Former Prime Minister and Fiji Labour Party leader, Mahendra Chaudhry admits that he has had 1.5 million Australian dollars in overseas accounts over the last 14 years however he stressed that he has not breached the Exchange Control Act.

This is part of the closing submission of Chaudhry's lawyer, Queens Counsel Peter Bodor as the two counsels wrapped up their case before High Court Judge, Justice Paul Madigan.

Bodor said Chaudhry had revealed the details of the money kept in the overseas accounts in 2006.

He said three years after the declaration, the Reserve Bank of Fiji solicitors started making allegations against Chaudhry.

Bodor questioned how Chaudhry became the Minister for Finance in 2007 if he had breached the Exchange Control Act.

Chaudhry's lawyer said this is not a case of corruption or improper payments.

Bodor said the money was collected by the people of India to assist Chaudhry after the political upheaval in 2000.

He stressed that the money was a particular beneficial gift to assist Chaudhry and his family to establish residence in Australia.

Bodor said the money never passed Fiji and it is not a secret that the 1.5 million Australian dollars has remained in bank accounts in Australia.

Earlier today, Chaudhry chose to remain silent in his court trial.

Justice Madigan asked Chaudhry to stand up after the closing submission by prosecution Queens Counsel Clive Grossman.

The judge then asked Chaudhry on whether he intends to give evidence, remain silent or call any witnesses.

Chaudhry's lawyer then informed the judge that Chaudhry has decided to remain silent and will not call any witnesses.

Justice Madigan said this is an unusual case where the defence is not calling any witnesses.

While closing the prosecution case earlier today, QC Grossman said that Chaudhry has 1.5 million Australian dollars in overseas bank accounts and kept it for his own use and benefit.

Grossman said Chaudhry was a former Finance Minister and he kept the money for his own benefit without consent.

Grossman said that he did not have to be told what to do.

He also said that Chaudhry continued to commit an offence.

Grossman said that the prosecution has proven every element of the charge by way of agreed facts and their witness, Subrina Hanif.

Grossman made reference to the evidence given by the Reserve Bank of Fiji Board Secretary, Subrina Hanif who had informed the court that one needs to write to RBF and seek approval to open overseas bank accounts.

Chaudhry is facing three counts of breaching the Exchange Control Act.
 
The first count against Chaudhry is in relation to failure to surrender foreign currency, where it is alleged that Mahendra Chaudhry between November 2000 and July 2010 retained the sum of 1.5 million Australian dollars for his own benefit without the consent of the Governor of the Reserve Bank of Fiji.

The second count is in relation to dealing in foreign currency without permission.

The third count relates to Chaudhry having the right to receive a sum of $1.5 million Australian dollars from the financial institutions in Australia and New Zealand, caused the delay of payment of the sum, in whole or in part, to himself by authorizing the continual investment of the sum together with interest acquired back into financial institutions without the permission of the Governor of the Reserve Bank of Fiji.

The different accounts that were used to deposit the money or to re-invest the funds was presented in the evidence in court. This included Chaudhry's accounts in Commonwealth Bank Australia, Commonwealth Managed Investments Limited Australia, ANZ New Zealand, the Perpetual Investment Management Limited Australia and Colonial First State Investments Limited Australia.

Justice Madigan will sum up the case tomorrow morning.

The assessors will then retire behind closed doors to deliberate on their opinion.


Story by: Vijay Narayan and Praneeta Prakash