FJ NEWS | FijiFirst, with a net liability position of $701,180, cannot be saved by 26 MPs due to pending debts.

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The FijiFirst Party is expected to be deregistered after June 28th, as the 26 MPs will not attempt to maintain the party that won the 2014 and 2018 general elections.

The party’s audited financial accounts as of 31st December 2023 reveal a challenging financial situation. The party faces significant financial hurdles with a net liability position of $701,180 and a working capital deficiency of $855,938.

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In a proactive move, the party has been in negotiations with suppliers to secure additional time to settle overdue balances. This demonstrates the party’s commitment to addressing its financial challenges, while the going concern basis of accounting remains appropriate for preparing these financial accounts.

The party’s operating expenses were $4.222 million in 2022, and its net deficit was $701,680 as of 2023. The party’s current and total liabilities are $910,422, and the total party funds deficit was $701,680 as of 2023. The recorded net surplus amounted to $323,864 for the year ended 31 December 2023, compared to a net deficit of $1.656 million in 2022.

Significant leadership changes have taken place within the party. On Monday, the Central Executive Committee, including former Leader Voreqe Bainimarama and President Ratu Joji Satakala, Aiyaz Sayed-Khaiyum, resigned.

Acting General Secretary Faiyaz Koya and Treasurer Hem Chand, have resigned from the positions but not from the party. This shift in leadership is likely to have a profound impact on the party’s future direction.

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