{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch0\stshfloch31506\stshfhich31506\stshfbi31506\deflang1033\deflangfe1033\themelang5129\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f1\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202020204}Arial;}
{\f2\fbidi \fmodern\fcharset0\fprq1{\*\panose 02070309020205020404}Courier New;}{\f3\fbidi \froman\fcharset2\fprq2{\*\panose 05050102010706020507}Symbol;}{\f4\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202020204}Helvetica;}
{\f5\fbidi \fmodern\fcharset0\fprq1{\*\panose 02070409020205020404}Courier;}{\f6\fbidi \froman\fcharset0\fprq2{\*\panose 02020603040505020304}Tms Rmn;}{\f7\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202030204}Helv;}
{\f8\fbidi \froman\fcharset0\fprq2{\*\panose 02040503060506020304}New York;}{\f9\fbidi \fswiss\fcharset0\fprq2{\*\panose 00000000000000000000}System;}{\f10\fbidi \fnil\fcharset2\fprq2{\*\panose 05000000000000000000}Wingdings;}
{\f11\fbidi \fmodern\fcharset128\fprq1{\*\panose 02020609040205080304}MS Mincho{\*\falt ?l?r ??\'81\'66c};}{\f12\fbidi \froman\fcharset129\fprq2{\*\panose 02030600000101010101}Batang{\*\falt \'a9\'f6UAA};}
{\f13\fbidi \fnil\fcharset134\fprq2{\*\panose 02010600030101010101}SimSun{\*\falt ??\'a8\'ac?};}{\f14\fbidi \froman\fcharset136\fprq2{\*\panose 02020500000000000000}PMingLiU{\*\falt \'a1\'50s2OcuAe};}
{\f15\fbidi \fmodern\fcharset128\fprq1{\*\panose 020b0609070205080204}MS Gothic{\*\falt ?l?r ?S?V?b?N};}{\f16\fbidi \fswiss\fcharset129\fprq2{\*\panose 020b0600000101010101}Dotum{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}
{\f17\fbidi \fmodern\fcharset134\fprq1{\*\panose 02010609060101010101}SimHei{\*\falt o\'a8\'b2\'a8\'ac?};}{\f18\fbidi \fmodern\fcharset136\fprq1{\*\panose 02020509000000000000}MingLiU{\*\falt 2OcuAe};}
{\f19\fbidi \froman\fcharset128\fprq1{\*\panose 02020609040305080305}Mincho{\*\falt ??\'81\'66c};}{\f20\fbidi \fswiss\fcharset129\fprq2{\*\panose 020b0600000101010101}Gulim{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}
{\f21\fbidi \froman\fcharset0\fprq2{\*\panose 02040604050505020304}Century;}{\f22\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Angsana New;}{\f23\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0304020202020204}Cordia New;}
{\f24\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050203030202}Mangal;}{\f25\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604020202020204}Latha;}{\f26\fbidi \froman\fcharset0\fprq2{\*\panose 010a0502050306030303}Sylfaen;}
{\f27\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0502040204020203}Vrinda;}{\f28\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0502040204020203}Raavi;}{\f29\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0502040204020203}Shruti;}
{\f30\fbidi \froman\fcharset1\fprq2{\*\panose 00000400000000000000}Sendnya;}{\f31\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0502040204020203}Gautami;}{\f32\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0502040204020203}Tunga;}
{\f33\fbidi \fscript\fcharset0\fprq2{\*\panose 03080600000000000000}Estrangelo Edessa;}{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}{\f35\fbidi \fswiss\fcharset128\fprq2{\*\panose 020b0604020202020204}Arial Unicode MS;}
{\f36\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}{\f37\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\f38\fbidi \fswiss\fcharset0\fprq2{\*\panose 020b0604030504040204}Tahoma;}
{\f39\fbidi \fnil\fcharset0\fprq0{\*\panose 00000000000000000000}Times Roman{\*\falt Times New Roman};}{\f40\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times;}{\f41\fbidi \fswiss\fcharset0\fprq2{\*\panose 00000000000000000000}Verdana;}
{\f42\fbidi \froman\fcharset0\fprq2{\*\panose 02040603050505030304}Calisto MT;}{\f43\fbidi \froman\fcharset0\fprq2{\*\panose 00000000000000000000}NewCenturySchlbk;}
{\f44\fbidi \froman\fcharset0\fprq2{\*\panose 00000000000000000000}Bookman Old Style{\*\falt Bookman Old Style};}{\f45\fbidi \fdecor\fcharset0\fprq2{\*\panose 04020705040a02060702}Algerian;}
{\f46\fbidi \froman\fcharset0\fprq2{\*\panose 02040602050305030304}Book Antiqua;}{\f47\fbidi \fswiss\fcharset0\fprq2{\*\panose 00000000000000000000}Century Gothic{\*\falt Century Gothic};}
{\f48\fbidi \froman\fcharset0\fprq2{\*\panose 02040502050505030304}Palatino Linotype;}{\f49\fbidi \fnil\fcharset134\fprq2{\*\panose 00000000000000000000}@SimSun;}{\f50\fbidi \froman\fcharset0\fprq2{\*\panose 02020404030301010803}Garamond;}
{\f51\fbidi \froman\fcharset2\fprq2{\*\panose 00000000000000000000}Wingdings 2;}{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}
{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}
{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f52\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\f53\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\f55\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f56\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f57\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\f58\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\f59\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f60\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f62\fbidi \fswiss\fcharset238\fprq2 Arial CE;}{\f63\fbidi \fswiss\fcharset204\fprq2 Arial Cyr;}
{\f65\fbidi \fswiss\fcharset161\fprq2 Arial Greek;}{\f66\fbidi \fswiss\fcharset162\fprq2 Arial Tur;}{\f67\fbidi \fswiss\fcharset177\fprq2 Arial (Hebrew);}{\f68\fbidi \fswiss\fcharset178\fprq2 Arial (Arabic);}
{\f69\fbidi \fswiss\fcharset186\fprq2 Arial Baltic;}{\f70\fbidi \fswiss\fcharset163\fprq2 Arial (Vietnamese);}{\f72\fbidi \fmodern\fcharset238\fprq1 Courier New CE;}{\f73\fbidi \fmodern\fcharset204\fprq1 Courier New Cyr;}
{\f75\fbidi \fmodern\fcharset161\fprq1 Courier New Greek;}{\f76\fbidi \fmodern\fcharset162\fprq1 Courier New Tur;}{\f77\fbidi \fmodern\fcharset177\fprq1 Courier New (Hebrew);}{\f78\fbidi \fmodern\fcharset178\fprq1 Courier New (Arabic);}
{\f79\fbidi \fmodern\fcharset186\fprq1 Courier New Baltic;}{\f80\fbidi \fmodern\fcharset163\fprq1 Courier New (Vietnamese);}{\f92\fbidi \fswiss\fcharset238\fprq2 Helvetica CE;}{\f93\fbidi \fswiss\fcharset204\fprq2 Helvetica Cyr;}
{\f95\fbidi \fswiss\fcharset161\fprq2 Helvetica Greek;}{\f96\fbidi \fswiss\fcharset162\fprq2 Helvetica Tur;}{\f97\fbidi \fswiss\fcharset177\fprq2 Helvetica (Hebrew);}{\f98\fbidi \fswiss\fcharset178\fprq2 Helvetica (Arabic);}
{\f99\fbidi \fswiss\fcharset186\fprq2 Helvetica Baltic;}{\f100\fbidi \fswiss\fcharset163\fprq2 Helvetica (Vietnamese);}{\f164\fbidi \fmodern\fcharset0\fprq1 MS Mincho Western{\*\falt ?l?r ??\'81\'66c};}
{\f162\fbidi \fmodern\fcharset238\fprq1 MS Mincho CE{\*\falt ?l?r ??\'81\'66c};}{\f163\fbidi \fmodern\fcharset204\fprq1 MS Mincho Cyr{\*\falt ?l?r ??\'81\'66c};}{\f165\fbidi \fmodern\fcharset161\fprq1 MS Mincho Greek{\*\falt ?l?r ??\'81\'66c};}
{\f166\fbidi \fmodern\fcharset162\fprq1 MS Mincho Tur{\*\falt ?l?r ??\'81\'66c};}{\f169\fbidi \fmodern\fcharset186\fprq1 MS Mincho Baltic{\*\falt ?l?r ??\'81\'66c};}{\f174\fbidi \froman\fcharset0\fprq2 Batang Western{\*\falt \'a9\'f6UAA};}
{\f172\fbidi \froman\fcharset238\fprq2 Batang CE{\*\falt \'a9\'f6UAA};}{\f173\fbidi \froman\fcharset204\fprq2 Batang Cyr{\*\falt \'a9\'f6UAA};}{\f175\fbidi \froman\fcharset161\fprq2 Batang Greek{\*\falt \'a9\'f6UAA};}
{\f176\fbidi \froman\fcharset162\fprq2 Batang Tur{\*\falt \'a9\'f6UAA};}{\f179\fbidi \froman\fcharset186\fprq2 Batang Baltic{\*\falt \'a9\'f6UAA};}{\f184\fbidi \fnil\fcharset0\fprq2 SimSun Western{\*\falt ??\'a8\'ac?};}
{\f194\fbidi \froman\fcharset0\fprq2 PMingLiU Western{\*\falt \'a1\'50s2OcuAe};}{\f204\fbidi \fmodern\fcharset0\fprq1 MS Gothic Western{\*\falt ?l?r ?S?V?b?N};}{\f202\fbidi \fmodern\fcharset238\fprq1 MS Gothic CE{\*\falt ?l?r ?S?V?b?N};}
{\f203\fbidi \fmodern\fcharset204\fprq1 MS Gothic Cyr{\*\falt ?l?r ?S?V?b?N};}{\f205\fbidi \fmodern\fcharset161\fprq1 MS Gothic Greek{\*\falt ?l?r ?S?V?b?N};}{\f206\fbidi \fmodern\fcharset162\fprq1 MS Gothic Tur{\*\falt ?l?r ?S?V?b?N};}
{\f209\fbidi \fmodern\fcharset186\fprq1 MS Gothic Baltic{\*\falt ?l?r ?S?V?b?N};}{\f214\fbidi \fswiss\fcharset0\fprq2 Dotum Western{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}{\f212\fbidi \fswiss\fcharset238\fprq2 Dotum CE{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}
{\f213\fbidi \fswiss\fcharset204\fprq2 Dotum Cyr{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}{\f215\fbidi \fswiss\fcharset161\fprq2 Dotum Greek{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}
{\f216\fbidi \fswiss\fcharset162\fprq2 Dotum Tur{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}{\f219\fbidi \fswiss\fcharset186\fprq2 Dotum Baltic{\*\falt \'a5\'ec\'a2\'ac\'a2\'afo};}{\f224\fbidi \fmodern\fcharset0\fprq1 SimHei Western{\*\falt o\'a8\'b2\'a8\'ac?};}
{\f234\fbidi \fmodern\fcharset0\fprq1 MingLiU Western{\*\falt 2OcuAe};}{\f254\fbidi \fswiss\fcharset0\fprq2 Gulim Western{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}
{\f252\fbidi \fswiss\fcharset238\fprq2 Gulim CE{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}{\f253\fbidi \fswiss\fcharset204\fprq2 Gulim Cyr{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}
{\f255\fbidi \fswiss\fcharset161\fprq2 Gulim Greek{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}{\f256\fbidi \fswiss\fcharset162\fprq2 Gulim Tur{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}
{\f259\fbidi \fswiss\fcharset186\fprq2 Gulim Baltic{\*\falt \'a1\'be\'a8\'f9\'a2\'ac\'a9\'f7};}{\f262\fbidi \froman\fcharset238\fprq2 Century CE;}{\f263\fbidi \froman\fcharset204\fprq2 Century Cyr;}{\f265\fbidi \froman\fcharset161\fprq2 Century Greek;}
{\f266\fbidi \froman\fcharset162\fprq2 Century Tur;}{\f269\fbidi \froman\fcharset186\fprq2 Century Baltic;}{\f281\fbidi \froman\fcharset222\fprq2 Angsana New (Thai);}{\f291\fbidi \fswiss\fcharset222\fprq2 Cordia New (Thai);}
{\f312\fbidi \froman\fcharset238\fprq2 Sylfaen CE;}{\f313\fbidi \froman\fcharset204\fprq2 Sylfaen Cyr;}{\f315\fbidi \froman\fcharset161\fprq2 Sylfaen Greek;}{\f316\fbidi \froman\fcharset162\fprq2 Sylfaen Tur;}
{\f319\fbidi \froman\fcharset186\fprq2 Sylfaen Baltic;}{\f392\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}{\f393\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}{\f395\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}
{\f396\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f399\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}{\f400\fbidi \froman\fcharset163\fprq2 Cambria Math (Vietnamese);}{\f404\fbidi \fswiss\fcharset0\fprq2 Arial Unicode MS Western;}
{\f402\fbidi \fswiss\fcharset238\fprq2 Arial Unicode MS CE;}{\f403\fbidi \fswiss\fcharset204\fprq2 Arial Unicode MS Cyr;}{\f405\fbidi \fswiss\fcharset161\fprq2 Arial Unicode MS Greek;}{\f406\fbidi \fswiss\fcharset162\fprq2 Arial Unicode MS Tur;}
{\f407\fbidi \fswiss\fcharset177\fprq2 Arial Unicode MS (Hebrew);}{\f408\fbidi \fswiss\fcharset178\fprq2 Arial Unicode MS (Arabic);}{\f409\fbidi \fswiss\fcharset186\fprq2 Arial Unicode MS Baltic;}
{\f410\fbidi \fswiss\fcharset163\fprq2 Arial Unicode MS (Vietnamese);}{\f411\fbidi \fswiss\fcharset222\fprq2 Arial Unicode MS (Thai);}{\f412\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\f413\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}
{\f415\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\f416\fbidi \froman\fcharset162\fprq2 Cambria Tur;}{\f419\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\f420\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}
{\f422\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}{\f423\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\f425\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\f426\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\f429\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\f430\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\f432\fbidi \fswiss\fcharset238\fprq2 Tahoma CE;}{\f433\fbidi \fswiss\fcharset204\fprq2 Tahoma Cyr;}
{\f435\fbidi \fswiss\fcharset161\fprq2 Tahoma Greek;}{\f436\fbidi \fswiss\fcharset162\fprq2 Tahoma Tur;}{\f437\fbidi \fswiss\fcharset177\fprq2 Tahoma (Hebrew);}{\f438\fbidi \fswiss\fcharset178\fprq2 Tahoma (Arabic);}
{\f439\fbidi \fswiss\fcharset186\fprq2 Tahoma Baltic;}{\f440\fbidi \fswiss\fcharset163\fprq2 Tahoma (Vietnamese);}{\f441\fbidi \fswiss\fcharset222\fprq2 Tahoma (Thai);}{\f462\fbidi \fswiss\fcharset238\fprq2 Verdana CE;}
{\f463\fbidi \fswiss\fcharset204\fprq2 Verdana Cyr;}{\f465\fbidi \fswiss\fcharset161\fprq2 Verdana Greek;}{\f466\fbidi \fswiss\fcharset162\fprq2 Verdana Tur;}{\f469\fbidi \fswiss\fcharset186\fprq2 Verdana Baltic;}
{\f470\fbidi \fswiss\fcharset163\fprq2 Verdana (Vietnamese);}{\f492\fbidi \froman\fcharset238\fprq2 Bookman Old Style CE{\*\falt Bookman Old Style};}{\f493\fbidi \froman\fcharset204\fprq2 Bookman Old Style Cyr{\*\falt Bookman Old Style};}
{\f495\fbidi \froman\fcharset161\fprq2 Bookman Old Style Greek{\*\falt Bookman Old Style};}{\f496\fbidi \froman\fcharset162\fprq2 Bookman Old Style Tur{\*\falt Bookman Old Style};}
{\f499\fbidi \froman\fcharset186\fprq2 Bookman Old Style Baltic{\*\falt Bookman Old Style};}{\f512\fbidi \froman\fcharset238\fprq2 Book Antiqua CE;}{\f513\fbidi \froman\fcharset204\fprq2 Book Antiqua Cyr;}
{\f515\fbidi \froman\fcharset161\fprq2 Book Antiqua Greek;}{\f516\fbidi \froman\fcharset162\fprq2 Book Antiqua Tur;}{\f519\fbidi \froman\fcharset186\fprq2 Book Antiqua Baltic;}
{\f522\fbidi \fswiss\fcharset238\fprq2 Century Gothic CE{\*\falt Century Gothic};}{\f523\fbidi \fswiss\fcharset204\fprq2 Century Gothic Cyr{\*\falt Century Gothic};}{\f525\fbidi \fswiss\fcharset161\fprq2 Century Gothic Greek{\*\falt Century Gothic};}
{\f526\fbidi \fswiss\fcharset162\fprq2 Century Gothic Tur{\*\falt Century Gothic};}{\f529\fbidi \fswiss\fcharset186\fprq2 Century Gothic Baltic{\*\falt Century Gothic};}{\f532\fbidi \froman\fcharset238\fprq2 Palatino Linotype CE;}
{\f533\fbidi \froman\fcharset204\fprq2 Palatino Linotype Cyr;}{\f535\fbidi \froman\fcharset161\fprq2 Palatino Linotype Greek;}{\f536\fbidi \froman\fcharset162\fprq2 Palatino Linotype Tur;}{\f539\fbidi \froman\fcharset186\fprq2 Palatino Linotype Baltic;}
{\f540\fbidi \froman\fcharset163\fprq2 Palatino Linotype (Vietnamese);}{\f544\fbidi \fnil\fcharset0\fprq2 @SimSun Western;}{\f552\fbidi \froman\fcharset238\fprq2 Garamond CE;}{\f553\fbidi \froman\fcharset204\fprq2 Garamond Cyr;}
{\f555\fbidi \froman\fcharset161\fprq2 Garamond Greek;}{\f556\fbidi \froman\fcharset162\fprq2 Garamond Tur;}{\f559\fbidi \froman\fcharset186\fprq2 Garamond Baltic;}{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
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\'01\u-3929 ?;}{\levelnumbers;}\f10\fbias0\hres0\chhres0 \fi-360\li5400\lin5400 }{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134145
\'01\u-3913 ?;}{\levelnumbers;}\f3\fbias0\hres0\chhres0 \fi-360\li6120\lin6120 }{\listlevel\levelnfc23\levelnfcn23\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134147\'01o;}{\levelnumbers
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\'03(\'00);}{\levelnumbers\'02;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fbias0\hres0\chhres0 \fi-720\li1440\lin1440 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid336134169
\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li1800\lin1800 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134171
\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li2520\lin2520 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid336134159
\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li3240\lin3240 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134169
\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li3960\lin3960 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134171
\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li4680\lin4680 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134159
\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li5400\lin5400 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134169
\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-360\li6120\lin6120 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid336134171
\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li6840\lin6840 }{\listname ;}\listid476996445}{\list\listtemplateid1862442\listhybrid{\listlevel\levelnfc2\levelnfcn2\leveljc0\leveljcn0\levelfollow0\levelstartat1
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\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \hres0\chhres0 \fi-180\li2160\lin2160 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid336134159\'02\'03.;}{\levelnumbers\'01;}
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\af0 \ltrch\fcs0 \fbias0\hres0\chhres0 \fi-720\li3960\lin3960 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid336134171\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 
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\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
FIJI INDEPENDENT COMMISSION AGAINST CORRUPTION
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 PROSECUTION
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 AND:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 KALIVATI BAKANI
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}KENI DAKUIDREKETI
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
ACCUSED PERSONS
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Counsel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Blanchflower M, Ms. Yang E. 
