Fiji Time: 6:41 PM on Friday 28 November

Fiji Times Logo

/ Front page / Breaking

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The movement of funds was made the same day $400,000 was withdrawn from Mr Chaudhry's Commonwealth Bank account in Ryde, Sydney.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





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Speaker changes her tune
  2. The spy among us
  3. Ready to shave
  4. Nacuva: Go by the letter
  5. 'In the middle'
  6. Perfect gift
  7. Extra funding
  8. $2m meditation centre opens
  9. Visit of a lifetime for students
  10. Learn to say stop

Top Stories this Week

  1. Deal on NZ jobs Monday (24 Nov)
  2. Couple return to Fiji after almost a decade Wednesday (26 Nov)
  3. Stop the bickering Tuesday (25 Nov)
  4. No regrets Tuesday (25 Nov)
  5. Indecent jokes warning Wednesday (26 Nov)
  6. President Xi leaves impression on leaders Monday (24 Nov)
  7. Jail terms for former Post Fiji executives Monday (24 Nov)
  8. Biman: Budget boring Saturday (22 Nov)
  9. LTA fires corrupt 4 Thursday (27 Nov)
  10. Man behind the change Wednesday (26 Nov)