FijiFirst Party General Secretary, Aiyaz Sayed-Khaiyum is continuously saying it is irrelevant when fijivillage News asked him how much of the $1.6 million debt owed by the party as at 31st December last year, has been paid to date.
Sayed-Khaiyum attacked fijivillage News when we questioned him outside the CID Headquarters last night.
Sayed-Khaiyum says the Supervisor of Elections and the Electoral Commission must present within 6 months post elections a report that needs to be tabled to parliament and presented to the President.
He says it has already been 6 months and the report has not been presented.
We will seek the comments of the Acting Supervisor of Elections later today.
Meanwhile Sayed-Khaiyum had earlier claimed the FijiFirst’s liabilities as at 31st December 2022 has decreased as they have been provided funding by donors.
Deputy Prime Minister, Manoa Kamikamica says that accountants can talk about this clearly, and the facts are clear that a party that ruled Fiji for over 8 years has more liabilities than their assets.
Kamikamica says the audited accounts of the FijiFirst is echoing what has happened to the country during their rule.
He says when the budget comes out, it will show the previous government was hiding some liabilities and it is for this government to pay for.
Kamikamica says the facts are all there for the people of Fiji to see, and they know now for certain that Sayed-Khaiyum was never a proper financial manager.
He says 6 months out of office and the FijiFirst can’t manage their finances.
Kamikamica says it is a damning indictment on the FijiFirst and the General Secretary, Aiyaz Sayed-Khaiyum.
He also says if Sayed-Khaiyum is saying he had collected some funds, the auditors will normally put a disclosure in the audit report that more money was collected after December 31st 2022, but that is not highlighted in the report.
The Fijian Elections Office is currently verifying all the party accounts submitted.
The FijiFirst Party is in balance sheet insolvency as it has a net liability position of $1.025 million and a working capital deficiency of $1.356 million while it’s current assets for the year ending 31st December 2022 is $291,891.
According to the audited accounts signed off by BDO, the FijiFirst recorded a net deficit amounting to $1.656 million for the year ended 31st December 2022.
Cash on hand and at bank balance as at 31st December 2022 was $252,761.
BDO says notwithstanding this position, the financial accounts have been prepared on a going concern basis of accounting.
It says the party has plans to raise adequate funding by way of donations after the lifting of the suspension, and settle its current overdue payable balances and meet its other commitments as and when it arises.
BDO says in the audit report submitted to the Fijian Elections Office that the FijiFirst Party is also negotiating with certain suppliers for further time for settlement of overdue balances, and the party is confident that extended time at normal commercial terms will be allowed by the suppliers.
Based on these assumptions together with support from party workers and party supporters, the Central Executive Committee and management has concluded that the going concern basis of accounting remains appropriate for the preparation of the financial accounts.
Last year, FijiFirst got $2.227 million in donations and $337,500 in funding for their parliamentary office.
The party says donations comprise money received from individuals, and there was no revenue from fundraising activities or membership registration fees.
The audit report also says there were no donations in kind for the year ended 31st December 2022.
Their total revenue was $2.565 million while their total expenditure for the general election year was $4.222 million.
The Fijian Elections Office is currently verifying the audited accounts of the political parties.
The latest audited accounts of SODELPA has highlighted balance sheet insolvency.
According to the audit report for the year ended 31st December 2022 signed off by I.Naiveli and Co, the auditors say there is uncertainty with SODELPA generating adequate cash flows to meet all its commitments and obligations as and when they fall due.
The audit report says SODELPA incurred significant payables in the recent months.
During the year ended 31st December 2022, SODELPA incurred liabilities to the amount of $297,431.
The total liabilities exceed total assets resulting in net deficiency in assets of $251,685.
The audit report says the current liabilities exceed the current assets by $312,997.
It says furthermore, the party may require funding to meet its working capital and capital expenditure requirements.
The auditors say the conditions indicate the existence of a material uncertainty that may cast significant doubt about the party's ability to continue as a going concern.
They say the appropriateness of the going concern assumption on which the financial statements are prepared is critically dependent on the SODELPA members’ support and its ability to secure adequate financial backing without violating the regulations that govern the party.
Deputy Prime Minister, Manoa Kamikamica has called on the former Attorney General, Aiyaz Sayed-Khaiyum to look at the FijiFirst accounts and the mess he has created in the party and the country after Sayed-Khaiyum attacked Kamikamica for saying that the FijiFirst is technically insolvent and that Kamikamica does not really engage his intellect before speaking in a goofy way.
Sayed-Khaiyum claims the FijiFirst’s liabilities as at 31st December 2022 has decreased as they have been provided funding by donors.
He then went on to say that if we follow Kamikamica’s definition, then his main partner in the coalition government, SODELPA is also insolvent as they also have a net deficit situation.
Sayed-Khaiyum says Kamikamica should look at the SODELPA accounts.
Kamikamica has hit back in a zoom interview with fijivillage News saying that accountants can talk about this clearly, and the facts are clear that a party that ruled Fiji for over 8 years has more liabilities than their assets.
Kamikamica says the audited accounts of the FijiFirst is echoing what has happened to the country during their rule.
He says when the budget comes out, it will show the previous government was hiding some liabilities and it is for this government to pay for.
Kamikamica says Sayed-Khaiyum can call him goofy or whatever he wants to call him but the facts are all there for the people of Fiji to see, and they know now for certain that Sayed-Khaiyum was never a proper financial manager.
He says 6 months out of office and the FijiFirst can’t manage their finances.
Kamikamica says it is a damning indictment on the FijiFirst and the General Secretary, Aiyaz Sayed-Khaiyum.
He also says if Sayed-Khaiyum is saying he had collected some funds, the auditors will normally put a disclosure in the audit report that more money was collected after December 31st 2022, but that is not highlighted in the report.
Kamikamica also says for SODELPA, they know they have had challenges with funding and the party’s supporters are fundraising.
He also says you cannot compare the FijiFirst with SODELPA, and Sayed-Khaiyum needs to grow up.
Kamikamica says SODELPA is a resilient party and they will finance their own party with donations from supporters.
Deputy Prime Minister, Manoa Kamikamica has rubbished claims by former Attorney General, Aiyaz Sayed-Khaiyum that the People’s Alliance had spoken to SODELPA that they will fix up the $250,000 debt of SODELPA.
Sayed-Khaiyum had made the claim and said that SODELPA had also spoken to the FijiFirst during the coalition talks in December last year.
When questioned by fijivillage News, Kamikamica says Sayed-Khaiyum is getting desperate.
He stresses that no such deal has been made with SODELPA as it is illegal.
We are currently trying to speak to SODELPA Leader, Viliame Gavoka.
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