\par and Ms. Puleiwai F for FICAC
\par Mr. Keene B QC, Ms. Cole Mand Mr. Clarke W for the Accused}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Date}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid2326516\charrsid8398789 s}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of Hearing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15302006\charrsid8398789 23rd June 2014 \endash  28th July 2014}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Date of Summing Up}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15302006\charrsid8398789 1st August 2014}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 SUMMING UP
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 I.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls8\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 ROLE OF THE JUDGE AND ASSESSORS

\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 1.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Madam Assessor and Gentlemen Assessors,
\par 
\par You would recall that this trial formally commenced in your presence on 25th June 2014.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 You have been witnessing the evidence, both oral and documentary, placed before you by the prosecution and defence along with their closing addresses for the last 5 weeks.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It won}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
t make you surprised if I say that the prosecution has tendered 270 documents, whilst defence submitted 37 documents in support of their respective arguments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The tape recorded court proceedings run into over }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6104549\charrsid8398789 1049}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  type written pages.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 This backgr
ound will no doubt demonstrate the exact parameters of the task that you are entrusted with.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 As I have already indicated to you, after my Summing Up, you will be asked to retire for your deliberations.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Hence, at this last stage, I invite you panel of asses
sors, to extend the same co-operation and attentiveness you showed throughout this lengthy trial.
\par 
\par 2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1207474\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 First and foremost, I would like to emphasis, Madam Assessor and Gentlemen assessors that you were chosen to be the judges of facts in this trial, as alre
ady indicated to you by the learned counsel, because you represent a live cross section of the pulse of this society.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Your common sense and the experience in day to day life must come into operation when you deliberate this case.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The common sense and the l
ife experiences have to be utilized in deciding or assessing the truthfulness or honesty of witnesses and their credibility.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 In that task, you have the liberty to accept the whole version of a testimony of a witness or a portion of that testimony and reject the rest.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Moreover, you can even refuse to accept the whole testimony of a witness.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1207474\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1207474\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 You have to decide the credibility and truthfulness of each and every witness.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 In doing so, you can rely on not only what you heard, but what you saw as well.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1207474\charrsid8398789 The way witnesses offered evidence from the witness box, how they face}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2172639\charrsid8398789 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1207474\charrsid8398789  the cross examination, were they firm on their stand or evasive, can be helpful in determining their demeano}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16219849\charrsid8398789 u}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 r and in turn to judge their credibility as well.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1207474\charrsid8398789 In furtherance to assessing the trustworthiness of the witnesses, in this instance, you have to pay a considerable }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2172639\charrsid8398789 amount of }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 attention to the set of documents tendered to court by the prosecution. This is a case basically depended on such documents.Apart from assessing the truthfu
lness and the credibility of the witnesses, you are supposed to follow the same procedure in respect of the documents as well. 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1207474\charrsid8398789 4.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The other most important factor is, when deliberating the matter before hand, you have to rely only on the evidence tendered
 in court, either oral or documentary, and nothing else.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It is a fact that this trial attracted a considerable amount of media attention.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
You may have read or seen something regarding this case in media or elsewhere before or during the trial.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 You should s
imply disregard what you saw or heard from the printed or electronic media regarding this case or any related incidents alleged to have taken place in NLTB or VDCL or PCX before the trial.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Any views or opinions expressed by your friends, family members, re
latives or anybody, is not evidence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
You, Madam Assessor and Gentlemen assessors, have to draw your own conclusions based on the evidence presented in court.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It is your duty to apply the law and the legal principles, which I am going to explain to you in a
 short while, in respect of the evidence you have heard and saw within the four corners of this court house.
\par 
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 5.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Let us now identify more precisely our roles to be performed at this last stage.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
You had the privilege of hearing all the evidence led in this trial.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
You have heard both the Learned Prosecutor and the Learned Defence Counsel making their closing addresses.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 The final step before you retire for your deliberations is the Summing Up from me.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 In my Summing Up, I will direct you on matters of Law, which you must accept as correct and act upon it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You must apply the law as I direct you, as throughout the trial, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid5702288\charrsid8398789 the law}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  has been my area of responsibility.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 6.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
In as much as I am entrusted with the responsibility of the area of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Law}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Madam assessor and Gentleman assessors, you hold the responsibility of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid5702288\charrsid8398789 facts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 That is how you become the Judges or masters of the facts.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 It is you who should decide whose evidence is to be relied upon, what evidence is to be accepted, what weight is to put on a particular piece of evidence, etc.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 7.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Therefore, if I express any particular view or opinion or if I appear to do so about the facts of this case in my summing up it is solely a matter for you to decide whether or not to accept what I say.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You can either agree with my contention or ignore the same and formulate your own opinions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
In the same vein, Counsel for the Prosecution and Defence have already addressed you on the facts, but once again, you need not adopt their views of the facts, unless you do agree with their contention and analysis.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The Counsel ha}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4289459\charrsid8398789 ve}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789  a right to make such comments when performing their roles and duties.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 If you strongly think that those comments and analysis do appeal to your common sense and judgment, you are free to use them as you see fit.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 But, when I direct you on the Law and legal principles, you have to accept that as true and accurate and should act upon that.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 In the same vein, I might overlook or omit certain evidence, which in your analysis, is important.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You can f
ormulate your own opinions by giving due consideration to any piece of evidence as you think necessary.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 8.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
You will be given the opportunity to retire for your deliberations after my Summing Up. Once, each of you, madam assessor and gentlemen assessors, reach to a conclusion on your final opinion, the court will re-convene and your individual opinion}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4289459\charrsid8398789 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  will be asked.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You will not be asked to give reasons for your opinions at any time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The opinions of you five need not to be unanimous, but of course, it would be desirable if you could agree on the final opinion.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
As the presiding judge of this case I am not bound by your opinions in delivering the final judgment of the court. Nevertheless, I assure you that due weight and recognition will be given to your opinions when I deliver the final judgment.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 9.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Madam assessor and gentlemen assessors, please recall the oath administered when you assumed duties as assessors; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 
your true opinion to be given without any fear or favour or ill will in accordance with the evidence and the law.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 You are not supposed to be passionate towards anybody or any party.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 The prosecution says that millions of monies, which could have been used for the betterment of the native Fijians, were wasted.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 On the other hand, defence says that the accused is facing the loss of his liberty.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You are not supposed to be carried away by any of these propositions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 You need not to bother about the final outcome of the case.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
It is a concern of the court.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The duty of you madam assessor and gentlemen assessors is to base your opinion on the evidence presented in court and nothing else.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Please don}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
t speculate or presume anything apart from the evidence what you saw and heard during the trial.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7229132\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 II.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 
THE BURDEN AND STANDARD OF PROOF
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
When approaching the matter in hand, I would like to draw your attention madam assessor and gentlemen assessors, to certain basic rules which govern our criminal justice system.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The accused is presumed to be innocent, though he is charged before this court with five counts of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
, until he is found guilty by this court.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Proving his guilt is the sole burden of the prosecution, as it was the prosecution, who accuses the accused of committing the said offences of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The duty of the prosecution to prove the case against the accused continues throughout the trial and it never shifts to the accused.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The law does not impose any obligation or duty upon the accused to prove his innocence or otherwise.

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7229132\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
When proving the case against the accused, the law expects the prosecution to prove it beyond reasonable doubt.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 That means the prosecution must prove the case for you to be }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 sure}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  of the guilt of the accused and nothing else will discharge their burden.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 There is no specific formula where you can have a mathematical precision to be }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 sure}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 It is all about your day to day experiences and common sense come into play once again.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The ultimatum is that you, madam assessor and gentlemen assessors, must be }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 sure}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
 of the guilt of the accused based on the presented evidence in court by the prosecution.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
If you have a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 reasonable doubt}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  over the guilt of the accused that benefit should immediately be awarded to the accused.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Such a doubt, as stated, should definitely be a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 reasonable doubt
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 A mere possible doubt or trivial and imaginary doubts will not create a reasonable doubt.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 It should be an actual or substantial doubt which shakes the foundation of the case of the prosecution.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The doubts should stem out of the evidence what you saw and heard in court.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Before proceeding any further, I must remind you, though already directed you in my }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Opening Instructions}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 , you have to look at each Count or Charge on the Information separately.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 There are five (5) separate charges of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
 laid down against Mr. Keni Dakuidreketi (hereinafter referred as Mr.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 KD), the accused.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Prosecution is expected to prove all five (5) beyond reasonable doubt or to your fullest satisfaction.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 That is to say that the prosecution has 
to produce evidence pertaining to all the charges separately and you have to assess the said evidence separately for each charge.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Thus, it is practically possible for you to reach different opinions on different charges.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 In other words, if you find the accused guilty/not guilty for one charge does not necessarily mean that he is guilty/not guilty of other charges as well.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
You are aware by now that at the end of the case of the prosecution, court decided to call for the defence and the accused opted to remain silent and not to offer any evidence on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid4289459\charrsid8398789 his }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 behalf.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 That is his right.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
He is entitled to remain silent and say that the prosecution have not proved their case against him to the required standard.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 You must not assume he is guilty because he has not given evidence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Still the prosecution must have to prove for you to be sure that he is guilty of these crimes as charged.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par You know that you are trying this case according to the available evidence. However you will have to appreciate that the accused has not given evidence at this trial to undermine, contradict or explain the evidence put before you by the prosecution.

\par 
\par Matters put to the prosecution witnesses in cross examination by the defence are not evidence until the witness agrees to those matters.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 You would recall, the learned defence counsel in his closing address to you }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 (para 9.7 \endash  9.12)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  said that Mr. KD did not see him as a civil servant and much more likely reasons motivated him as a part of VDCL in dealings with PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Those are the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 propositions}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 of the counsel and not evidence.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You have to base your opinions on evidence.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The evidence presented to you during the course of the trial, both oral and documentary, can be either direct or circumstantial evidence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 The existence of Articles of Association or Memorandum of Articles of VDCL was produced with direct documentary evidence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 When Mr. Boila and Mr. Saukawa said that they held the post of VDCL Board Secretary that is direct oral evidence.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 T
here is some evidence in this case that could be referred to as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 circumstantial evidence}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 That simply means the prosecution is relying upon evidence of various circumstances relating to the crime and the accused, which they say when taken together will le
ad to the sure conclusion that he committed these offences.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par Circumstantial evidence can be powerful evidence, indeed, it can be as powerful as, or even more powerful than, direct evidence, but it is important that you examine it with care \endash  as with all evidence}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
and consider whether the evidence on which the prosecution relies in proof of its case is reliable and whether it does prove guilt or whether on the other hand it reveals any other circumstances which are or may be of sufficient reliability and stre
ngth to cast upon or destroy the prosecution case.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Finally you should be careful to distinguish between arriving at conclusions based on reliable circumstantial evidence and mere speculation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Speculating in a case amounts to no more than guessing or makin
g up theories without good evidence to support them and neither the prosecution, the defence, nor you should do that.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 7.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The other important matter I want to make it clear is the appearance of Mr. Kalivati Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
s name in the Information.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 You see that th
ere are ten (10) charges reflectin the Information, five (5) against Mr. Bakani (odd numbers) and the other five (5) against Mr. KD (even numbers).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Mr. Blanchflower, SC, in his opening address, told you that the prosecution is concentrating only on even numbered charges against Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 It was already published in media and you might or might not be aware that Mr. Bakani pleaded guilty to all the charges against him.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 This, you might have heard by now and I doubt that it could be a secret any more.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 At the same time, throughout this trial, Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 s name was mentioned by almost every witness referring to various documents.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The sole reason for me to mention you about Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
s plea of guilt is to remove any question, doubt or speculation, if anything is left, in your minds as to why you are not trying him along with Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
s plea of guilt should not have any bearing on your decision in this case against Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
It is still the duty of the prosecution to prove its case against Mr. KD for you to be sure of his guilt, just as it would have to if Mr. Bakani had not pleaded guilty.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs16 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \b\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 III.\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 THE INFORMATION
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls14\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The Fiji Independent Commission Against Corruption, on behalf of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1207474\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
State has charged the accused for the following counts of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 {\*\bkmkstart _GoBack}{\*\bkmkend _GoBack}Second Count
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Statement of Offence (a)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 ABUSE OF OFFICE}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Contrary to Section 111 of the Penal Code Cap 17.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Particulars of Offence (b)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 KENI DAKUIDREKETI}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  between about 31st March 2004 and 21st September 2004, at Suva in the Central Division,
 while being employed in the Public Service as the Director of the Native Land Trust Board and Chairman of Vanua Development Corporation Limited, in abuse of the authority of his office, did an arbitrary act for the purpose of gain, namely, facilitated a 
loan of $2,000,000.00 FJD to be made by the Vanua Development Corporation Limited to PacificConnex Limited, which was prejudicial to the Native Land Trust Board and indigenous Fijians.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Fourth Count
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Statement of Offence (a)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 ABUSE OF OFFICE}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Contra
ry to Section 111 of the Penal Code Cap 17.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Particulars of Offence (b)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 KENI DAKUIDREKETI}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  between about 16th November 2004 and 29th November 2004, at Suva in the Central Division, while being employed in the Public Service as the Director of the Native La
nd Trust Board and Chairman of Vanua Development Corporation Limited, in abuse of the authority of his office, did an arbitrary act for the purpose of gain, namely, facilitated a loan of $900,000.00 FJD to be made by the Vanua Development Corporation Limi
ted to PacificConnex Limited, which was prejudicial to the Native Land Trust Board and indigenous Fijians.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Sixth Count
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Statement of Offence (a)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 ABUSE OF OFFICE}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Contrary to Section 111 of the Penal Code Cap 17.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Particulars of Offence (b)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 KENI DAKUIDREKETI}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
 between about 28th February 2005 to 28th April 2005, at Suva in the Central Division, while being employed in the Public Service as the Director of the Native Land Trust Board and Chairman of Vanua Development Corporation Limited, in abuse of the author
ity of his office, did an arbitrary act for the purpose of gain, namely, facilitated a Government Grant of $1,000,000.00 FJD disbursed to Vanua Development Corporation Limited through the Native Land Trust Board to be used as security for a loan provided 
to PacificConnex Limited by Dominion Finance Company Limited, which was prejudicial to Native Land Trust Board and indigenous Fijians.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Eighth Count
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Statement of Offence (a)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 ABUSE OF OFFICE}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Contrary to Section 111 of the Penal Code Cap 17.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Particulars of Offence (b)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 KENI DAKUIDREKETI}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
 between about 27th April 2005 and 3rd July 2007 at Suva in the Central Division, while being employed in the Public Service as the Director of the Native Land Trust Board and Chairman of Vanua Development Corpo
ration Limited in abuse of the authority of his office, did an arbitrary act for the purpose of gain, namely, facilitated a Government Grant of $1,000,000.00 FJD disbursed to Vanua Development Corporation Limited through the Native Land Trust Board to be 
used as security for overdraft and loan facilities provided to PacificConnex Limited,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
later renamed PacificConnex Investment Limited, by the Australia and New Zealand Banking Group Limited, which was prejudicial to Native Land Trust Board and indigenous Fijians.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Tenth Count
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Statement of Offence (a)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 ABUSE OF OFFICE}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Contrary to Section 111 of the Penal Code Cap 17.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 Particulars of Offence (b)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 KENI DAKUIDREKETI}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  between about 23rd Septemb
er 2005 and 29th September 2005, at Suva in the Central Division, while being employed in the Public Service as the Director of the Native Land Trust Board and Chairman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  of Vanua Development Corporation Limited, in abuse of the authority of his office, did
 an arbitrary act for the purpose of gain, namely, facilitated a loan of $1,000,000.00 FJD to be made by the Vanua Development Corporation Limited to PacificConnex Limited,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 then renamed PacificConnex Investment Limited, which was prejudicial to Native Land Trust Board and indigenous Fijians.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs16 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid4136542\charrsid8398789 IV}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 ELEMENTS OF THE OFFENCE
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Section 111 of the Penal Code is as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Any person who, being employed in the public service, does or directs to be done, in abuse of the authority of his office, any arbitrary act prejudicial to the rights of another, is guilty of a misdemeanor. 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 If the act is done or directed to be done for purpose of gain, he is guilty of a felony, \'85.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 As the Charges are based on }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  for the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 purpose of gain}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , the Prosecution has to prove the following elements beyond reasonable doubt. 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls11\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The accused
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Being in the Public Service
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Did an arbitrary act
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}In abuse of authority of his office 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}For a purpose of gain and 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Such act was prejudicial to the rights of another
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The offence, in simple terms is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Abuse of Office}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
. It is extended when the alleged offence is committed for the purpose of gain. If there is no such gain averred or proved, the offence of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  remains in its original context. 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16219849\charrsid8398789 
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid16219849\charrsid8398789 V}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 THE EVIDENCE OF THE PROSECUTION WITNESSES
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12455654\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12132613\charrsid8398789 rosecution }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12455654\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12132613\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9253642\charrsid8398789  #}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12455654\charrsid8398789 1 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12132613\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12455654\charrsid8398789 Mr. Ratu Cokanauto Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12455654\charrsid8398789 uakitau
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The first witness of the prosecution was Mr. Cokanauto Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He was a member of the Native Land Trust Board (NLTB) and the Great Council of Chiefs (GCC) from 1999 to 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
He said that the Native Land Trust Board was established under the Native Land Trust Act.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He was the Chairman of the Standing Committee of the NLTB and the Review Committee of the Great Council of Chiefs.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 According to Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
uakitau, the purpose of the NLTB, when it was formulated, was to administer for on behalf of all the native lands of Fijian land owners.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He referred to these lands in Fijian as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Qele Maroroi}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 On behalf of the said land owners, NLTB administer the lands and collects the rents.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Those funds are been held by the NLTB on trust for the landowners.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Witness identified Mr. KD as a member of the Board of Directors of NLTB during the period of year 2001 \endash  2007.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Kalivati Bakani had been the General Manager of NLTB from year 2003 \endash  2007.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau described the process of a Board Meeting to court.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Before a particular Board Meeting, the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Agenda}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  and the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Board Papers}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  would be circulated to the Board members.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Board Papers}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  would show the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 items}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  or the topics scheduled to be discussed at the meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 minutes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of the Board meeting would be kept by the Board Secretary with the assistance of his hand written notes and a tape recorder.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Further, it woul
d show at the very beginning the members who were present and absent.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The said }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 minutes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , which contain the discussions of the Board members during the meeting, will be circulated by the Secretary before the next meeting, enabling the Board members to corr
ect or amend those minutes whilst matters are still clear and fresh in mind, before the same is been ratified and signed by the Chairman.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Witness went on to say that it is customary for the General Manager to make a Report to the Board and that would also be recorded in these minutes.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Finally, on this issue, the witness said that the Board relies on the accuracy of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 minutes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  and thus, part and parcel of NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Referring to the Standing Committee, of which Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
uakitau was the Chairman, the witness 
said that whenever matters arose that the Board could not deal with or make a decision on a particular meeting, those were referred to the Standing Committee to look further into it and put recommendations to the Board.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He confirmed Mr. KD; the accused was
 also a member of the Standing Committee for the period of year 2004 \endash  2007.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 minuting process}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of the Board had been followed in the meetings of the Standing Committee as well.
