The letter that got Sakiusa Raivoce in trouble

August 10, 2009
We say – this is the letter believed to have gotten Sakiusa Raivoce into trouble. We were able to, through our sources, verify and confirm with FICAC that this is a true copy of the letter sent to them by Raivoce.

It is understood that Raivoce was arrested under the instruction of Col Aziz Mohammed, deputy chairman of Fijian Holdings, in cohorts with Police Commish Teleni.

No official charges was laid on Raivoce even-though he was detained in a cell for two nights.

Tuesday, 28th July, 2009.



Mr George Langman,

Deputy Commissioner,

Fiji Independent Commission Against Corruption,

Cnr. of Kimberly St and Gordon St,

SUVA.



Dear Sir,



RE – APPEAL FOR AN INVESTIGATION INTO THE TERMINATED FHL/BP SOUTHWEST PACIFIC ACQUISITION



This letter serves to advise you that I, Sakiusa Raivoce, a citizen of the Republic of Fiji, and a Class A shareholder of Fijian Holdings Limited (FHL), wish to lodge an official complaint against FHL’s current board and senior executives for the following reasons:



the non-tradability of my (and other shareholders) FHL shares due to the recent suspension of FHL as per South Pacific Stock Exchange announcement on Monday, 27th July, 2009,
the board’s defiance not to heed mine and other shareholders (provincial councils and others) public warnings on their rushed decision to sign the now terminated $190 million sale and purchase agreement with BP South West Pacific (BP SWP) without proper due diligence,
for gross negligence, incompetence, failing to protect mine and other shareholders best investment interest and other breaches of duty of care as required of board of directors under FHL’s Memorandum and Articles of Association, in conformity with the company’s corporate governance requirements and Fiji’s Companies Act.


Consistent with your organization’s previous investigations into FHL, I urge FICAC to apply the same level of enthusiasm and urgency in instigating a thorough investigation into FHL’s :



basis of the FHL/BP SWP terminated sale and purchase agreement,
associated costs relating to the terminated acquisition such as management fees to the Hindustani Petroleum Company, legal fees, financial advisory fees, non-refundable component of the deposits , other professional or consultancy fees, travel expenses and all other similar costs incurred during the due diligence process,
adherence or non-adherence to FHL’s corporate governance requirements,
other matters relating to FHL’s operations that has greatly disadvantaged me and other FHL shareholders in the short, medium and long term.


Sir, I’m on record as the outspoken FHL individual shareholder who publicly denounced FHL board’s decision to embark on their bid to buy BP SWP.



My life and that of my family, including our personal properties, was attacked by unknown persons following my interviews on TV, radio and daily newspapers where I publicly announced my grave concerns on the apparent lack of good commercial sense by the FHL board, in signing a sale and purchase agreement without first securing a financier to fund the $190 million they offered to BP SWP.



Now that the acquisition has been terminated, I believe it is only appropriate that FICAC immediately conduct an investigation into FHL’s affairs to protect shareholders interest.



Sir, I look forward to your prompt action to the above matter.



Yours Sincerely,



Signed by

SAKIUSA RAIVOCE

(FHL Shareholder)