September 27, 2011

More evidence of the Khaiyum & Tappoo swindle using pensioners funds

As we all know, fellow blog C4.5 has been exposing the scandulous and unethical deals being cooked up and instigated against the pensioners of Fiji by the superannuation fund, Fiji National Provident Fund and Kanti Tappoo, subtly massaged by Tappoo's blood money brother in arms, the illegally and treasonously vile Aiyaz Sayed Khaiyum.

New revelations suggest more discrepancies on the alleged corruption/favourable treatment for Tappoo Holdings Ltd by FNPF.

Penina Ltd is the joint venture company between the FNPF and Tappoo Holdings.

Penina Ltd, as of 06 April 2009, owns the land where the "Tappoo City" complex is situated.

The land was acquired by FNPF for $2,500,000 from NBF asset management Ltd on 30 Nov 1998 and the land was transferred to Penina Limited for $3,315,000 on 31 Aug 2006.

 On 20 May 2010 Penina Ltd made a special allotment of $6.5 million shares, allotting 3,315,000 Ordinary A class shares to FNPF (refer to transfer price above) and 3,185,000 of ordinary B class shares to Tappoo Holdings. The question is for what or against what was the allotment made giving Tappoos 49% of the issued shares?

Section 56 of the Companies Act require such allotments supported in the completion of "company form 221" to give the particulars of the contract and must be stamped with same duty as would have been payable if the contract is/was reduced to writing. The Stamp duty paid on 24 May 2010 was FJD$4.50.

It is once again alleged that someone high within the present illegal and treasonous military regime stopped the auditors from questioning the peculiar allotment arrangement and that it was settlement aka a kickback for the purchase, by Tappoo's, of the regime member's property at a grossly inflated price.

Also peculiar is that in this "company form 221", the property acquired by Penina is described as "land property" without references to the land of title (CT 39184 Lot 1, DP 9849) therefore suggesting that it was practically vacant land, despite the public proposal that the single original Tappoo building on the ground floor with shops would be demolished.

As revealed by C4.5, other informants are revealing that the whole complex has been rented to Tappoos at 8% Return on Investments for 15 years and that Tappoos has an agreement for exclusive purchase of the property at "market price" at a future date. These agreements indicated here will influence the sale price of the property at a future date, reduce the rental, and ultimately reduce the purchase price by Tappoos.

Even though FNPF would be reimbursed for the purported transfer, clearly the dealings were not made on a level playing field.

Note: Read the Ernst & Young report as leaked by C4.5 for more context.

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