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 That is NLTB Board Paper NO: 30/2003 on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 INVESTMENT (LENDING/BORROWING) OF TRUST FUNDS POLICY PAPER}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Paragraph 2.1 (Background) of this says that:
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The Board does maintain excess funds in its trust accounts that are unpaid and uncollected at any given period.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 There are some invested funds that derive interest as shown hereunder from the 2002 Annual Report.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par Witness explained }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Native Owners equity}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  in 2.11 of the table as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 the funds held in trust by the Board in its trust fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Investments (held in Trust for native owners}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  in 2.14 as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
investments made for an on behalf of native owners by the NLTB, would that be shareholding or otherwise and would be held by Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He explained }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Extinct Mataqali Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  in paragraph 2.4 as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \'85}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 mataqali}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s or landowners in which there is no living person to receive that money on behalf of that mataqali and those funds would be held by the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 This witness referred to }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 2.6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 10.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The Board has also approved for the establishme
nt of its commercial vehicle, Vanua Development Corporation Ltd [VDCL] to spearhead investment opportunities that would create more wealth in return for the financial viability of the Board leading to the possible reduction of the current 15% poundage.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par H
e said the purpose of Vanua Development Corporation Limited was to look for investment opportunities for the utilization of investment funds to create an income stream back to the Board as it in return the flow of benefits would go to the native land owne
rs.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 11}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  Board Paper No. 31/2003 of NLTB in relation to the establishment of VDCL was endorsed by Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The main objective of VDC is to invest the funds it receives from NLTB to generate additional revenue for the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Additional
 revenue is needed to, among other things, finance initiatives the Board wants to undertake for the benefit of landowners.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 They may include a reduction in poundage to increase distributable funds to landowners.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Also if well-endowed financially NLTB can enjoy greater autonomy in its operation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Another objective of VDC is to properly manage landowners}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  investments in the Trust Fund.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Between $9-12m is usually in the Trust Fund at any time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 If managed professionally, earnings on this Fund can increase.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The funds that VDCL was going to receive, according to this witness, included both }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Extinct Mataqali Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He highlighted one of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s expectations as the reduction in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 poundage}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  to increase the distributable funds to the native land owners.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 7.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Paragraph 3}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  refers to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Investments Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Paragraph 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  says that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 As at 30 November 2003, the total investment portfolio of the Trust Fund was $6,957, 468.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Coupled with a cash balance of $3 million, total funds in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Fund is $9,957, 468.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The investment is broken down as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Native Owners Investments}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 -}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 $3,517,066
\par Other investments and General Term Deposits}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 $3,440,402}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
This $3,440,402 is been acquired with the lease monies from }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 schedule A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  lands.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau said that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Schedule A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  lands means }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Extinct Mataqali Lands}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  and so refers to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Extinct Mataqali Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  (EMF).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He confirmed the 2nd portion of paragraph 7 that these }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  are being held in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 transition}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  before going to the Central Fijian Treasury and therefore, if it is to be transferred to VDCL, the approval of the Fijian Affairs Board (FAB) is needed.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 8.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Finally, on }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 witness referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 11}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , the following recommendations among others in place.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The Board is invited to approve the following
 recommendations:
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Progress the establishment Vanua Development Corporation Ltd so that it is operational by 1 January 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The principal activities of VDC shall be investment, and investment management of the Trust Fund.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Authorized capital to 
be $20m and the paid up capital to be $7.7m comprising:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
That the following persons be appointed to the Board and the directors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  fee shall be $10,000 chairman and $6,000 for Directors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Similar conditions currently applicable to NLTB Board members should also apply.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Chairman}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Keni Dakuidreketi (NLTB Board)
\par Director}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Nalin Patel (G Lal & Company)
\par Director}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Daniel Whippy (Carpenters Fiji Ltd)
\par Director}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Isoa Kaloumaira (Fijian Trust Fund)
\par Director}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Kalivati Bakani (NLTB)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 9.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau confirmed the existence of a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Common Seal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  in NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He said that for its use or for sealing, a Board resolution is required.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
He was not sure whether a member can use the said seal or it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4289459\charrsid8398789  i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s something to do with the Chairman.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The wit
ness stressed that the Directors of VDCL have to come back to NLTB to vet all the investments and contracts and get the approval to the same as the Board vested the authority of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trustee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 10.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Then Mr. Tu}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It is the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Minutes of 363rd Meeting of NLTB held on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 18th of December 2003}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Paragraph 6 of the same says that Mr. Bakani, the General Manager led the discussion.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Paragraphs 6.2 and 6.3 were on Deliberations and Resolutions of the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The attention of the witness was drawn to the following portions;
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid5702288\charrsid8398789 6.2.5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Management to submit another paper detailing Authorised Trustee Investments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Further, all investment of Trust Funds must come to the Board because the Board is Trustee and cannot delegate that responsibility.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 6.2.9}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Chairman clarified that recommendation 6.3 will have taken careof the point raised by Member Sadole and has been confirmed by DGM (O).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Recommendation 6.1 to be amended slightly to the effect \endash  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 The Board notes and based on legal advice the Board is able to onlend Trust Funds.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 And that this authority to be able to onlend Trust funds shall only be exercised by the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 6.3}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 (iii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid5702288\charrsid8398789 
that Management to formulate investment procedures and the appropriate regulations with the Ministry of Fijian Affairs.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 11.\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Paragraph 7.0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 related to VDCL Board paper No: 31/2003, which you saw as Exhibit No. 11.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Finally, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 7.10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  reflects that the NLTB resolved that VDCL to commence its operations by 5th of January 2004 with the above mentioned Board of Directors with an 
authorized capital of $20 million and paid up capital of $7.7 million with the objective of investment and investment management of the Trust Fund.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It was told by Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau that Mr. Nalin Patel, Mr. Daniel Whippy and Mr. Isoa Kaloumaira, who were appointed to the VDCL Board of Directors, were not members of the NLTB.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
He confirmed that Mr. KD, the accused was appointed as the Chairman of VDCL by the NLTB and Mr. KD was expected to inform and recommend NLTB about the investment opportunities for vetting and approval of the same.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
He stressed that NLTB being the trustee of the funds, it was only the full Board of NLTB could approve the investments of such funds.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 12.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Pointing to the periods of year 2004, 2005 and 2006, Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau said that Mr. KD, the accused did not make such reports of the investments of VDCL to NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Had such a report been made, according to the witness, it would normally be recorded in Board minutes of NLTB along with the related discussions and resolutions.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 13.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 This witness then referred to }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 29}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
, the NLTB Board Papers scheduled for 26th February 2004 and specifically spoke about Board Paper 004/2004, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Funds Investment Paper}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 page 91}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 ).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He said the purpose of this paper was to provide a direction to NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s investment arm, the VDCL, what to be adhered to and followed when utilizing the funds.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 14.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 NLTB Board Paper 005/2004 (}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 page 99}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 ) is on }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Evaluation of Solutions for the IT Roadmap}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Witness said that there was a need for a new computer system as the existed system was not compatible and been outdated.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The recommendation in paragraph 11 (i) is to engage the services of Tui Consulting to install MySAP, IXOS and ESRI as the preferred solution for the required specifications.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5274040\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 15.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Then this witness}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s attention was drawn to Information Paper No: 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 001/2004. (}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 page 116}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 )}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
It was meant to inform the NLTB members about the latest developments in respect of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Witness agreed that one business proposal which received to VDCL was to have 51% of shareholding from IT Company called P
acificConnex Ltd, which involves in IT related work, both locally and overseas.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 16.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 31}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , NLTB Board minutes dated 12th March 2004, was next shown to Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 This was an extra ordinary meeting to have a presentation of one Mr. Ballu Khan of Tui Consulting on his SAP Solution for the NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s IT }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Road Map}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
It is in this meeting Mr. Bakani, being the General Manager, had informed the NLTB members that VDCL will be owned 51% of shares of PCX, which in turn will benefit NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 After a Power Poi
nt Presentation about the proposed IT system, the NLTB members had resolved to engage the services of PCX to install the proposed IT Solution.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Nevertheless, the witness said that certain members of NLTB raised their concerns about the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 cash factor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of this
 IT solution, as it was informed that SAP project cost would be $4.6 million. (Paragraph 5.7).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Further, it was confirmed by the witness the queries of the members on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 who owns what out of the project}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Ballu Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s response to that is in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 5.8}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Member Buresova queried as to who owns what out of the project.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Mr. Ballu Khan in response explained that the up-front cost would}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 be borne by Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Connex that is to implement the solution for NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 PacificConnex would only get paid once the Solution is implemented.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The terms and conditions of the contract between NLTB and Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Connex would be such that if Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Connex does not perform then NLTB gets redress.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The $4.6 million is borne up front by Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Connex who in turn will recoup the amount over a period of time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Such deals are normally of 8 year terms, it is 11 years in this case.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 17.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Further to that Mr. Khan had made a presen}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5274040\charrsid8398789 
tation to the members and told }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
TUI Consulting was formed in 1997.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The challenge then was to find something unique.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 TUI is a traditional name in New Zealand.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It means Chief and signifies Leadership in Fiji.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 TUI consulting has no debt; always operated on its own cash flows.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 TUI Consulting is not a shareholder in Pacific}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Connex.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Mr. Ballu Khan and Strategic Change Manager Mojito Mua left the meeting, after their presentation, as this stage.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 18.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau said that the Board members wanted to know who were}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 the shareholders of PCX over and above the 51% shares of VDCL as Mr. Khan told them that TUI Consulting is not a shareholder in PCX.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
But, he said that to date, he is not aware anything about the other shareholders who owned 49% as Mr. Khan or anybody else did not disclose that.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 And, the financial history of PCX, though requested by the NLTB, had not been provided to them either by Mr. Khan or Mr. Bakani or Mr. KD.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Finally, Mr. Tu}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
uakitau said that had NLTB was aware of any financial problems of PCX during 2004, 2005 and 2006, it would be a matter of concern and should 
have been made aware of by Mr. KD and Mr. Bakani as they were a Director and the Managing Director of NLTB and held dual responsibility with their duties in VDCL as Chairman and a Director respectively.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 If such financial problems or difficulties of PCX hav
e been made known to NLTB Board, he said those should have been recorded in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 minutes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  and members would have deliberated upon those issues.
\par 
\par 19.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Then Mr. Keene, QC, started the cross examination of Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 First, Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau agreed that whenever the Board Papers or Board Meetings refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Management}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7830017\charrsid8398789 that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 does not include the Board members.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He said the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 poundage}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  or the amount charged by the NLTB to administer the lands of the native landowners was brought down to 25% to 15%.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Summary of Legal Opinions}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 3 of Exhibit 10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
, the witness said that the issues of responsibilities and powers, where the legal opinions sought were in respect of NLTB and that is not of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Keene, QC, pointed to paragraph }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
6.2.1, 6.2.5 and 6.2.9 of Exhibit 10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  by stressing the usage of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of the NLTB in those portions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 In the 3rd bullet point of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 7.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The Structure of the Corporation and its equity structure}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , the witness agreed that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 word}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 corporation refers to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .
\par 
\par 20.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The term }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Special Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of $1,569,208 in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 6 of Exhibit 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 (CURRENT NLTB INVESTMENT PORTFOLIO) explained by the witness as the fund which had been channeled from the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  to NLTB with the approval of the Board and Great Council of Chiefs with the specific purpose of those funds been utilized or invested for the benefit of the Fijians.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Witness agreed with the learned counsel that the NLTB investments or finance have restrictions for lending because they are Board funds and taking steps to spend those funds is not in breach of any trust.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He said that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paid up equity}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  or the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 share capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of VDCL was proposed to be $7.7 million and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Transfer of investments in Trust Fund derived from income from Schedule A & B Land}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 in paragraph 8 (shareholding structure & capital) of $3,440, 402 means }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust money}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 He confirmed this paid up equity of $7.7 million to VDCL was comprised of three different types of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 money}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 ; Government money, NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s own money and Trust money.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Explaining the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 authorized capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 of VDCL be $20 million, the witness said that with the opening capital of $7.7 million, the company had to create the balance capital with other investments.
\par 
\par 21.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau confirmed that the five Directors (05) of VDCL, including one of NLTB}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
s Directors (Mr.KD) and its General Manager, were appointed by the NLTB Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Talking about Mr. Isoa Kaloumaira, an appointed Director to VDCL, the witness agreed that he was selected because of his background in banking and finance as 
VDCL was meant to be more entrepreneurial than NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
He went on to say that when he agreed with the recommendations and the Board Paper to establish VDCL it was done after reading the same and as in the case of other members, he also thought that VDCL will be another vehicle for Fijian investments.
\par 
\par 22.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Keene, QC referred to }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 11.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 of the Recommendations in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 It says:
\par 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
FAB to be requested to approve the transfer of funds in the Trust Fund which belongs to it as equity in VDC.Moreover that they be approached for a grant or interest free loan of $1m as additional equity }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13383740\charrsid8398789 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 or VDC.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau said that }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  means the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Extinct Mataqali Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
He elaborated that Extinct Mataqali Funds arise when there is no Mataqali in existence to claim the money which accumulates over a period of time. The procedure of releasing funds by NLTB is included a paper advertisement t
o make sure that no direct claimant to the said money misses out.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Then only the said funds go to FAB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Therefore, the witness said that the above recommendation was to request from FAB that NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s desire of using that money to pay up the share capital of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Nevertheless, according to the defence exhibit, }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 KD.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 2 of page 85}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
 (NLTB, Extinct Mataqali Funds, [Board Paper No. 016/2006], June 2006), the relevant FAB consent had not been obtained and it was recommended that NLTB retain that 3.36 million Extinct Mataqali Funds to be invested in VDCL as equity.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 item 11 of Exhibit 202}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
, Minutes of 378th NLTB meeting dated 22nd June 2006, the Board had resolved this recommendation of Mr. Bakani, the General Manager.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Further, referring to pages 98 and 104 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Exhibit 142}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , witness said that it was further intended to request for 1 million interest free loan from FAB as additional equity for VDCL.
