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

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