All Real Estate Deals in Fiji Under Investigation

The Fiji Financial Intelligence Unit (FIU) is currently investigating real estate agents suspected to be involved in transactions which could be illegal.

This was confirmed by FIU director Razim Buksh at the signing of the Memorandum of Understanding (MOU) with the Real Estate Agents Licensing Board (REALB) yesterday.

The MOU will establish an effective framework to detect and investigate breaches under the relevant laws related to money laundering and terrorist financing offences in Fiji.

“We are investigation a few estate agents and they are under the radar. We believe they have acquired financial transactions with proceeds suspected to be tainted as proceeds or proceeds acquired through illegal or unlawful means,” said Mr. Buksh.

“We are keeping a watch on a few real estate agents and monitoring several clients who have invested their wealth in real estate markets in Fiji. We believe these proceeds were acquired through illegal or unlawful means,” said Mr. Buksh.

He said FIU is also looking at people who have invested in real estate markets in Fiji to avoid being taxed.

“We are closely linked with the police and the Fiji revenue and Customs Authority. Once the investigations are complete, we will communicate it to the proper enforcement agencies,” he said.

“We want the real estate agents to come fully onboard and work with the regulators so that it gives the level of confidence that we would want in Fiji for real estate sectors.”

He said suspicions transactions that are reported to the FIU in an annual basis exceed 500 suspicious transactions reports from all sectors.

“FIU can access bank accounts without having the need to obtain a search warrant. We are able to dissect the transaction and identify the transaction where the money may be held then share this information with the relevant agencies,” Said Mr. Buksh.

REALB acting chief executive officer Virisila Tuimanu said there are fewer than 100 real estate agents registered in Fiji.

She said REALB has an open door policy whereby a public register is made available for anyone to request information regarding any real estate agents.

“On facebook, we are monitoring as well. If you are trying to sell your property on Facebook then you do not require a licence from us. We only require a licence if you are a third party selling on behalf of the seller and you are getting a commission out of it,” said Ms. Tuimanu.

So far, there are not more than ten complains received by REALB, according to Ms. Tuimanu.

Importance of MOU

Mr. Buksh said the signing of the MOU creates a formal platform for the two agencies to work together.

“FIU can cooperate with REALB and they will be able to supplement the work and functions that FIU has under the Fiji Financial Transactions Reporting Act to deliver its intelligence in a more complete and through way to the relevant stakeholders,” said Mr. Buksh.

He said every piece of intelligence developed by FIU is not only for the Unit’s consumption but information that will be disseminated to the appropriate agencies such as Police.

According to the Fiji Financial Transactions Reporting Act, the FIU has the powers to monitor all financial activities happening in Fiji and the Unit can trace financial transactions of the victims.

“The signing of MOU will send the right signal and message to the sector and stakeholders that we need them to come on board where they are able to identify suspicious clients.”

“Where they have doubts about the funds that will be used to buy the property and where there are third parties involved in a transaction, this another aspect of fraudulent activities. We want real estate agents to be able to scrutinize all three and then report any suspicious transactions to the FIU in a timely manner,” said Mr. Buksh.

Credit: Monica Aguilar, Fiji Sun 25.04.2017

Western Realestate Company Director Released on Bail

A company director charged with obtaining financial advantage by deception has been released on bail by Suva Magistrate Priyantha Liyanage.

Can Pacific Realty Ltd’s Director Navendra Sahay Kumar is charged with five counts of obtaining financial advantage by deception.

It is alleged that 58-year-old Kumar obtained $84,950.20 between August to October in 2013.

He has been released on bail under strict conditions with two sureties on a bail bond of $20,000.

Magistrate Liyanage has also imposed a travel ban.

The matter has been adjourned to 21st June.

Credit: Swastika Singh, Fijivillage.com, 21.04.2017

Residential Project in Western Fiji Held Up Due to Land Issue

Land issues are being resolved by the Tavua Town Council and members of a landowning unit for a residential project.

Tavua Town Council CEO Vinesh Naidu said there were still a few issues to discuss with the landowners.

“There are some problems that we are still trying to sort out with the landowners and hopefully we can get those out of the way by this week,” he said.

“We have a meeting with the landowners and officials from the Local Government ministry.”

He said they wanted to begin the residential development as soon as possible. “It’s a very important project for Tavua.

“By having these subdivided lots, our residents can have access to proper living spaces with all of the Government amenities provided.”

The project is part of the economic development plan (EDP) for Tavua.

According to the Local Government Ministry, about 100 residential lots would be established.

The EDP was designed by the ministry to increase the economic viability of the town.

Credit: Repeka Nasiko, Fiji Times, 18 April, 2017

Fiji Government Move Towards Overall Urban Town Plan

Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum has highlighted that talks have begun with the Minister for Infrastructure Parveen Bala to provide an Overall Urban Town Planning.

Sayed-Khaiyum was asked a question during the budget consultation with students from the Central Division at Suva Grammar School on whether the budget had a capital project that would see to the extension of the Suva Bus Stand.

He says most of the towns and cities were planned way back in the colonial days and subsequently did not have any overall master planning done.

Sayed-Khaiyum states that it is critical to ensure that nationwide budget consultations are held as 25% of Fiji’s population is between the age of 17 to 30 years and 69.4% are below the age of 40 years.

He says the public consultations help them to listen to the key issues, they are able to talk about how the budget works, what are the things taken into consideration, where the economy is at and what is the economic outlook.