\par 
\par 23.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Then the learned counsel cited the following paragraphs from several Exhibits to say that NLTB had been updated or informed about the affairs of VDCL and PCX, even though this witness claimed negatively.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 42 \endash  NLTB Board Meeting Minutes dated 6th May 2004.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Vanua Development Corporation & PacificConnex Ltd. \endash  funding from Government still to be received.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Amount reduced to $750, 000 instead of $1m originally approved.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
VDCL has received quite a number of proposals for joint ventures.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The shareholders agreement for PacificConnex Ltd was finalized and signed.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Efforts of a joint venture between Vanua Development Corporation and Jacks Handicraft in a bid to operate from the Nadi Airport Complex were declined by the AFL Board despite the fact that all requirements were met.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The Board of VDCL is considering taking the matter further.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10897851\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid10897851\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10897851\charrsid8398789 
Launch of PacificConnex and Vanua Development Corporation will now be held on 17th May, 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10897851\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 48 \endash 
 NLTB Board Meeting Minutes dated 24th June 2004.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \b\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 16.2\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 Vanua Development Corporation}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  [VDCL]
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 VDCL through its Chairman, Mr. Dakuidreketi sought the Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s support in its (VDCL) quest to request for Ministry of Finance approval to grant VDCL tax free status.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
VDCL will be reporting regularly to this Board as it is wholly owned by NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Resolve
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par Members resolved:
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
To support VDCL in its seeking Ministry of Finance approval to be granted tax free status.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 67 \endash  NLTB Board Meeting Minutes dated 26th August 2004.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 3}{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 26}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Vanua Development Corporation \endash 
 General Manager made a short presentation on the company to Cabinet recently.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 78 \endash  NLTB Board Meeting Minutes dated 28th October 2004
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 8.0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 2005 Budget (BP 036/2004)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Introduction
\par General Manager informed members of the Chairman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
s request that consideration of the 2005 Budget be deferred and to be considered in a special meeting in Suva in the next two to three weeks.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The reasons behind the request are:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard\plain \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 To clarify the financial relationships between NLTB, Vanua Development Corporation and PacificConnex Limited.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The proposed budget only contains NLTB}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 s budget without any input from Vanua Development Corporation or PacificConnex Ltd.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 3.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Vanua Development Corporation & PacificConnex Limited.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 3.4.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Aisake Saukawa has been recruited as a Research/Admin Officer for Vanua Development Corporation.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 3.4.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
PacificConnex Limited continues to market its services.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 91 \endash 
 NLTB Board Meeting to be held on 21st December 2004
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls12\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 7.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Vanua Development Corporation & PacificConnex Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
A separate paper on the relationship between the three organisations is part of the agenda.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
During the month, the Boards of VDC and PCX both endorsed that PCX seek a legal judicial review of the decis
ion by the Ministry of Finance to award Government FMIS tender to an American Company called SSA Global Technology in association with Software Factory Ltd of Fiji.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par The stand was taken on the following grounds:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 That the tender process was not completel
y transparent and proper procedures were not followed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
It was also apparent that the process was loaded against PCX from the beginning.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The terms of the Social Justice Act were not complied with in consideration of the tender.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
PCX as a 51% owned indigenous company should have received consideration under the terms of the Social Justice Act.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par The case is to be heard on 14/12/04.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 
Exhibit 92 = NLTB Board Meeting Minutes dated 21st December 2004.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Starting from }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 paragraph 4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 , it is an Information Paper to the NLTB Board on VDCL and PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Followings are some of the excerpts.
\par 
\par The General Manager before presenting the paper assured the Meeting that there will be a paper presented at every future Board Meeting to inform the Board on the progress of the two companies.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8329473\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid2180408\charrsid8398789 Pacific}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 Connex Ltd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 .
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.2\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls4\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Following the early implementation of SAP:

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
NLTB will make a saving of $2,859,134 over a period of 11 years.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 To
tal cost of the system to NLTB over the 11 year period will therefore be $16,040,856 to the original price of $18,900,000.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
PacificConnex had put this in writing to NLTB (copy of the letter was attached as attachment 2
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par 4.2.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Management will continue to 
look at cheaper funding sources to fund the re-payments to PCX and make some savings.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
E.g. Fiji Development Bank which is only charging a 5% interest on loans.
\par 
\par 4.2.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 PacificConnex Forecast}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789  [was shown as Attachment 4]
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Budgeting Net Profit After Tax}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 $3,952,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 retained Earnings
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Transfer to Reserve}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 $}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 988,000
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Available for Distribution}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 $2,964,000
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Budgeted Distribution to VDCL @ 51%-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 $1,512,000
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par 4.2.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 PCX Sales Funnel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid5702288\charrsid8398789 (Shown as Attachment 5 of the paper)
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Outlined the phases of discussion/negotiations and contracts between PCX and various companies/organisations and are summarised as follows:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Contract signed \endash 
 NLTB and SCA Hygiene Australasia
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}To be signed in 2005 \endash  Airports Fiji Limited, Air Terminal S
ervices and Fiji Pine.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}High Level Discussions \endash 
 Seven companies including Fiji Electricity Authority.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
The budgeted Net Profit After Tax of $3,952,000 as discussedin 4.2.3 will be from the most likely contracts signed with Air Terminal Services, Airports Fiji Ltd together with NLTB and SCA Hygiene Australasia.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 4.3.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 Discussion on VDCL & PCX
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par Honourable Prime Minister and Chairman of the Board Mr. Laisenia Qarase advised the meeting that the Board had given its approval to the transferring of some assets from the Board to Vanua Development Corporation to assist in its establishment.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Up to date there is no f
inancial report submitted to Board and General Manager is requested to prepare once in the next Board meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 This is to include income (if any) for 2004.
\par 
\par 4.3.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Hon. Prime Minister and Chairman, Mr. Laisenia Qarase showed his concern on the second paragr
aph of the letter from Mr. Ballu Khan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The mentioned paragraph stated that PCX funded NLTB}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 s acquisition at SAP and Oracle licences.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 This was through an unsecured loan of $1,303,734 from PCX to NLTB.
\par 
\par The Chairman sought explanations on:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 s approval on the unsecured loan
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Terms and Conditions of Loan Agreement
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par The General Manager in his explanation advised as follows:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The repayments to PacificConnex is as on the initial repayment schedule i.e. on $18,900,000 now reduced to $16,040,866.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}There 
was no other separate loan arrangement as stipulated in Mr. Ballu Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 s letter.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
A spread sheet to be prepared to show the repayments for the 11 years based on the initial figures.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
This is to be tabled in the next Board meeting.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par 4.3.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Member Ratu Timoni Vesikula raised the Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
s role as a Trust and its involvement in the companies Vanua Development and PacificConnex in particular the risk involved even though the Board owned the two companies.
\par 
\par The General Manager advised as follows:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The Board is the Shareholder of Vanua Development.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The Board appointed the Directors of Vanua Development.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
The Company operates strictly under the Articles of Association of the Company.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}It is advisable that the Board informs the companies it owns
 of the commercial developme}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10312696\charrsid8398789 nts it (Board) wants to pursue.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2309168\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10312696\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 133 \endash 
 NLTB Board Meeting Minutes dated 5th May 2005
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2309168\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 21.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 
PacificConnex Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Two contracts have been signed i.e. NLTB and SCA Hygienic Australasia.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Contracts with CJ Patel a
nd Vinod Patel are about to be signed.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
Interest expressed by the private sector is most encouraging compared to the public sector.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}YTD loss of $230, 431 against a budgeted loss of $375, 819.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Projections for 2005 showed a profit.

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Recently applied for
 a loan of $7m, with FDB to refinance costs associated with development of the NLTB system.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
FDB has approved a $3.5m loan to PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
Judicial Review sought by PCX against the Ministry of Finance Tender process still outstanding.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
Case to be heard on 27.6.05.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}3G Licence subm}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13728287\charrsid8398789 ission made to the Minister for }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 Information, Communications and Media Relations.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 A complete, detailed submission to be made before the end of June (details as shown on Appendix 10).
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The total cost of the NLTB system is $16.04 million.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 This is to be repaid over 11 years.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}An Attachm}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13728287\charrsid8398789 ent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13728287\charrsid8398789 (appendix 11) detailed the }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 implementation of the NLTB system.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 21.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 Deliberations}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 21.4.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The General Manager in reply to Members}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
 query on Mr. Bal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2180408\charrsid8398789 l}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 u Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 s share in PCX confirmed that Mr. Khan holds 49% and NLTB 51%.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 21.4.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 The Chairman informed the Board that whilst information on VDCL was clear, PCX affairs seemed to be cloudy especially in the movement of huge sums of money.
\par 
\par He advised that Management to submit report every 3 months on both VDCL and PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 132 \endash 
 NLTB Board Pack for the Meeting to be held on 5th May 2005
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid2309168\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \b\lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.3\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288\charrsid8398789 Funding}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\insrsid5702288 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8398789\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
PCX recently applied for a loan of $7m to refinance the costs associated with development of the NLTB system.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 This borrowing is to be secured by shareholders guarantees plus a personal guarantee from Mr. Ballu Khan secured by properties he owns in Fiji.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
This is to be backed by an assignment from the NLTB guaranteeing payment to the lender of the proceeds of the NLTB contract.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 FDB has approved a reduced amount of $3.5m but will reconsider the balance in May following a full presentation to be done to them by PCX.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Page 106}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  - Investment Register
\par 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Loan to PCX 1.297 million
\par Loan to PCX 702,000 \}
\par Loan to PXC 900,000 \} Extinct Mataqali Funds
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Page 107}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  \endash  VDCL Balance Sheet 
\endash  item 4500
\par Loan to PCX \endash  2,900,000
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 156 \endash 
 NLTB Board Meeting Minutes dated 26th August 2005}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 .
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Page 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  \endash 
 VDCL & PCX, following completion of the Audit of the two companies, a full report will be tabled to the Board.
\par 
\par 7.0 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 2004 Annual Accounts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789  (Board Paper No. 016/2005)
\par 
\par The audited report was circulated.
\par 
\par The General Manager before inviting the Deputy General Manger to lead the discussion apologised for the delay in the tabling of the Audited Accounts for the following reasons:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
That it was the first time, that audit be also made on the two Companies, VDCL and PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
VDCL so far had shown a profit of $191,640 while PCX is still going through minor account adjustment.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid5702288\charrsid8398789 Audited accounts for both the companies will be tabled in the next Board meeting.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af1\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 8.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls13\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
The migration of Accounts to the new LALI system also contributed to the delay.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 (x)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 175 \endash  NLTB Board Meeting Minutes dated 3rd November2005
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Vanua Development}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4095579\charrsid8398789 /PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4095579\charrsid8398789  \endash 
 The General Manger apologized for the delay in the Auditing of PCX accounts.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4095579\charrsid8398789 The Auditors have completed the audits of VDCL. The delay is due to the following and is also raising concern to Management:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid4095579\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard\plain \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls17\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4095579\charrsid8398789 The business relationship between NLTB and PCX is the first of its kind in Fiji.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid4095579\charrsid8398789 Most of the Accounting Standards and Treatment has to be referred back to Australia for confirmations.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid4095579\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls17\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4095579\charrsid8398789 
The Accounting Treatment on the initial set up cost of the new NLTB IT System i.e. whether it is an asset to NLTB or expense to PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid4095579\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls17\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4095579\charrsid8398789 
PCX will show a loss in its 2004 operations due to the first $1million payment by NLTB in 2004 was treated as income for 2005 by the Auditors, Price Waterhouse Coopers.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid15023683\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid5702288\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls16\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid5702288\charrsid8398789 Exhibit 187 \endash 
 NLTB Board Meeting Pack to be held on 23rd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 February, 2006
\par Pages 89 \endash  96}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  \endash  Information Paper No. 002/006 \endash  VDCL & PCX
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 (xii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 188 NLTB Board Meeting Minutes held on 23rd February 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 VDCL & PCX LTD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 (Information Paper No. 2/2006)
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The Paper was RECEIVED by the Board.
\par 
\par The Chairman thanked the Boards and Managements of the two companies for the detailed Paper submitted and urged Members to take time to read the Reports and Accounts.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
\par (xiii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 201 \endash 
 NLTB Board Meeting Pack to be held on 22nd June 2006.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4854149\charrsid8398789 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Vanua Development Corporation Ltd. And PacificConnex Ltd.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 The last comprehensive report was tabled during the February Board meeting when the 2004 Accounts for the two companies were finalized.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
The next full report to the Board will be tabled when the audit of the 2005 accounts are completed.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8158764\charrsid8398789 A development worth reporting is that PCX has been issued with a provisional approval to operate a mobile telephone network.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8158764\charrsid8398789 
However a second provisional approval has also been given to Digicel.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8158764\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 (xv)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 210 \endash  NLTB Board Meeting Minutes dated 2nd November 2006.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Information Paper 014/2006 on VDCL and PCX.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 (xvi)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit KD2 \endash  NLTB Board Meeting Minutes dated 24th August 2006.
\par Paragraph 5.2.8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  \endash  VDCL and PCX, focused on the developments relating to 3G Licence.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 -}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Mr. Bakani requested the Board either to appoint a Group CEO or a Managing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Director for VDCL as a separate entity and to step down from his position of Vice Chairmanship of PCX in the next PCX meeting.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
NLTB Board to avoid any conflict of interest in this subject area.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 His request regarding PCX was resolved by the Board.
\par 
\par 24.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
In answering to Mr. Keene, QC, the witness once said that when the Board refers to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Management}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , it means Mr. Bakani and his team.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Whilst referring again to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 paragraph 21.4}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , Deliberations of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit No. 133}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 , witness admitted that there was no objection recorded from the NLTB about guaranteeing the payments in respect of computer implementation contract of PCX.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
Later the witness agreed that had PCX achieved a 3G license that would have been a big business for them.
\par 
\par 25.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Finally, Mr. Tu}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 
uakitau agreed that the fifteen (15) instances he was cited by Mr. Keene, QC, there had been a report on VDCL and PCX in 13 times and the frequency of reporting and its contents and details were greater than he recalled during his evidence in chief.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 28}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  NLTB Standing Committee Meeting Minutes dated 19th February 2004; the witness said that its members resolved to enforce the Management}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s recommendation that Tui Consulting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s presentation in relation to NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 s IT Road Map be accepted and advice the NLTB main Board accordingly.
\par 
\par 26.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 In re-examination, Mr. Tu}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 uakitau again explained the }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 term}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  whilst focusing on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Exhibit 11 paragraphs 2, 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  that a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Special Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  of $1, 509,208 was created in 1999 with the funds transferred from the }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Trust Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  after it was approved by the Board and the Great Council of Chiefs (Bose Levu Vakaturaga 
\endash  BLV) as the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789 Special Fund}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5702288\charrsid8398789  was still meant to be used for the benefit of all Fijians.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 27.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Pointing to first (1st) entry of FHL }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  class shares in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Table 2 of paragraph 6 of }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
, the witness said that it is the first bullet point of item 2 in paragraph 8 as NLTB resolved to transfer those FHL shares to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Other Investments & General Term Deposits}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  ($3,440,402) in paragraph 7, the witness said is been reflected in the last figure of paragraph 8 as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Transfer of Investment in Trust Fund derived from income from Schedule A & B land}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , which is Extinct Mataqali Funds (EMF).}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 uakitau stressed that NLTB is still the Trustee of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Trust Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  and was accountable to the native landowners and it was the NLTB who owned the VDCL.
\par 
\par 28.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Clarifying the issues arose pertaining to FAB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s approval in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 132}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  (page 98 
\endash  Information Paper 06/2005), the witness said that had the said funds (EMF) been transferred to FAB from NLTB, that would have brought to the Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s attention through the management.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 But, the witness went on to say that according to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit KD-1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , NLTB Boa
rd Paper No. 06/2006 on EMF (June 2006), the NLTB Board has not received any response from FAB over this and the NLTB Board had approved the retention of $3.36 million of EMF to invest with its fully owned subsidiary company, VDCL as equity by the FAB.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He 
said that even the EMF been transferred to FAB, it would still use the same for the benefit of the native Fijians.
\par 
\par 29.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Coming back to the }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 reporting to NLTB Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  by Mr. KD as the Chairman of VDCL, Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 uakitau repeated that the NLTB Board expected him
 to advice and inform of investments and the details of investments that VDCL were to undertake as Mr. Bakani and Mr. KD had a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 dual responsibility}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  being appointed to VDCL Board from the NLTB Board membership and management.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He continued that that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 responsibility}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  extends to reporting of PCX matters as well as VDCL had 51% of PCX shares.
