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Fiji Time: 11:26 PM on Saturday 23 August

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Chaudhry received dividends

Saturday, February 23, 2008

THE Commonwealth Balanced Fund paid interim Finance Minister Mahendra Chaudhry $32,580 in dividends between April 2001 and July 2002.

This money was earned on close to $400,000 held by the fund in Mr Chaudhry's name.

But, at the same time, he incurred more than $20,000 in losses on his investment.

Details of the funds released to the Fiji Islands Revenue and Customs Authority by the Commonwealth Balanced Fund show that Mr Chaudhry initially invested $400,000 held in account number 39920061.

This investment was made on February 23, 2001 and involved the purchase of 252,979.946 units at a price of $1.581153.

The movement of funds was made the same day $400,000 was withdrawn from Mr Chaudhry's Commonwealth Bank account in Ryde, Sydney.

The account was closed on September 19, 2002 with the investment fund paying $378,979.18 to Mr Chaudhry.

A corresponding deposit appeared in his Commonwealth Bank account the same day. On the day the investment fund account was closed, the value of shares had dropped to $1.422777.

During the term of the account, all income less withholding taxes was reinvested.

The net loss Mr Chaudhry made on the investment was $21,020.82.

Notes made by auditors at FIRCA call for an audit to determine Mr Chaudhry's real wealth and to establish whether money from the investment has been transferred to Fiji.

Related Chaudhry stories:


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