DOCUMENTS delivered to The Fiji Times have suggested that:
- Tax officials want to know the origin of $500,000 invested by the interim Finance Minister in an off-shore investment fund, Perpetual Investments.
- On September 17, 2002 Mr Chaudhry invested in 500,000 units, costing $1. The same day, he transferred $489,000 out of his account at the Commonwealth Bank, Ryde.
- All income from the shares in Perpetual Investments was re-invested in the fund after withholding tax was charged.
- The closing balance on December 31, 2003 was $526,843.75.
- A note from the tax officers recommended that the source of the original deposit be ascertained.
They have called for checks be made to ensure Mr Chaudhry correctly declared the correct income which he had earned from 2004 to 2006.
The tax officers have recommended that the auditors must determine:
- Whether the transactions complied with the Foreign Exchange Act.
- Mr Chaudhry's true wealth and financial position between 2000 and 2006.
- The legality of the $500,000 investment.
- The source of all Mr Chaudhry's deposits and assets in Australia.
- Mr Chaudhry earned $27,835.32 on the investment between September 2002 and December 2003.
He was charged $3783.56 for withholding tax on returns.
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