\par 
\par 30.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Finally, referring to the fifteen instances (15) pointed out in the cross examination stated in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 24}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 uakitau agreed that in any of those occasions nothing has been mentioned about a request by PCX to VDCL for a 2 million loan (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 42}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) or VDCL lending 2 million to PCX (}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit48}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) or request of PCX to VDCL for a loan of $900,000 (}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 67}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
) or a request for 1 million and granting of loan to PCX by Dominion Finance (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 78}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) or in general, the financial situation or loans taken out from various banks and financial institutions including VDCL by PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 no mention}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  list continued with the Government grant of 1 million been put on a Term Deposit wit
h Dominion Finance as a security for PCX loan extension (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 133}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ), or ANZ approving a temporary Overdraft facility of 1 million to PCX or the transfer of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 
'}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s 1 million Term Deposit facility with Dominion to ANZ as a security for the said ANZ overdraft facility to PCX or [VDCL}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s Term Deposit of 1 million with ANZ] or Credit Corporation loan of $500,000 to PCX in July 2005 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 156}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) or PCX defaulting any loans of other institutions or it defaulting the interest payments to VDCL loans, and finally, PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s failure to repay the Overdraft of 1 million to ANZ.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 rosecution }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  #2 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Nemani Buresova
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 31.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Buresova had been appointed to the NLTB as a Board member by the Fijian Affairs Board (FAB) in December 2001 and been there since 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He recal
led that during the said period Mr. Laisenia Qarase, a former Prime Minister, was the Chairman and Mr. KD, the accused was a member whilst Mr. Kalivati Bakani being the General Manager of NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He confirmed that his appointment was done by FAB pursuant to 
Native Land Trust Act.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He had received a Letter of Appointment from the Ministry of Fijian Affairs }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (Exhibit 1)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  dated 17th December 2001 under the title; MEMBERSHIP: NATIVE LAND TRUST BOARD.
\par 
\par 32.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. KD and Mr. Asesela Sadole had also been appointed as Board members of NLTB pursuant to section 3 (1) of the Native Land Trust Act by the Fijian Affairs Board by this same letter.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The appointments were for a period of three (3) years with effect from 14th December 2001.
\par 
\par 33.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Whilst confirming the existed procedure of NLTB Board Meetings, recording of minutes and circulation of Board papers and Board minutes described by Mr. Tu}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 uakitau, this witness tendered }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Exhibit No. 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 8}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , the NLTB Board Papers and Board Minutes dated 23rd October 2003.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Board Paper No. 25 of 2003}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  titled}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 EXTINCT MATAQALI FUNDS}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (Exhibit 07, page 67)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  was elaborated by Mr. Buresova.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He said that the accumulated funds on leases over native lands deemed extinct were kept with NLTB Trust Department as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Frozen Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) and the NLTB is obliged to transmit all Extinct Mataqali Funds kept }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 frozen}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  by its Trust Department to FAB only after the Mataqali}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s extinct is statutorily declared (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 10}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) [It is this interim period that the NLTB keeps the Extinct Mataqali Funds under its trusteeship]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The following }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph Exhibit 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 was highlighted by the witness in relation to initiation of VDCL.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid8398789 \hich\af0\dbch\af0\loch\f0 3.26.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls9\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation \endash  The Company has been registered with NLTB Executives as initial Directors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 A business plan i
s being prepared and the Chairman will be consulted on the appointment of Directors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Provisions have been made in the 2004 Budget for initial costs that may be incurred for the setting up of the Company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 34.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Buresova pointed to certain important information in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 30}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , the NLTB Board Minutes dated 25th of February 2004.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 8.0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Evaluation of Solutions for the roadmap \endash  (BP No. 005.2004)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manger led the discussion.

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 8.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The objective of the paper was to seek the Board}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s approval;
\par 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (i)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 To engage the services of TUI Consulting to install my SAP, IXOS and ESRI as the preferred solution to address NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Requirements Specifications
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 To outsource NLTB IT functions
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The cost of FD$1.8million per annum for 12 years.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 8.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Deliberation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The system being proposed here is probably the best available in Fiji. Members could consider granting their approval in principle whilst final approval is to be subject to provision of all the necessary information as well as further negot
iations of costs.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
A financial projection for NLTB to be provided incorporating the $1.8m. per annum payment.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Also if there is available a financial projection for Pacific Connex, it is to be provided to this Board to assist }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16214585\charrsid8398789 M}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 embers}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  in their considerations.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Detail background information of all those behind TUI Consulting to be provided.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Once all these info}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16214585\charrsid8398789 rmation are available, an extra}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ordinary meeting can be called.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Resolve}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par Members resolved;
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 To approve the r
ecommendations in principle subject to the following:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls20\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Management to further negotiate cost of $1.8m a year downward with TUI consulting.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls20\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The reasons behind the 12 year period of payment to be clarified.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls20\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Once a final costs is agreed to with TUI Consulting, a financial projection for NLTB incorporating that agreed cost to be provided to this Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls20\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
A financial projection for PacificConnex be also made available to this Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls20\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Background informati
on of all those who are behind TUI Consulting inclusive of their CV}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s, etc. to be provided to this Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The witness agreed that according to this material, NLTB has to pay $1.8 million per annum to Tui Consulting for over a period of 12 years.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 According to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 12}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of the Minutes, a $1 million interest free loan from the Government to VDCL }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 is still awaited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .
\par 
\par 35.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Then Mr. Buresova focused to }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 31,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 the NLTB Extra Ordinary Meeting Minutes dated 12th March 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 It had been held with the purpose of evaluating solutions for the IT Roadmap and the engagement of Tui Consulting for that task.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He said that the Strategic Change Manager Mr. Mua made a presentation to the members and during the deliberation, he queried the basis of the 12 year repayment 
period (paragraph 5.1) as his concerns were the length of the period, that NLTB have to be paying the $1.8 million annually and if NLTB sticked to this IT system for such a long period, it would not be changing according to the changes of IT systems, usua
lly happens in every 2 -3 years.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
In general, he said that his concern was about the cost which had to be incurred by the NLTB in upgrading their computer system.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Citing }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 5.6}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , the witness agreed that Director Ratu Varani expressed his reservations on the costs for this project.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 It was informed to the members, according to }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 5.7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ; the SAP project would cost $4.6 million.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 
\par 36.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Buresova}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s attention was then drawn to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 5.8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , one of the questions he himself posed }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 as to who owns what out of this project}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  during the meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 It is been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 16}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of this chapter.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The witness said that in the background of that they were not told about the 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 set-up of PacificConnex}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  and the license for MYSAP is purchasing from abroad, he was worried about the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ownership}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 data}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  generated in the NLTB system.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He said that his understanding was that the owner of Tui Consulting was Mr. Ballu Khan as indicated to the Board during this presentation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Buresova said that Mr. Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s representation that PCX would bear the upfront cost of $4.6 million had a big influence on the decisions of him and the Board in general.
\par 
\par 37.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The witness agreed that after the query, Mr. KD, the accused contributed to the discussion and said
 that one of the biggest problems in NLTB is its existing IT system and he appreciated the proposal and bold step taken by the management to resolve this issue.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (paragraph 5.9)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 What Mr. Ballu Khan said about Tui Consulting and PCX }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (paragraph 5.11)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  after that is reproduced in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 17}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He said that Ballu Khan}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s assertion that Tui Consulting had no debts and operates on its own cash flow was important in making a decision to approve Tui Consulting. At last, the Board had resolved to engag
e the service of PCX to install the preferred IT Solutions to cater the NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s needs, to outsource NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s IT functions and the cost of the M}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1651126\charrsid8398789 y}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 SAP project to be $1.8 million per annum for 12 years.
\par 
\par 38.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
In cross-examination, Mr. Buresova confirmed that he had been in the NLTB as a member since 14th December 2001 to 2007, for two terms, three years in each time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He agreed that the minutes of a previous meeting were available to the Board members along with the agenda papers for the next meeting and the amendments took place after about 3 months.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 16 of Exhibit No. 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
, witness endorsed that the Board resolved to endorse, ratify and adopt the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Sealing Register}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  from numbers 58451 to 58579, though he was absent on that day.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Buresova could not recall the objectives or the process of members passing a resolution to ratify the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Sealing Registry}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  even after pointing to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 9 of Exhibit 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
, which refers to the ratification of sealing No. 58525 to 58450.
\par 
\par 39.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 3.24 of Exhibit 8}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  denotes the appointment of Mr. Majito Mua as the Strategic Change Manger for 3 years.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Tab 28}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
, the minutes of NLTB Standing Committee Meeting held on 19th February 2004, Mr. Buresova said that the meeting was meant to evaluate the solutions to NLTB
 IT Roadmap where any member of the Standing Committee could inquire into more details before going to the full Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He agreed that he did not raise some of the issues he raised at the NLTB Board Meeting when the Standing Committee met and in fact, joine
d the Standing Committee resolution to support the engagement of Tui Consulting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 In both occasions, NLTB Board Meeting and its Standing Committee Meeting, witness agreed that despite he raised some questions, he voted with all the other members to adopt th
e recommended solution after considering the material provided.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 rosecution }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  # 03}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  Mr. Emosi Vitilevu Toga
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 40.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga had been appointed the Secretary to the NLTB Board in July 2002 till October 2004, pursuant to the Native Land Trust Act.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He described his responsibilities as preparing and compiling Board Papers, notifying members of Board Meetings, Attending Board Meetings, recording of those members who are present at meetings along with other officers of NLTB, recording meetings of the B
oard and NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s Standing Committee, prepare minutes of the said meetings and corresponding on behalf of the Board, Standing Committee and the Managers.
\par 
\par 41.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga said the NLTB Board was established under the Native Land Trust Act and the members were appointed under the same Act.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He identified Mr. KD, the accused as a member of NLTB Board during his tenure, from July 2002 \endash  October 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He said that the NLTB }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Common Seal }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 was kept in Board Secretary}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s office and during his time it was kept with him.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 When 
NLTB signs a contract binding on the Board, the Common Seal needs to be affixed and the approval of the Board is required before the use of the seal.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Witness said that at least one Board member has to signify the affix of the seal in his presence with his signature.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 If NLTB guarantees a loan for a 3rd party, the witness said that the Common Seal needs to be affixed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He confirmed that Mr. Bakani was the General Manager of the Board when he was the Board Secretary and he can identify the two distinctive signatures of Mr. KD and Mr. Bakani.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The dates for the meetings, Mr. Toga said, are been fixed by the General Manager in consultation with the Chairman of the Board and it is normally a quarterly basis, but that period could be more shortened or lengthened.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 According to Mr. Toga, the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Agenda}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 for a meeting is prepared by the General Manager with the Board Papers provided to him by respective Managers in various sections and those be circulated to the members along with the minutes of the previous meeting and the General Manager}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report at least 1 week before the meeting.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
With this arrangement, witness said that the members can make any corrections or amendments to the provided draft meeting minutes after bringing into the attention of the Board and then, first t
hing in a meeting is to approve the previous meeting minutes with the Chairman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s signature.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He said that he cannot recall Mr. KD asking to amend or include something he said or someone else told at a meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The witness had taken down minutes in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 note form}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  with a backup tape recorder to ensure the accuracy.
\par 
\par 42.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga confirmed that he took the meeting minutes of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , NLTB Board Meetings held on 23rd October 2003 and 18th December 2003 respectively.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The 3rd document he produced was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  NLTB letter dated 23rd December 2003, signed by him to Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 It is to say that Mr. KD is appointed as the Chairman of VDCL by the NLTB under the Chairmanship of former Prime Minister Mr. Qarase.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The appointment was for 3 years wit
h effect from 1st January 2004 with an annual fee of $10,000.
\par 
\par 43.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He tendered the Memorandum of Association and Articles of Association of VDCL as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 3 and 4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  respectively.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 2.1 of Exhibit 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , Memorandum of Association says that VDCL }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 to b
e the Commercial vehicle for NLTB as trustee for the Fijian landowners as stipulated under Native Land Trust Act Cap 134}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He then submitted the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Particulars of Directors and Secretaries and of any changes therein}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , Form No. 263 of VDCL as presented by NLTB to Registrar of Companies marked as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Deed For Holding Shares in Trust}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  in VDCL, certified to be a true copy by Registrar of Titles was marked as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Exhibit 6A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The Certificate of VDCL made under the Companies Act issued by Acting Registrar on 21st of October 2003 was tendered as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 
\par 44.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The following documents were tendered and marked through Mr. Toga.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 30}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 364th NLTB Board Meeting Minutes dated 25th}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 February 2004
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 31}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 NLTB Extra-ordinary Board Meeting Minutes dated 12th March 2004
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 36}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Business Solution Agreement between NLTB (Mr. Bakani signed) and PCX signed in March}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1651126\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 2004
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 40}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
NLTB letter dated 26th April 2004 to Colonial First State requesting some of the NLTB Investments held in trust, $1.6 million, to VDCL, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 a new and wholly owned subsidiary of NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 41}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 NLTB Board Papers for the 365th meeting to be held on 6th May 2004
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 36}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 49}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1651126\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 (}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 6.0}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ) talks about VDCL and PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 6.0}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation Ltd }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 &PacificConnex Ltd
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
A separate report is attached for the IT Roadmap upgrade.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The following other issues are brought to the attention of Board members:
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Funding from Government is still awaited. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1651126\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
We have been informed of Cabinets approval.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls62\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
VDCL has received quite a number of proposals for joint ventures.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 These are being considered and appropriate action taken by the Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The shareholders agreement for PCX is being finalized and should be signed soon.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 A joint venture proposal with Jack}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Handicraft which put in a bid to operate from the Nadi Airport Complex was recently declined by the AFL Board, despite the fact that all requirements were met.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The Board of Vanua is seriously considering taking the matter further even to the extent of a judicial review.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6700951\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 42}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 365th NLTB Board Meeting Minutes dated 6th May}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11361214\charrsid8398789 , 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 2004
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 47}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 366th NLTB Board Papers to be held on 24th June}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid11361214\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manager, Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report starts at page 20.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation Limited
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Funding from Government has now being received although less than the $1 million originally promised.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 We note however Government}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s proposal to make a $5 million grant per annum over the next five years to fund investments by VDC.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The shareholders agreem
ent between VDC and PCX has now being formally signed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The gist of the agreement is as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 VDC to own 51% of the shares 
\endash  this will be Class A shares which are guaranteed a 10% minimum dividend every year.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The paid up capital of the Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s $1 million Fijian which has being fully subscribed to by Mr. Ballu Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s company.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par The Board of VDC continues to meet regularly, and has quite a number of joint venture proposals on its plate.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 48}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 366th NLTB Board Meeting Minutes dated 24th June 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 16.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is on VDCL and the relevant portion is reproduced in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 66}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 367th NLTB Board Papers to be held on 26th August 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report for months of July and August 2004 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 )
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 6}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 28}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  \endash  VDCL and PCX
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.0\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls63\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation &}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 PacificConnex Ltd (PCX)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The Board of VDC continues to meet on a monthly basis.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}It continues to receive a wide number of proposals which are being considered.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
VDC is looking forward to funding by Government in 2005, and beyond.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The VDC Board is looking at recruiting and Administration/Research Officer.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}PCX is actively marketing it
s services and expects to hear the outcome of some of its tenders during the month of August and September.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 It held its first Board Meeting on 16/07/04.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 VDC is represented on PCX by KD, Isoa Kaloumaira and Kalivati Bakani.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 67}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 367th NLTB Board Meeting Minutes dated 26th August 2004}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 3.16}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  \endash  Already cited in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 this chapter
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 No mention of PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 77}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 368th NLTB Board Papers to be held on 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 28th October 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report for August and September 2004 at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 26
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Paragraph 5.2 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 30}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is on VDCL and PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par PCX continues to market its services and expects to hear some results of bids soon.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 According to press reports, PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s bid for the Government IT Tender was unsuccessful.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 However, we have made representations and hope that the decision would be made in our favour.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 78}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 368th NLTB Board Meeting Minutes dated 28th October 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 3.4}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  about VDCL and PCX has already reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragrap
h 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 45.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Facing cross examination, Mr. Toga said that he never transcribed the tape recording though it was in his custody, but went through the tape recording for assistance when preparing the Board minutes.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He told court that he feels th
at he captured all the important business of the meetings faithfully to be recorded in minutes.
\par 
\par 46.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Referring to paragraph }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 5.2 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 77}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , the witness said that all what he knows is that PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s bid for Government tender was unsuccessful and had PCX succeeded the bid, it would have been a huge business for them. Comparing this }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph (5.2) with paragraph 3.4.2 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 78}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 the defence counsel suggested that the latter would not reflect that PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s efforts to get a potentially millions of dollars}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  worth of business might not happen.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Toga, in responding, said that he can}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 t recall what transpired at that time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Then it was suggested to Mr. Toga that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 minutes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  are intended only to be a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Summary}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of what being discussed during the meetings and that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 summary}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 quite inadequate}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The witness did not accept this.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Keene, QC further suggested that the General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s report based on the press information does not even refer in these minutes.
\par 
\par 47.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Answering the questions over the Common Seal, Mr. Toga said that it was kept with his Secretary under lock and key.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He said that the Secretary had the keys and given instructions to provide the seal either to him or Mr. Bakani, the General Manager.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga repeated what he said in his evidence-in-chief, a NLTB contract to be binding, it needs the common seal to be affixed and the Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s approval is required before the seal is affixed to the said document.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He further agreed with the defence couns
el that if a document is a contract and if it does not under the seal, it is not binding on in NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He qualified his view saying that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 any organization or company should always have its seal affixed to any document for that document to be legally binding}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga confirmed that during his period in NLTB he acted according to the provisions of Native Land Trust Act and especially section 3 (6).
