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The movement of funds was made the same day $400,000 was withdrawn from Mr Chaudhry's Commonwealth Bank account in Ryde, Sydney.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

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