National Federation Party Leader, Professor Biman Prasad says Fiji Airways CEO and Managing Director, Andre Viljoen should publish all the annual audited accounts of the airline for the last 10 years however the airline and the Government have said that all audited accounts are available to the public from the Office of the Registrar of Companies.
Following Viljoen’s comments that the airline is not insolvent, Prasad said Viljoen, his Chairman and his Minister are always ready to go public, with the required blaze of publicity to announce a profit but for more than 10 years they have refused to give them all the airline’s numbers.
Professor Prasad says Viljoen tells us that Fiji Airways’ lenders during this crisis have done due diligence and the lenders are satisfied that the airline can repay its financial obligations.
The NFP Leader says if that is true, then there is an obvious question for Viljoen - why do they want the Fijian Government to guarantee those obligations?
He also says that a few days ago, Viljoen said he would not respond to political statements, which Prasad says is an arrogant statement from a man who had just asked Fiji’s politicians to approve a $455 million Government guarantee.
Fiji Airways' 2019 Financial Statements will soon be available at the Registrar of Companies Office. This was confirmed by Fiji Airways and the Government at last week's announcement of the airline's 2019 financial results.
Audited Financial Statements of all large companies in Fiji are required to be submitted to the Registrar of Companies Office 4 months after completion of audits, although its understood that the Office can give extensions for the filings if requested.
The company says all Fiji Airways audited statements from 2018 dating back years is available publicly at the Registrar of Companies Office, as it is for all large companies.
A search for an audit report of the company at he Registrar of Companies Office is $10.90. People can print upto 10 pages of the report for $10.90 and it would costs 55 cents a page from page 11 onwards.
Meanwhile Viljoen says there is a misunderstanding regarding the $455 million Government Guarantees.
He says this is not a cash bailout using taxpayer funds provided to Fiji Airways by the Fijian Government.
The CEO says the financiers providing the new loans and the aircraft loan and rental deferrals have undertaken their own due diligence and have satisfied themselves that Fiji Airways can repay their obligations going forward.
He says the Fijian Government’s Guarantees, provide the additional security and comfort for these loans and deferrals.
Viljoen says Government has guaranteed large loans for other government-related entities in the past. He says these guarantees, as required under the law, need to be approved by Parliament, with all relevant details disclosed.
We have contacted Minister for Economy, Aiyaz Sayed-Khaiyum for comments. He is yet to respond.
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