A-G responds to ‘conspiracy theories’

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Attorney General Aiyaz Sayed-Khaiyum and Prime Minister Voreqe Bainimarama during the parliament break. Picture: RAMA/FILE

ATTORNEY-GENERAL and Aviation Minister Aiyaz Sayed-Khaiyum yesterday said the Opposition had been making “absurd types of conspiracy theories” when publicly talking about Waqavuka Financing Company on social media.

Speaking in response to a supplementary question by Assistant Minister for iTaukei Affairs Selai Adimaitoga he said he had seen different comments made by those in Opposition “in particular outside, and of course their forum now is not Parliament, but on social media where they have actually been making a lot of absurd types of comments, absurd types of conspiracy theories but none of them bothered to check”.

Waqavuka Financing Ltd, he said, was a special purpose company set up to hold the title of the aircraft for Fiji Airways while it repaid its loan for its recently acquired A330s.

“So what the airlines usually do, many countries have done it and in fact Fiji has gone through similar arrangements when they bought the 737s in the late 1990s, so I don’t know what sort of songs the Opposition is doing about it.

“So a special purpose company was actually set up to hold the title of the aircraft while the loan is being repaid.

“The shares and ownership of this company is held by a security agent acting on behalf of the European Export Credit Agency and the consortium of banks.

“Once the loan has been fully paid, ownership of this special purpose company and the title of the aircraft is transferred back to the airline –— Fiji Airways in this particular case.

“So we said, let’s call this company Waqavuka Financing Ltd, so that set up the unique company.”

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