already scared media/public the parliament sat behind closed doors.No member (MP0 is allowed to open his/her mouth yet they are all paid on our taxes and are there to represent our interests.All this for one simple reason "there is no money". And no one wants to lose his/her seat.I will remind you that Riyaz Saiyad Khaiyum bankrupt FBC hands down,his elder brother Aiyaz Saiyad Khaiyum has bankrupt the nation.The fact is Fiji does not have that kind of money to pay for the debt this two brothers accumulated with no intention to pay.Governments do not operate that way.Again these two brothers have proved time and a gain that they can not be trusted with money.Whatever happened in parliament was indeed sad.The opposition is a party to it now.

Tui dreketi

29/8/2015 04:12:03 am

We expected Biman prasad to stand up and oppose parliament proceedings in camera.
All bunch of cowards.

biman all bull

29/8/2015 07:32:41 am

biman Prasad will be the last person to stand to all this - remember he is part of the same clan - ganesh chand and mahen reddy who used to wine and dine with bai kai before and perhaps after the election.

history tells us that failed economists like biman can never be
astute politician or statesmen.

Tualeita

29/8/2015 03:47:09 pm

The saying, "If you can't lick 'em, join 'em", is now true of SODELPA and NFP.

The three political parties in government are all in opposition to the people of Fiji.

legit

1/9/2015 06:38:43 am

Its so funny.

Victor its the Bristish which made you possible in Fiji. Its The British whish brought Indians to Fiji.

And now you hiding behind them?

Come to Fiji. I am an Indian. Come and see.

Don't hide.

The Brits wont help you mate.

We will

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