26 MPs will not save FijiFirst as it has pending debts to be cleared
FijiFirst has a net liability position of $701,180

26 MPs will not save FijiFirst as it has pending debts to be cleared

FijiFirst has a net liability position of $701,180

By Vijay Narayan
Tuesday 11/06/2024
FijiFirst office in Suva

The FijiFirst Party is highly likely to be deregistered after June 28th this year as the 26 party MPs will not make any attempts to keep the party alive that won the 2014 and 2018 general elections.

It is clear that after all the office bearers including Voreqe Bainimarama and Aiyaz Sayed-Khaiyum resigned from the party yesterday, anyone who even tries to keep the party going will inherit a significant amount of unpaid debts.

According to the party’s audited financial accounts as at 31st December 2023 assessed by fijivillage News, the FijiFirst had a net liability position of $701,180 and a working capital deficiency of $855,938.

The financial report stated the party was also negotiating with certain suppliers for further time for settlement of overdue balances, and the party was confident that extended time at normal commercial terms will be allowed by the suppliers.

The auditors said based on these assumptions together with the support from the party workers and party supporters, the Central Executive Committee and management had concluded that the going concern basis of accounting remained appropriate for the preparation of these financial accounts.

Their operating expenses as at 31st December 2022 was $4.222 million compared to $380,057 in 2023.

The party’s net deficit is $701,680 as at the end of 2023 compared to a net deficit of $1.02 million in 2022. According to the financial position of the FijiFirst, the current liabilities listed as Trade and Other Payables stand at $907,664 at the end of last year and the total liabilities is $910,422. The total party funds deficit is $701,680 as at the end of 2023.

The recorded net surplus amounted to $323,864 for the year ended 31st December 2023 compared to a net deficit of $1.656 million in 2022.

Cash on hand and at bank balance as at 31st December 2023 was $22,583, and net liabilities was $701,180 compared to the net assets of $1.025 million in 2022.

The audit states the Central Executive Committee and management are responsible for the preparation and fair presentation of the financial statements in accordance with the requirements of the Political Parties (Registration, Conduct, Funding and Disclosures) Act 2013, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

It says in preparing the financial statements, the Central Executive Committee and management were responsible for assessing the party's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting.

The Central Executive Committee and management were responsible for overseeing the party's financial reporting process.

The Central Executive Committee was made up of former Leader Voreqe Bainimarama, former President Ratu Joji Satakala, former Acting General Secretary Faiyaz Koya and former Treasurer Hem Chand. They all resigned yesterday. Koya and Chand have resigned from the positions but not from the party.

Registrar of Parties, Ana Mataiciwa has confirmed to fijivillage News that if a party is deregistered, the MPs remain in parliament as independents and do not lose their seats.

Click here for more stories on the FijiFirst 17 MPs termination issue

FEATURE NEWS
Parents must prioritise their children - Tikoduadua
Minister for Home Affairs and Immigration Pio Tikoduadua is calling on parents and communities to take responsibility for looking after children as th...
16 minutes ago
LATEST NEWS
Increase pay for jobs where there are more women – Dr Bhim
Pay should be increased for those jobs where women are a majority, for example, nurses and teachers. This has been highlighted by FNU lecturer, ...
14 hours ago

Robust enforcement operations and road safety education results in road fatalities decreasing by 45% - Ro Filipe
The robust enforcement operations and comprehensive road safety education and awareness campaigns over the past few months have seen a substantial ...
14 hours ago

NFA investigates 3 fires in the last two days
National Fire Authority investigators have started looking into three fires in the past two days, with one incident Monday resulting in the death of ...
14 hours ago

Huge delay in review of electoral laws – SOE
Supervisor of Elections, Ana Mataiciwa says they have not received any update from the former Attorney General, Siromi Turaga and the Solicitor ...
14 hours ago

Students share ideas to combat ocean pollution during Veivueti Kids Ocean Conference
As Fiji is experiencing the impacts of climate change, school children are now taking a step toward conducting awareness and conferences where they ...
16 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
Pre-Budget 2024-2025
2023-2024 National Budget Address2023-2024 Budget Supplement2023-2024 Budget ...
17 hours ago

Crisis within FijiFirst relating to the termination of 17 MPs who voted for salary increases
A crisis has erupted within the FijiFirst party relating to the termination of 17 members of parliament who supported the government's motion to ...
2 days ago

Sayed-Khaiyum case on alleged payment of Saneem's taxes without proper approval
It is alleged that between the 30th of June, 2022 and the 12th of July, 2022 in Suva, whilst being employed in the civil service as the Acting Prime ...
2 days ago

TOP