Over 200 students and teachers were present at the budget consultation at Suva Grammar School.

Credit: Ilaitia Ravuwai, 11th April, 2017.

Fiji Marriott Officially Opened By Prime Minister

And the Prime Minister Voreqe Bainimarama is pleased with Fiji’s continued growth in the tourism industry.

“And as of today, our tourism industry is even stronger. This official opening has been highly anticipated and it’s safe to say that this new resort is worthy of all the excitement. But what we don’t see when we look at these top notch amenities, is the vast amount of work necessary to make it all happen,” Mr Bainimarama said.

“Today, what was once a stain on Fiji’s reputation is a shining jewel on top of the crown of our tourism industry. Today is a proud day a day of celebration that shows how far we have come as a nation.

He said for the Fijian people, the resort and the facility represents opportunity.

“We have indeed come quite a long way. My Government’s unprecedented reforms for Fiji have brought our economy seven straight years of sustained economic growth and the tourism sector has been a key driver of that prosperity,”

The Resort contains 250 rooms, including 22 open-water bure villas over Fiji’s first-ever man-made lagoon. It has three swimming pools, top of the line restaurants and exceptional views looking out over the lagoon and the ocean.

Mr Bainimarama said the massive project took nearly 700 hardworking men and women to make the resort a reality.

“So already, this project has given hundreds of our people the chance to gain invaluable experience as part of an international development project passing on skills they will carry with them their entire careers,”

“And when this resort is at peak capacity, it will bring 400 new jobs to Fiji and that doesn’t even include the job opportunities for tour operators, duty free shops, beverage suppliers, the handicraft vendors, the fruit sellers on the high way, and all the other Fijian enterprises that grow alongside our tourism industry,” he said.

The Prime Minister thanked all the respective organisations for their effort and hard work.

“I’d like to take some time to recognise the organisations that made this all possible, the FNPF Board, and in particular the Chairman Mr Ajith Kodagoda, for their work rehabilitating this investment. Under Mr Kodagoda’s leadership, the FNPF has been reformed to make it an internationally recognised superannuation fund that has strong and transparent governance procedures which guarantees our and our children’s pension funds.

“The Marriot International who have marked their foray into Fiji with this new resort. We are very glad to have you in Fiji. And the construction partner, Fletcher’s Building Limited who have proved themselves reliable through this entire process.

“I want to thank the Vanua Nalolo, our landowners and the wider Momi community. You’ve seen first-hand this project started, abandoned, and restarted again. You’ve endured the false promises and countless disruptions to your way of life before we came in with the new vision and support to this project. But today, your patience has been rewarded,” he added.

Credit: Luke Nacei, The Jet, 10 April,2017.

Fiji Northern Multi-million Realestate Investment

The multimillion dollar  Galaxy Apartments and Hotels which will include supermarkets is expected to open in June this year.

Owner Rohinil Chand said the new complex would contain 44 hotel and apartment rooms with a big supermarket and eight shops.

Mr Chand said the project was expected to create employment for more than 100 members of the public in the town of Labasa.

“With our hotel and apartment we have self-containing units whose materials are imported right from China,” he said.

“All rooms and apartments are located on the second and third floors of the complex.

“The supermarket and shops will be situated on the first floor of the building fully airconditioned with overseas standard facilities.”

Mr Chand said the construction stages were into the final phases adding the project was in line with Government’s initiative through the Look North Policy.

“The complex will also have a bar and restaurant to offer people in Labasa world standard entertainment and cuisine,” he said.

“At the moment we have already put out vacancies for employment in public for those that will be interested to work in the apartments and hotels.

“We have also received interest from businesses to rent the shopping spaces in the complex.”

Mr Chand said the complex would change the image of Labasa Town once it was completed.

Credit: Luke Rawalai, Fiji Times, 10.04.2017.

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Tappoo Department Store Opens In Lautoka

Lautoka city is the experiencing substantial development culminating with the recent opening of Tapoo city.

Hundreds of people flocked to the newly opened department store at Tappoo City Lautoka earlier today to check out what the complex had to offer.

The shopping mall, located along Vitogo Parade adjacent to Churchill Park, was a hive of activity this morning and Tappoo Group of Companies Director Mahen Tappoo says they are optimistic about business.

Costing around $30 million, the construction of the complex will take a few more weeks to finish.

“Some of the outlets currently open at the complex include two Gloria Jeans outlets, a dual cinema in Life Cinema, a premium supermarket and five corporate sport booths and food outlets.”

Construction is due to be completed next month.

Credit: Ellen Stolz, FBC News, 30 March, 2017.

Extension of Flights to San Francisco By Fiji Airways

 

Fiji Airways has announced the extension of its seasonal San Francisco – Nadi flights to a year round service following a successful first year of operations.

The new year-round services sees the Fijian carrier fly between San Francisco to Nadi twice a week, increasing to three times a week in the high season from June through August and December.

Fiji Airways Managing Director and CEO Andre Viljoen says the expansion out of San Francisco represents their position as the premier carrier for Fiji and the South Pacific, as well as being a gateway carrier to Australia and New Zealand.

Viljoen says they are lifted by the increasing demand from business, leisure and visiting family and friends segments to the South Pacific and beyond from the San Francisco Bay area and the greater Northwest.

Credit: Ana Ravulo, Fiji News, 30 March 2017.