\par 
\par 48.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga agreed with Mr. Keene, QC that being the NLTB Secretary, for him to put the common seal on a document he must first have a Board resolution.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Whilst admitting }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 6A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , (Deed For Holding Shares In Trust In VDCL) and }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 36}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 (Business Solution Agreement between NLTB and PCX), being important documents for NLTB, signed without affixing the NLTB Commo
n Seal, Mr. Toga went on to say that there are many other documents of NLTB, such as employment contracts, which were not signed under the common seal.
\par 
\par 49.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Toga recalled that he was the Board Secretary to VDCL as well while being the Secretary to NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He said that he played a very little role in VDCL, particularly in preparation of documentation needed to set-up the company as Mr. Bakani and Mr. Tuinamuana handled that.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Finally, he said that he cannot assist the court on the issue whether a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 consent }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16126595\charrsid8398789 letter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16126595\charrsid8398789  was obtained by Mr. KD }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 to take-up the role of a Director as required by Section 183 of the Companies Act.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
He told court that he expect the company (VDCL) to run according to the rules laid down in its Articles of Association and the provisions of the Companies Act.
\par 
\par 50.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
In re-examination, Mr. Toga said that no discussion took place about PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s unsuccessful bid to government contract during the Board meeting as it was already in the Board Paper and had he omitted any material about PCX, it could have 
brought to his attention in the next meeting.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Prosecution Witness #}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 4}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Necava Bakaniceva
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par 51.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Mr. Bakaniceva had been appointed Board Secretary of the NLTB in November 2004 and served in that office until August 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He identified Mr. KD as a member of the NLTB Board during his period and said that he is familiar with Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s handwriting and signature.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Referring to Mr. Bakani, the General Manager of NLTB, he took up the same stance.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The Common Seal of NLTB, he said that it was not kept under lock and key but with his personal Secretary and it was only he had the access and authority to use it.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 He confirmed Mr. Toga}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s version, that the seal would be used or affixed together with a Board member and a resolution of the Board is required to do so.
\par 
\par 52.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Toga}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s narration about the role of the Board Secretary and the procedure of Board Meetings was almost endorsed by Mr. Bakaniceva as well.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 By the time he took over the office, the witness said that he knows about VDCL and Mr. KD was its Chairman and Mr. B
akani was a Director along with Mr. Nalin Patel, Mr. Daniel Whippy and Mr. Isoa Kaloumaira.
\par 
\par 53.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Then Mr. Bakaniceva was referred to the following documents.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 91 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
369th NLTB Board Papers to be held on 15th December 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report for November 2004 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 16}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 )
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 7 on VDCL and PCX in page 19 is been reproduced in }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 92 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 369th NLTB Board Meeting Minutes dated 21st}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 December 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 3.8 refers to VDCL and PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s endorsement that PCX sought a Judicial review against the Ministry of Finance for awarding a Government FMIS tender to an American Company,
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 4 is an Information Paper of VDCLand PCX.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 4.0 is reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 4.2, 4.3.1, 4.3.2, 4.3.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 of this Board Minutes were respectively reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraphs 2 and 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 97-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 370th NLTB Board Papers to be held on 24th February}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9253642\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 25}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  starts with General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report for the month of January}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9253642\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005 and draft annual accounts for the year ended 31st December}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9253642\charrsid8398789 ,}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 31}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is about VDCL and PCX
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 5.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation &}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 PacificConnex Ltd
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 A paper on NLTB/VDCL/PCX relationships as well as details of the financial relationships between the 3 will be tabled at the next meeting.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 GENERAL
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
We are happy with the performance in 2004, given all the extra load on stall as our new IT System was being implemented.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Once our new system settles down, the full impact of the LALI System should be felt.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
There are a number of interesting developments on the horizon for VDCL and PCX which will allow the companies to achieve their aim without having to continually request for capital from government.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}
The Review of NLTA which has commenced should also assist in developing a future vision not only for NLTB but for the Fijian people.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 98 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 370th NLTB Board meeting dated 24th February 2005.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5.3 contains General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s comment on VDCL and PCX issues.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 VDCL and PCX Issues
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 In view of current developments critical to the Board affecting the subsidiary companies, the General Manage
r requested the Board if he could submit a report update on them at the next meeting.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 99 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
A letter from VDCL (Mr. Bakani) to Mr. Qarase, Prime Minister dated 18th February}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1520504\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005 on Government Grant of $1 million on 2005 Budget.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Dear Sir,
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Re:}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Agreement between Government}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  N}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ative Land Trust Board for Grants \endash  2005
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Attached herewith please find 3 copies of Memorandum of Agreement for your approval and endorsement.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 This is for the annual grant of one million dollars ($1,000,000.00) approved in the 2005 Budget for NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s equity contribution to Vanua Development Corporation Ltd.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Submitted for your endorsement.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The Memorandum made on 1st January}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4196186\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005 under the letterhead of NLTB signed by Mr. Qarase (Prime Minister and Minister of Fijian Affairs) and Mr.KD (NLTB)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The background of the Memorandum
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The Government of Fiji has expressed its desire to accelerate the participation of Fijian Landowners in business in Fiji by way of a one million dollars [$1,000,000.00] grant to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Native Land Trust Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  to be utilized as paid up capital for }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
, a wholly owned subsidiary of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Native Land Trust Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Objectives of Disbursement by VDCL (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 5}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 )
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The main objective of VDCL will be to invest the Funds it will receive from NLTB to generate additional revenue for the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 This fund will be needed to, among other things, finance initiatives the Board wants to undertake for the benefit of landowners.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Under the heading of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Re: Investment of Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , following is stated.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par The disbursement of the grant to the Board shall be invested by the Board for purpose approved by the Government, through the Minister of Fijian Affairs, and may be subject to one (1) or more of the following conditions:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (a)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls21\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The Board be required to obtain security for its investments in the form of a mortgage, charge, lien or otherwise;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (b)\tab}The Board must ensure that such security is to take priority over any other securities;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (c)\tab}
The Board must take all necessary steps to perfect the security and enforce it when necessary at its own expense.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Termination Clause}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  says the Government m
ay at any time by written notice to Chairman of NLTB terminate its obligations under this Memorandum.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 132-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
371st NLTB Board Meeting Papers to be held on 5th May 2005. Board Paper No. 006/2005 on NLTB and PCX from }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 pages 98 \endash  103}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 133-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 371st NLTB Board Meeting Minutes dated 5th}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 May 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 21}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is on VDCL and PCX in General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report connected to Board Paper No. 006/2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 21.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  \endash  VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s operations since commencement.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s operation since commencement
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Investment portfolio has increased by 59.75% i.e. from $5,269,071.97 to $8,433,355 as at 31.3.2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Average interest yield in 2004 was 2.69% compared to 7.54% in 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}VDCL achieved an operating profit-after-tax of $204, 542.69 subject to audit.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Nearing completion proposals are Victoria Wines and Spirits and Vinod Patel/BHP Lysaght.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The Board of VDCL is acutely aware of the need to diversify.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Count Action by James Ah Koy against VDCL still outstanding.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Area of IT/Telecom is identified as the base from which the company will expand.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Members}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  attention was directed to the Attachments.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Paragraph 21.3 is Mr. Bakani, General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s comments on PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Already reproduced in 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 23 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Paragraph 21.4 is also reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter, the Chairman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s comments in respect of on PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s affairs }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 especially in the movement of huge sums of money}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 141-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 372nd NLTB Board Meeting Papers to be held on 7th July
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1340656\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 No mention or Reports of VDCL or PCX in General Manager}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 142-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 372nd NLTB Board Meeting Minutes dated 7thJuly}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1340656\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 No reference to VDCL or PCX.
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 146-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Deed of Assignment between PCX, NLTB and Credit Corporation Limited dated 22nd July}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1340656\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 No Common Seal of NLTB affixed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Mr. Bakani, General Manager and Ms. Alanieta Vakatale, Acting Manager, Legal Services signed.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , Notice of Assignment, NLT
B is directed to pay all the payments that may derived by PCX under the Agreement to Credit Corp.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 154 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
373rd NLTB Board Meeting Papers to be held on 26th August}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1340656\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 8.4}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  refers to VDCL and PCX and says a full report will be tabled at the next meeting following completion of the audit of the companies.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 156-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 373rd NLTB Board Minutes dated 26th
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 August 2005.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5.3.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report is a repetition of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 8.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit 154 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 asstated above.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 7}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , subparagraphs 1 and 3 are already reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
paragraph 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 163-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Deed of Assignment between VDCL, NLTB and PCX dated 29th September 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Now this Deed Witnesseth as follows}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 :
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\ilvl3\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Pursuant to the said Agreement NLTB is to pay PacificConnex annual installments in varying amounts and at different intervals for the goods and services provided by it to NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\ilvl3\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
That Vanua Development has agreed to advance the sum of $1,000,000.00 (One Million Dollars) to PacificConnex.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\ilvl3\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
That certain payments due from NLTB to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
PacificConnex pursuant to the said Agreement and stated in the schedule therein is hereby irrevocably assigned to Vanua Development to the extent of $1,000,000.00 (One Million Dollars).
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
No NLTB Common Seal affixed; only Mr.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Bakani, General Manager and Ms}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1340656\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Vakatale signed.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
A copy of ANZ cheque No. 000154 dated 29th September 2005 of VDCL account to PCX amounting to $600,000, signed by Mr. KD and Mr. Bakani.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 164-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Cheque No. 000201 of Colonial National Bank dated 29th September 2005 of VDCL account to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 PCX amounting to $400,000, signed by Mr. KD and Mr. Bakani.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6700951\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 174-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
374th NLTB Board Meeting Papers to be held on 3rd November 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 No Board Papers or Information 

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Papers relating to VDCL or PCX.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Paper 24, item 5 says that the audit of PCX and VDCL is still to be finalized by P}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2230887\charrsid8398789 WC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
 and it will be tabled at the December meeting.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Page 25, General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report for the month of September 2005 does not mention of VDCL and PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 175-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 374th NLTB Board Meeting Minutes dated 3rd}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 November 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5.5}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , the reference to VDCL and PCX, is been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
paragraph 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 177-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 375t
h NLTB Board Papers to be held on 15th December 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
No Board Papers or Information Papers on VDCL and PCX.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 39}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , General Manager}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report for the month of November 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 42}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  is about VDCL and PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Vanua Development Corporation and Pacific Connex
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Unfortunately a comprehensive report on these two companies is not available for this meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
This is due to the fact that Price Waterhouse Coopers is still finalizing the audit for the two companies.
\par 
\par Vanua Development Corporation recently purchased a building from Mantra Limited for a total purchase price of $4.5m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 This has been funded with a $3.5m facility provided by Colonial National Bank.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The Building is on a complete lease back arrangement with the h
ead lessee being responsible for all matters pertaining to the Building.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Attachment 10 has the complete details.
\par 
\par PacificConnex Limited has been actively involved in pursuing its application to be a second provider of Telecom Services in Fiji.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 We are positive that a decision on the application will be forthcoming from Government very soon.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Witness said that there is no mention in these remarks about the financial situation and problems, loan guarantees of VDCL and PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xviii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 178-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
375th NLTB Board Meeting Minutes dated 15thDecember 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5.5.1}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  says a comprehensive report of the two companies was not available for this meeting due to the delay in finalization of audits of 2004 accounts.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5.5.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 5.5.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  are almost similar to General Manager}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report cited above.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness said that there was no discussion by the General Manager or Mr. KD of any matters relating to the financial situation or progress of VDCL and PCX to NLTB members.
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xix)\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 187-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 NLTB Board Meeting Papers to be held on 23rd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 February 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 89}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ; Information Paper No. 2 of 2006 is on VDCL and PCX by Mr. Bakani, General Manager.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Overview of Vanua Development Corporation Ltd
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par The performance of VDCL for the year 2005 could be classified as moderate with a lot of proposals received and analyzed thoroughly by the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The capabilities of the current Board members should also be acknowledged because whilst there is the urge to have VDCL}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s existence felt in the market there is also 
the responsibility in and amongst the Board to protect the interest of the landowners as they are ultimately the shareholders of this company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 This responsibility becomes paramount when proposals are analyzed.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4225607\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 91}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , paragraph 2 is as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5704168\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Overview of PacificConnex Ltd
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par There were mixed results in the PCX front as the delay in the issuance of the mobile wireless licence impacted a lot on the business decisions made by the PCX Board and management.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 PCX had to bear all the upfront costs of this major project.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Page 102 to 122 is the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5704168\charrsid8398789 F}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 inancial Statements of VDCL for the year ended on 31st December 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Financial Statements for the same period till 31st December 2004, of PCX is at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 123 to 143}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
Witness confirmed that the NLTB Board received these statements pertaining to 2004 in February 2006.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xx)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 188-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 376th NLTB Board Meeting Minutes dated 23rd}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 February 2006.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manager}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report starts from Paragraph 6.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Paragraph 14 on VDCL and PCX is reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 199-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
377th NLTB Board Meeting Minutes held on 27th April 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 General Manager}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Report begins from }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  discussed about the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Policy on transfer of NLTB properties to VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  (Board Paper No. 006/2006).
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s comments on this issue is in the 2nd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 portion of the 1stparagraph on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Deliberations}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
No reference or report or mention of PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 201-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 378th NLTB Board Meeting Papers to be held}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 on 22nd June 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 6}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 page 47}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  refers to VDCL and PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 A portion of this is been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 paragraph 23}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 of this chapter.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness agreed that certain developments in PCX had been told but no reference to its financial situation, loans, guarantees or anything of that nature.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxiii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Exhibit No. 202-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 378th NLTB Board Meeting Minutes held on 22nd}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 June 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 5.5}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 , the reference to VDCL and PCX resites the Board Paper cited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 above.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Paragraph 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789  on Extinct Mataqali Funds (Board Paper
 No. 16/2006) is as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par NLTB currently holds just a little above $3.36 million of extinct Mataqali funds.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 The General Manager in outlining the paper highlighted the following:
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 In line with the Board}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
s resolution in its 363rd meeting in 2003, the fund has been invested in the Vanua Development Corporation (VDCL) which is NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s Commercial and Investment arm.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 VDCL was established in 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
In line with above resolution, the Board was to formally submit a request to the FAB Board for the transfer of the funds as FAB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 s equity share in VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 This has not been done.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Management will be preparing a paper to this effect and submit to the FAB Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
The recommendation and the resolution of the NLTB is reproduced below.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
\par That the Board approves the retention of the $3.36 million }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2577428\charrsid8398789 E}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 xtinct }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2577428\charrsid8398789 M}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 ataqali }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid2577428\charrsid8398789 F}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13586597\charrsid8398789 u}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 
nds now invested with VDCL as equity by FAB and that the FAB Board is requested at its next meeting to approve the same.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 Resolved}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid27593\charrsid8398789 :
\par 
\par The Board resolved to endorse the above recommendation.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6232029\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxiv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 207-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB Board Meeting Minutes dated 24th
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 August 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Paragraph 5.2.8 is on VDCL and PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s issues relating to Digicel and its approach for partnership with these two companies.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}NLTB Board had res
olved Mr. Bakani to step down from the position of Deputy Chairman of PCX and participate only as a member.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness said no reference made to PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s financial situation, loans, indebtedness, guarantees or of that nature to the Board.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 210}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 380th NLTB Board Minutes held on 2nd
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 November 2006.
\par 
\par 54.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Bakaniceva, in cross examination accepted that whenever it refers to NLTB Management, it does not include the members of the Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He agreed that his source of memory over the events which took place in the Board Meetings comes largely from the documents seen and shown to him.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness said for him to affix the seal on a document, he must have the Board resolution to go ahead and if not he returns the document.
\par 
\par 55.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The Seal Regi
ster of NLTB was identified by this witness and tendered to court marked as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 KD \endash  4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 All the documents that had been sealed were entered in this Register.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He explained the sub headings of the Register, Number, Parties (NLTB and Lessees), re-entry, Extension and Native Lease.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The evidence confirmed that this is the only Seal Register maintained in NLTB and it relates to the entries on leases which are subsequently ratified by Board resolutions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He said that he never encountered during his time as NLTB Secretary where the Common Seal was affixed on a Commercial Contract or a letter.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Referring to the NLTB Common Seal in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Exhibit 40}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , NLTB Letter to Colonial First State to release $1.6 million to VDCL
, witness said that such documents or letters never been presented to him to affix the seal during his time.
\par 
\par 56.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Then Mr. Bakaniceva admitted that NLTB had two arms, finance and trust and as the company Secretary he treated the two parts separately as NLTB always made a strict cut-off between these two.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He went on to say that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 finance arm}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  was NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s own money and for instance, if NLTB is to refurnish its offices, it would use its financial arm, which monies were built up by the collection of poundage and some trust monies with the consent of the Great Council of Chiefs in 1999.
\par 
\par 57.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The witness agreed with Mr. Keene, QC that at the early stages of VDCL, when the question of VDCL share capital arose, there was an issue of $3.4 million, Extinct Mataqali Funds which needed FAB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s consent as those funds sometimes called as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 frozen funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  are directed to FAB after the confirmation of Mataqali been extinct, but not before.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This witness tendered the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB Policies}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  dated 7th July 2005 as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD \endash  5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and the 341s
t NLTB Board Meeting Minutes dated 22nd June 1999 as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD \endash  6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 . Section 8 of KD \endash  6 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 is as follows:
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Extinct Mataqali Fund and the Establishment of a pool to be used for the benefit of all Fijians}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Paper No. 5
\par 
\par Members were invited to consider the appropriate use of the sum of $1,479,732.82 held by the Board for Extinct Mataqalis.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Under a previous resolution of the Bole Levu Vakaturaga, such lands have not been transmitted to the State and rents accumulated are held by the Board.
