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Bonuses for Fiji Airways staff but what of FNPF loan?

April 15, 2014

PFLIEGER: Led the borrowing spree.

Profit shares and bonuses for Fiji Airways management and staff but no mention of National Provident Fund pensioners being repaid.

Fiji Airways borrowed millions from FNPF to use as collateral for the purchase of three new Airbuses when it was still operating as Air Pacific.

The CEO who hatched the plan with the illegal attorney general, Dave Pflieger, has since fled these shores but his successor, Stefan Pichler, has revealed staff are in line for

PICHLER: Handing out the bonuses.

more than $1.25M in profit-share and bonuses.

Pichler says 67 in management will get $4,000 while 810 non-management employees will get $1,400 each.

Staff are also expected to be get  quarterly performances bonuses of $1,200.

Workers employed by the subsidiary Pacific Sun (soon to be Fiji LINK) all qualify for the share payout.
Pichler says the profits are due to a 2.5 per cent increase in passengers and were approved by the Board last year.

David Pflieger and Aiyaz Sayed Khaiyum borrowed $200 million from FNPF to fund the purchase of the new planes at a cost of $1.8 billion but the Airbuses are owned by a company registered in Ireland as Waqavuka Financing Ltd, which leases the aircrafts to Fiji Airways.

Source – C4.5; Posted by Rusi Varani for SWM
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