\par 
\par The Bose Levu Vakaturaga has also agreed, to the use by the Board of this money to benefit all Fijians.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Resolved;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (i) that Extinct Mataqali Funds be transferred from the Trust Department to an appropriate investment account with Finance and operated for the benefit of all Fijians.

\par 
\par (ii)Interest received on investment of $1.479m be used towards repayment of loan for the upgrade and renovation of NLTB building.
\par 
\par 58.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Bakaniceva also tendered to court defence }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD \endash  7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , the 359th NLTB Board Meeting Minutes dated 24th April 2003.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He said he cannot recall sighting any letter of Re-appointment of Mr. KD to continue as a member of NLTB once his first term expired in December 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Then the witness was taken back to certain 
exhibits cited to him during his evidence-in-chief.
\par 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (i)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 92}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 4.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (This is been reproduced in}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 53}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 for this chapter).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness agreed that the assurance of General Manager to NLTB Board to present a Paper at every future Board Meeting was his own offer but not because the Board demanded for it.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 4.3.3}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 53}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 of this chapter.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 It says the General Manager advised to the Board that the NLTB is the Shareholder of VDCL, it appoints the Directors, VDCL operates strictly under its.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Article of Association and if the NLTB Board wants to inform the companies it owns about the commercial developments that the Board wants to pursue.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness agreed that General Manager}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s contention in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 4.3.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 is to remind the NLTB Board that VDCL is a separate legal company and that separation needs to be respected and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB must have the comfort because it appoints the Directors to VDCL Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness confirmed that VDCL Directors have operated according to its Articles of Association or VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Rules, where the rights of the shareholders are defined by the Articles.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The last bullet point, the witness 
agreed, is to say that if there is something that NLTB wishes to pass on to VDCL it should be in a formal way and Mr. Bakani is saying the NLTB Board that you have a 100% owned subsidiary company on its own rules to which shareholders are also bound.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Th
e witness endorsed the suggestion of Mr. Keene QC, that this discussion about VDCL happened on 14th December 2004, a year after its establishment, which says that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 
"}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 if you want we will give you a report and volunteered}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 
"}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 97}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Item 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Matters Arising}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  VDCL and PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid3086855\charrsid8398789  Issues}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ; Paper to be presented at the next meeting.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  A Paper on NLTB, VDCL and PCX financial relationship and details to be tabled at the next meeting.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
No complaint by any member for not gettingthe report as promised.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid4208713\charrsid8398789 (iii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 133}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Item 21}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  refers to Information Paper No. 066/2005, which goes for over 40 pages dealing with number of elements related to VDCL and PCX affairs.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness
 agreed that General Manager fulfilled his offer to the NLTB Board for a full report on these two companies.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Item 21.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is on PCX and fully reproduced under the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 4th point }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 5}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid3086855\charrsid8398789 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 of this chapter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
It says, PCX loss of $230, 431 against a budget loss of $371,891 and PCX had applied for a loan of $7 million with FDB to refinance its costs associated with development of NLTB system but approved only $3.5 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness agreed that it is telling th
e Board that it was identified by PCX that they need for external funding of $7 million and they got only half of that amount.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10047443\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 item 21.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
, Deliberations, witness agreed that when the Chairman informed that the information on VDCL was clear a
nd the affairs of PCX seemed to be cloudy especially in the movements of funds like $7 million and the Management to submit a report every 3 months, it means that the paid management staff led by Mr. Bakani, the General Manager is to do the reporting.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (iv)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ExhibitNo. 156}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , Annual Accounts \endash  Board Paper}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 016/2005.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
General Manager apologized for delay in tabling the audited accounts, citing two reasons and informed the Board that audited accounts for the two companies will be tabled at the next Board Meeting \endash  (Reproduced in }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 53 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 of this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (v) Exhibit No. 187}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 83}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  VDCL and PCX Information Paper 002/2006.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 93}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  financial details of VDCL and PCX (Appendix 1)
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 107}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Financial Statement of VDCL \endash  31st December 2004.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 107}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Price Waterhouse Coopers}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Audit Report (PWC)
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 112}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Explanatory Notes to the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Figures.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
No complains or questions about the completeness and accuracy of this information
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 121}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  PCX Sales Report January 2006
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 122}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Sales Funnel
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 123}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  PCX Financial Statement for 31st December 2004.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 128}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  PWC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Audit letter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness agreed that supply of this sort of information is exactly the information that Shareholders are entitled to get under the Companies Act as
 the supply of PCX information effectively explains the relationship between PCX and VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He repeated that there was no complaint from the NLTB Board members about the failure to get information raised by them and had they wanted to raise any concerns or 
complaints they could have done so under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Matters Arising}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls20\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 99}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s letter to Mr. Qarase, Prime Minister as}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 a Director of VDCL dated 18th February 2005.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Regarding the $million government grant in 2005.

\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Highlighted portions o
f the attached Memorandum are reproduced under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid3086855\charrsid8398789 3(v)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 of this chapter.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness claimed that he cannot recall whether this gover
nment grant was made subject to any condition or not and said the purpose of the said grant was for NLTB to buy some more paid-up shares in VDCL whilst that money goes into the books of VDCL as its working capital because it is not appropriate to have sec
urity from a company in relation to its own working capital.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Finally, in cross examination, the witness agreed that there was a problem in LALI system or NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Land Administration Software System because of dirty data going into it when it was supposed to go live.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 59.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 In Re-examination, referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD \endash  4}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Sealing Register}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
, Mr. Bakaniceva said that it is necessary to affix the common seal on contracts, guarantees or loan documents as its purpose was to inform the NLTB Board the amount of transactions that has been sealed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 transactions}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  are mainly lease documents as the leasing lands within the Board}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s responsibility.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness agreed with Mr. Blanchflower, SC, that the operating words in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 KD \endash  5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 operated for the benefit of all Fijians}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Talking on }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 KD \endash  6,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 the witness agreed that both FAB and GCC make decisions for the benefit of all Fijians and that is the purpose of the said }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  as well.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He further agreed that shareholders of VDCL were the employees of NLTB and the working capital of VDCL was not put up out of their own pockets.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid5661170\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 60.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Referring to the exhibits cited by the defence, Mr. Bakaniceva said following.
\par 
\par (i)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Exhibit No. 91 (paragraph 7) & Exhibit 92 (paragraph 4) -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 No mention of $2 million loan by VDCL to PCX or $900,000 loan by VDCL to PCX.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 General Manager }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 assured the meeting that there will be a paper}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  means some form of confirmation or promise.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Board member Mr. Vesikula expressed his concerns about }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 risk}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of Board owned two companies, VDCL and PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 97}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 page 31}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
No information about loans made by VDCL to PCX or PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s own financial situation.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (iii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 133}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 21}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  on VDCL and PCX
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 No mention of the two loans from VDCL to PCX or PCX
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s financial situation or indebtedness to f
inancial institutions or Notices of Assignment of loan proceeds from PCX to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 General Manager replied to member}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s query that Mr. Ballu Khan holds 49% of PCX}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s share whilst NLTB has 51%.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (paragraph 21.4.1)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. KD was present in this meeting when the Chairman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s comment on PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 affairs seemed to be cloudy}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and advised the Management to submit a report on VDCL and PCX every 3 months.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (iv)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 156}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The witness confirmed that though the members did not complaint, General Manager apologized for the delay in tabling the audited accounts relating to VDCL and PCX and no financial information, even unaudited, about PCX was not submitted to Board.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 187}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Financial Statement of VDCL and PCX for the year-end 31st December 2004.

\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Tabled on 23rd of Feb 2006.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
No audited Financial Statements for 2005 butProfit and loss statement for VDCL ended 31st December 2005 and no such statement for PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (vi)Exhibit No. 98}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Memorandum of Agreement and VDCL letter by Mr. Bakani.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Objective of $1million government grant is to generate additional funds to NLTB for the benefit of landowners.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (Reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid9635493\charrsid8398789 paragraph 53 (v)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 point in this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 rosecution Witness }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 # 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Kolinio Boila
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 61.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila had joined the NLTB as a Management Accountant on 15th December 2003.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He was under the direct supervision of Mr. Joveci Tuinamuana, the Deputy General Manager of NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Joveci was under Mr. Bakani, the General Manager of NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Joveci is said to be deceased.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila had been promoted to Manager, Finance of NLTB in April 2004 and resigned from the same in December 2006.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Being the Manager, Finance, he said that he was responsible with the overall and direct supervision of the financial functions and activities of the financial arm of the Board.
\par 
\par 62.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila said that he was aware that NLTB had approved the formation of VDCL as its investment and business arm.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 When VDCL commenced its operations in January 2004, Mr. Boila had been the Acting Board Secretary of VDCL, more precisely, February 2004 to August 2004.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
There were no paid employees in VDCL at that time, Mr. Boila said.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Identifying Mr. KD, the witness said that he was the Chairman of VDCL with Mr. Bakani, Mr. Patel, Mr. Whippy and Mr. Kaloumaira as other Directors.
\par 
\par 63.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila said that he took his shorthand notes of the Board Minutes without a back-up tape recorder and the draft minutes were first sent to Mr. Bakani and after the necessary amendments, those minutes were been circulated to the other members via e-mail
.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Once the Minutes are confirmed at the next Board Meeting, Mr.KD, the Chairman signed the minutes.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He also confirmed that if any Board Member found out that if he had omitted something important discussed or needed any correction, they had the opportunity 
to do so at the next Board Meeting as draft minutes were circulated minimum 2 days prior to the next meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Apart from this responsibility, he said that he looked after petty cash, Cheque book and also the general ledgers of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 After the appointment o
f Mr. Aisake Saukawa as the Secretary to the Board, Mr. Boila had been relieved from that position.
\par 
\par 64.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Commenting on transfer of funds from NLTB to VDCL, the witness said that Mr. Bakani instructed him to do so and the NLTB Board decided what funds and the amount of funds to be transferred to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He said that initially }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 two groups}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 of funds were transferred, first, the funds already confirmed by the GCC and handled under NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s finance side (around $3.5 million) and second the funds which were awaiting confirmation of Extinct Mataqali Funds. (more than $3 million)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Prior to this transfer to VDCL, he said that those funds of both types were largely invested in shares, stock bonds and Term Deposits in various places, including Unit Trust of Fiji, Fijian Hol
dings Trust, Colonial Finance, ANZ, Merchants Finance and Credit Corporation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 transfer of funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  had carried out by requesting various companies to transfer the shares or term deposits or stocks or bonds from NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s name to VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s name.
\par 
\par 65.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila
 said that he was not sure whether or not the FAB approval is required to transfer the EMF to VDCL and to his knowledge, FAB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s approval was not obtained before the transfer of EMF to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila testified in respect of the following exhibits.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 15}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB letter (Mr. Boila for Mr. Bakani) to General Man}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15141853\charrsid8398789 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
ger, Credit Corporation Limited dated 4th February 2004, in respect of NLTB Term Deposit No: 94512 of $249, 998.95, to be transferred to VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 16}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB letter (Mr. Boila 
for Mr. Bakani) to Manager, Finance, Merchants Finance and Investments Limited dated 4th February 2004 in respect of NLTB Term Deposit No: 5583 of $250, 000 to be transferred to VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 17}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s letter (Mr. Boila for Mr. Bakani) to Gene
ral Manager, Fijian Holdings Trust Management Limited dated 4th February 2004, in respect of Certificate No: 5275 of 877,193 units of NLTB to be transferred to VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 3rd paragraph}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 : }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
We further confirm that theproceeds from these investments will solely be for benefit of the landowners}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  was written because this investment was specifically for Extinct Mataqali Funds.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 19}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Fiji Stock, Transfer and Acceptance Form dated 10th February 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Fiji Reserve Bank (RBF) Form for the transfer ofRBF Stock of NLTB to VDCL amounting to $424,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Transferor was Mr. Bakani and the Transferee was Mr. KD.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 23}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Credit Corporation letter dated 11th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 February 2004 to NLTB enclosing a new Cer
tificate for VDCL to the amount of $249,998.95.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 24}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Unit Trust of Fiji, Official transfer of}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9635493\charrsid8398789 $}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 413,224 units from NLTB to VDCL to an amount of $483,4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9635493\charrsid8398789 2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 2.08 of Extinct Mataqali Funds dated 18th February 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. KD and Mr. Bakani signed 
on bottom line.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 25}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Unit Trust of Fiji Certificate N: 55925 for VDCL dated 24th February 2004 for 413, 224 units.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
At a subsequent point of time this certificate had been cancelled or redeemed as shows with the stamps.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 26}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Letter dated 20th February 2004 from the Reserve Bank of Fiji to General Manager, NLTB, confirming the investments of NLTB amounting to $424,000 transferred to VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 27}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Fiji Stock Certificate No: 1674B for newly issued stocks u
nder the name of VDCL in accordance with }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 26.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 32}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s (NLTB) letter to General Manager, Colonial First State dated March 19th March 2004 to transfer $1.3 million from the Extinct Mataqali Funds to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The balance with Colonial First State as at 29th February 2004 was $1,638,535.81.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 40}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Another letter sent to General Manager, 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Colonial First State dated 26th April 2004, on the same contents as the Bank requested the authorized signatories to sign the letter to move the funds to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This letter contains the NLTB Common Seal.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 33}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
A letter signed by Mr. Bakani addressed to General Manager, Fijian Holdings Trust Management Limited, dated 23rd March 2004, to transfer 877, 193 units held in FHL Unit Trust, Certificate Number 5275, to VDCL, a new and wholly owned subsidiary of NLTB.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Letter confirms that the benefits from these}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 investments will solely for the benefit of the landowners as the investment specifically mentioned of Extinct Mataqali Funds.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 34}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Unit Trust Certificate No: 6946, under the Fijian Holdings Unit Trust for 877,193 units in the name of VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 38}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL document on PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Loan Proposal for $2 million.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Unsigned PCX letter dated 31st March 2007, by}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Dario Jaeger, Director of PCX to Mr. KD, Chairman, VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The last page, VDCL Investment Register as at 31st March 2004 prepared by this witness.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Total NLTB equity is $3,108, 418.04
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Total EMF is $3,434,876.05.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The total amount transferred to VDCL from NLTB was $6,543, 294.09.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
That is the total NLTB equity and total Extinct Mataqali Funds.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 39}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Board Minutes of 7th April 2004
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Matter Arising}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PacificConnex Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  (PCX)}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par Agreement \endash  to be finalized and forwarded to all directors for review and comments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 It was agreed that the agreement be signed by Wednesday 14th April 2004, before the launching on the 19th.
\par 
\par The 51% VDCL share in PCX will initially be treated as a loan and then converted to grant later.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Important to note this in the agreement before it is signed.
\par 
\par Correction to be made in Capital Fund for PCX from US$1m to F$1m.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX was a system developer}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 and won the tender}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 to develop the IT System of NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 43}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
VDCL Extra-ordinary Board Meeting Minutes dated 1st of June 2004 convened solely to discuss the PCX loan proposal.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness denied him preparing the Minutes, but possibly by Mr. Bakani as he did not attend any extra-ordinary meeting.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 44}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL (Mr. Bakani) letter to CEO, 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Ministry of Fijian Affairs, dated 8th June 2004, to acknowledge the receipt of the Government Loan (Cheque No. CNB 002520) amounting to $747,338 to VDCL.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xviii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 46}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Investment Policy
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Introduction}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par The purpose of this document is to set the framework for the investment strategies the Vanua Development Corporation (VDC) should follow when making decisions regarding VDC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s investment and achieving the stated objectives of the Corporation.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Page 2, Strategic Asset Allocation }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL is to maintain a Strategic Asset Allocation of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 approximately 60% in growth assets and 40% in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 income or defensive assets}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 3; Exposure Limit}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8156774\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s exposure in one company should not exceed 20% of the portfolio and not more than 10% to be invested in any one investment without specific Board approval}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 45 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Board Meeting Minutes dated 23rd}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 June 2004
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Government grant received of $747.338 has been treated as a capital grant \endash  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (Exhibit 44)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Investment Policy Guidelines }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (Exhibit 46) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 circulated among members and to adopt at the next meeting.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Board approved the PCX loan request of $2 million for 2 years 
with a interest rate of 9% to be paid on a monthly basis with principal to be repaid at the end of the term.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Security Assignment over NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s annual lease payment of $1.3 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xx)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 51}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
VDCL letter by Mr. Bakani, dated 25th June 2004 to PCX informing the approval of their $2 million request and conditions of the loan.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Establishment fee of $15,000, equivalent to 8.75% of the borrowing charged.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 49}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL letter by Mr. B
akani to ANZ Bank dated 25th June 2004, requesting to withdraw VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Term Deposit of $202,104.11 within next 5 working days.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 38}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Investment Register under Extinct Mataqali Funds Table, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 1st entry}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ANZ IBD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 50-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
VDCL letter by Mr. Bakani to Credit Corporation Limited dated 25th June 2004 requesting to withdraw the Term Deposit of $249,998.95 within next 5 working days.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 38}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Investment Register \endash  Extinct Mataqali Funds; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 2nd entry}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid3803114\charrsid8398789 Credit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Corporation IBD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  (Interest Bearing Deposit)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxiii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 52-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Credit Corporation letter to VDCL dated 30th}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
June 2004 with an enclosed cheque (26974) of $244,863.48, after deducting a penalty of $7,901.85 for early redemption.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxiv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 55-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL letter by Mr. B
akani to Merchants Finance and Investments Limited dated 25th June 2004 requesting to withdraw the Term Deposit of $250, 000 within next 05 working days.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 38}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ; Extinct Mataqali Funds; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
3rd Entry; Merchant Investments IBD.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 58-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Merchant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s Finance Receipt dated 12th July 2004, amounting to $247, 577.03 after deducting a penalty for early redemption of about $2500.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xxvi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls47\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 59-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Loan Agreement Between VDCL and PCX dated 14th July 2004 relating to an advance of $2 million signed by Mr.KD and Mr. Bakani from VDCL, with its Common Seal.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Interest payments of $45,000 on quarterly basis.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Last page contains a VDCL cheque of ANZ for $2 million to PCX dated 19th July 2004.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par According to Mr. Boila since the withdrawals from ANZ, Credit Corporation Limited, and Merchants Finance and Investments Limited were not enough for $2 million, the Government grant of $747,000 (Exhibit 44) was also added.
\par 
\par 66.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila was then referred to the documents relating to Dominion Finance.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 70-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
9th VDCL Board Meeting Minutes dated 15th September 2004
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Matters Arising}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 (iii) Board members are to review Investment Policy Guidelines and comment through e-mail to Mr. Bakani to finalize by next meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6699647\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 [e] }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Other Matters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\ilvl4\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCX requested an amendment to loan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
condition to allow Dominion Finance Co}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Ltd (DFCL) first charge over NLTB contract proceeds.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 It was resolved that VDCL and DFCL would have equal ranking.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls6\ilvl4\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The financial re
ports for August 2004 were noted by members.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
In the earlier loan of $2 million to PCX by VDCL, there was a security assignment over NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s annual lease payment to PCX, in the event of default }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
(Exhibit 45; page 2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 )
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
witness said this purports that PCX took out another loan with Dominion Finance and it appears that affects the earlier Security arrangements of $2 million loan by VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 67.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The loan facility of $900,000 from VDCL to PCX was the next discussed topic with Mr. Boila.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls49\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 81-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Loan A
greement between VDCL and PCX dated 18th November 2004 signed by Mr. Bakani as a Director with the VDCL common seal affixed.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The last page contains a VDCL cheque (000063) of ANZ amounting to $875,250 dated 29th of No}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid16006328\charrsid8398789 vember 200}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 4 to PCX; signed by Mr. Bakani.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 107-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Fiji Government Cheque dated 14th March 2005 

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
paid to NLTB amounting to $1 million as a payment of grant.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 108-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ANZ Cheque (016187), of NLTB dated }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 15th }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 March 2005 amounting to $1 mill
ion payable to VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This cheque relates to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 107}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Government grant of $1 million to NLTB, was given to VDCL by another cheque.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 109-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Remittance Advice related to the $1million ANZ cheque payment to VDCL which relates 
to the Government grant of $1 million dated 3rd March 2005 and a memo written by Mr. Bakani saying }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 $1m payable to VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  also contains in this.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 110-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
VDCL Cheque No. (000098) amounting to $1million dated 16th March 2005, payable to Dominion Finance, signed by Mr.KD and Mr. Bakani.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 125-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Guarantee dated 26th April 2005 relating to FijiDevelopment Bank (FDB) by NLTB as the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Guarantor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  for the obligations incurred by or at the request of PCX, the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Debtor}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  for a $3.6 million.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Bakani signed as General Manager, NLTB, without the seal.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 132-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
NLTB Board Meeting Papers to be held on 5th May 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 105}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is the same last page of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 38}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 106}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Investment Register as at March 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 107}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Balance Sheet as at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 31st }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 December 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls48\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 157-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
E-mail from Mr. Boila to Mr. Aisake Saukawa, the next witness, who was the Secretary to VDCL at that time, 23rd of September 2005; regarding the additional PCX loan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid16006328\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Subject:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Additional PCX Loan
\par 
\par Aisake, As per our discussions on the above topic, from NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s point of view, further loan to PCX will increase exposure to VDC.
\par 
\par Auditors normally conduct impairment loss assessments in order to evaluate returns on current investments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Further loan to PCX can increase provisions of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 loss on investments}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 In NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s books if assessment of investments in PCX at the end of the year is not in NLTB & VDC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s favour.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 We are talking about more than $3m loss adjusted against NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s 2005 surplus.
\par 
\par Also important to note that it is not wise to keep assigning PCX contract with NLTB as security over the loan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Profit margin to PCX on NLTB project was not much and assigning future funds against current loans will affect operational cashflows for PCX, which in turn affect PCX}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s support for NLTB SAP system.
\par 
\par For Considrations.
\par Vinaka.
\par Boila.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila had not copied this email to anybody else and did not recall any response from Mr. Saukawa.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par (x)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 180-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Investment Register as at 31st
\par December 2005.
\par 
\par 68.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
At the commencement of the cross examination, Mr. Boila said that he has some recollection on some of the events apart from the documents, such as movements of funds from NLTB to VDCL, initial portion of funds moved to PCX from VDCL, finan
cial statements of VDCL, some major transactions took place and some important documentation including Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s signature.
\par 
\par 69.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness agreed that his appointment and employment contract was with NLTB but involved in providing NLTB accounting services to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He said that for NLTB matters he took direct instructions from Deputy General Manager of NLTB, Mr. Joveci Tuinamuana, but on VDCL matters, directly from Mr. Bakani.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
But, Mr. Boila said that 95% of his work was in NLTB, whilst the rest with VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila recalled that it was one Mr. Vitusagavulu was the Consultant who made the proposal to the NLTB Board to have a separate commercial investment arm.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He agreed that the idea behind VDCL was it to be able to go out and make investments that the NLTB itself could not do and that is the reason for VDCL to be a separate corporation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 70.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Then the attention of the witness was drawn to the following Exhibits.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 11-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ; current NLTB Investment Portfolio talks about NLTB own funds.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 8}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 $1 million Interest free loan from Government to NLTB; is a Capital grant.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 But, actually received amount was around $747,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Transfer of current NLTB Investments; $1,684,853 is mentioned in Table 2 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  as Fijian Holdings Limited }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Class shares.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 $1,569,208 is mentioned in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  as the amount of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Special Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  created in 1999.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 These are NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s own money and some of its income was to help the payments of the renovations of its head office.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Transfer of Investments i
n Trust Fund; $3,440,402 is reflected in paragraph 7 under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Other investments and General Term Deposits}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness agreed that $1,684, 853 and $1,569, 208 are }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s own funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and $3,440,402 is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 9}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 7.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is the reflection of what discussed under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 11}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Clarifies how the initial paid up capital of $7.7 million made up of (Total is $7,694,463).
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 7.10.1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
; VDCL is to commence operations by 1st January 2004 as 31st of December 2003, the financial year of NLTB ends.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 7.10.4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  (Resolved) as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par FAB to be requested to approve the transfer of funds in the Trust Fund which belongs to it as equity in VDC.Moreover that they be approached for a grant or interest free loan of $1m as additional equity of VDC.
\par 
\par Witness said that FAB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
s approval was never sought according to his recollection, but probably the Management was confident that they will be able to get the process through.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He further said that the Board paper recommended to ask FAB to use that $3.4 million as FAB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s equity in VDCL to earn more interests but the approval was not obtained at that point of time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 In contrary, Mr. Boila said the first three figures, $1 million Government loan, Class }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  shares of FHL and investments done with the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Special Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  were NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s own money. (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 7.10.3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 )
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He recalled that according to this resolution, VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Authorized Capital is to be $2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16006328\charrsid8398789 0}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  million and paid up capital is to be $7.7 million.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He said that $3.4 million of Extinct Mataqali Funds were not treated as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of VDCL, but an advance or loan VDCL as a borrowing from NLTB.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 It was suggested to Mr.Toga that subs
equently, notwithstanding the lack of consent of FAB, the funds were treated as equity by FAB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 11 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Exhibit 202}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7280733\charrsid8398789 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 in this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila maintained that $3.4 million of Extinct Mataqali Funds cannot be considered as VDCL }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paid-up capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and in fact agreed that, in that event there won}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 t be a paid-up capital of $7.7 million as the NLTB Board resolved on 18th December 2003.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr.
 Boila went on to say that there was a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Deed}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  signed by NLTB confirming }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
that the funds transferred to VDCL in its hands its holding in trust on behalf of NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He identified }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 6A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , DEED FOR HOLDING SHARES IN TRUST IN THE VDCL dated 19th of March, 2004, as the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Deed}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  he referred to and in support of his contention by citing its }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
3rd paragraph}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 1st page}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par Whereas the parties to this Deed are desirous that the beneficial interests of the VDCL Shareholders in the dealings of the property in the new Company and the proceeds derived thereof shall remain the property of the Board in the hands of the VDCL shareh
olders.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
And that the properties of the company shall not be assigned, transferred or dealt with in any way except as hereinafter provided.
\par 
\par He agreed with Mr. Keene, QC, that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 proceeds de}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12150866\charrsid8398789 riv}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ed}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  shall remain in the hands of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Shareholders but not VDCL itself.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
But, Mr. Boila said that though VDCL was not a party to this Trust Deed, three persons from VDCL had been signatories to it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He further said that it was his personal opinion at that time that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Deed}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  permitted NLTB to lend trust funds to
 VDCL and therefore not be in breach of its obligations relating to the trust funds.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD 9}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This contained 5 e-mails exchanged}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
between Mr. Boila and Mr. Bakani on the issue of $3.4 million Extinct Mataqali Funds transferring to VDCL pending FAB approval.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila said he proceeded to transfer the Extinct Mataqali Funds as instructed by Mr. Bakani, though he understood the accounting implications.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Then he agreed if that $3.4 million Extinct Mataqali Funds was not the capital of VDCL where
 VDCL is going to be the trustee for that loan, part of the resolution, the paid-up capital of VDCL to be $7.7 million, was not met and he cannot recall whether the NLTB Board members knew these things at that time as he has no evidence to say whether Mr.
 Bakani relayed that information to the Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 38-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness agreed that the three withdrawals from ANZ ($202,104.11), Credit Corporation ($248, 998.95) and Merchant Investments ($250, 000) were a part of monies consisted of $2 million loan 
to PCX and that is out of the Extinct Mataqali Funds transferred to VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 45-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
[c] VDCL Board approved the $2 million loan request of PCX on 23rd June 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness confirmed that though he was present in this meeting, he did not pass the information to the Board that the PCX loan money is not only the own capital or equity of VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
But, he said that he is not sure whether the Board asked for the source of the $2 million.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Nevertheless, he said that the information was provided to Mr. Bakani.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness could not confirm whether the real reason as to why the information was not provided to the Board was Mr. Bakani did not want to do so.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 But, he admitted that he and the NLTB treated this money as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB Trust Money}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Referring back to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 38,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 the Investment Register of VDCL as at 31st March 2004, Mr. Boila said that he could have taken money from the 1st cage, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB Investments Transferred to VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  or NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s own funds, but because of the urgency of the request, he was asked about the funds which can be redeemed within 5 working days and he answered to Mr. Bakani accordingly.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The total sum that can be redeemed within 5 working days, according to the above Investment Register was $3,153,220.97.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Answering the counsel as to why he did not focus only on their own capital in the 1st cage, Mr. Boila said that there were insufficient funds in that pool as FHL }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Class will take time to redeem and there is no point of exchanging a 20% dividend to 9%.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila agreed that $20
0, 000 (ANZ, Credit Corporation and Merchant Finance withdrawals) of Extinct Mataqali Funds went into the $2 million PCX loan as Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s view was, to which he also had to agree because Mr. Bakani was his boss, that VDCL could do whatever it liked whether its NLTB}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s own funds or Trust Funds.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 But, he said, that he would }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 probably disagree}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  to lent $700,00 of NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Trust money for a term of 2 years being the trustee of the funds.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila told that to lend the said $700,000,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB Board approval is ne
eded and that would have been his answer had any Board member raised that issue at that meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 If something had happened to the finances of VDCL or the company, Mr. Boila agreed that the trust funds could have got back because they are trust funds.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Yet f
or all, the witness volunteered to say that he has no experience on proper risk assessment of investments and corporate governance at that time.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Basically what Mr. Boila said was that NLTB had its own money in its finance section and trust funds of various categories of people in its trust section.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD-8}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Annual Report for year 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 43 \endash  witness said $5,526, 374 under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Receivable from related parties}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Current Assets}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  includes }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Extinct Mataqali Funds}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This figure is cross referenced to 6 (b) at page 45.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The figure there $3, 369, 848, according to Mr. Boila is $3.4 million of EMF and the difference is due to the changing values of investments.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 6 (b)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is cross referenced to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 6 (e),}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  where it says }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The funds advanced to VDCL relates to income on unallocated vacant lands.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The Board, from its own funds, has guaranteed the repayment of all monies advanced to VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila said that he understands that to be the interpretation of the Auditors according to their knowledge of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Deed}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 45-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Boila was referred to this exhibit for the 2nd time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He agreed that the $2 million PCX loan was for the interest rate of 9% and the funds that reflect were earning much less than that.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
With the improved return for VDCL, witness agreed that an Assignment of NLTB Annual lease payment of $1.3 million was taken as security.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Boila said that he did not have a view, whether that was a sensible business or not as he did not have any knowled
ge of the formal approval of the NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 51-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Loan Offer from VDCL to PCX for $2 million loan.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Establishment Fee was $15,000 (equivalent to 0.7% of the borrowing)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness confirmed receiving that amount.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness then agreed that $15,000 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Establishment Fee is more to the total amount of two break fees or penalty charges for early redemption ($7,900 and $2,400) by Credit Corporation and Merchant Finance.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls50\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD \endash  10-}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX Financial Statements -}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Year ending 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 31st December 2004.

\par 
\par 71.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Answering the questions of Mr. Blanchflower, SC in re-examination, Mr. Boila said in NLTB there were only two types of funds in one bank account, but for the accounting purposes, it was divided into different sub accounts 
based on different categories of assets, liabilities and equity.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 But, he said that they all were NLTB Funds.
\par 
\par 72.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Then Mr. Boila was taken again through several exhibits.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls51\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 11-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Citing }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  (already reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 of this chapter) Witness said the main objectives of VDCL were to invest the funds it received from NLTB to generate additional revenue for the NLTB, enjoy a greater autonomy in its operations and to properly manage landowner}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s investments, which is between $9-12 million at any time, in the Trust Fund.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Referring to figures in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
, Mr. Boila said that the Special Fund of $1,569,208 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (paragraph 6)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  along with Native Owner}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s investments, other investments and General Term Deposits and the Cash Balance of $3 million are included in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of $9,917, 468.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He further explained that $3, 440,402 in }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Transfer of Investments in Trust Fund derived from income of Schedule A& B lands}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  also included in this $9.9 million }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Fund}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls51\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit KD \endash  8 -}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s Annual Report for 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 4}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Reflects a photograph of Mr. KD in Board of Trustees.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash 
 The names of Mr. Nemani Buresova, Mr. Asesela Sadole and Mr. KD as the nominees of FAB to NLTB.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 1st paragraph}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  say
s the Board Membership of the 3 nominees of FAB renewed for another 3 year term with effect from 14th December 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 28}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ; witness agreed that the Special Fund, $1,569,208 reflect in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 paragraph 6 and 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
 (NLTB Board Paper NO: 31/2003) is been reproduced under }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Reserves}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  of NLTB with a cross reference to 5 (c), where it says }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The special fund is to be used for the benefit of all Fijians in accordance with the recommendation of the Bose Levu Vakaturaga.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This has been invested in Vanua Development Corporation Ltd.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Talking about Mr. Bakani, the witness said he got instructions from Mr. Bakani as the General Manager of NLTB and Director of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He said he was the Board Secretary of VDCL and was responsible
 of taking minutes of the meetings that he attended and did not have any decision making responsibility or requiring to give advice to VDCL Board.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Pointing to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 6 (a)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  (Government Grants \endash  other) the witness endorsed that the owners of a company are Sharehold
ers and the Directors have a duty to act in the best interest of that Shareholders.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 In this case, Mr. Boila confirmed that VDCL Shareholders (3) were employees of NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls51\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 6A-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Deed.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Going back to paragraph three (3) of its }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13446355\charrsid8398789 1st }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 page}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (reproduced inparagraph }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12323970\charrsid8398789 70}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13454383\charrsid8398789 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 this chapter)Mr. Boila admitted that it has not distinguished the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 types of property}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , but refers to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 all the property}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Page 2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , Defines what }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Property}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  is.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Trust Property}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  shall mean the said real, personal or intel
lectual property aforesaid and the goodwill, equipment, stock in trade and all other assets and moneys hitherto used in carrying on the business of VDCL at the premises under the name and style of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and all moneys, investments, interests, securities a
nd property paid or transferred to or accepted by the Trustees in the course of the business of the Company upon the trusts and subject to the powers and provisions of this Deed and moneys, securities, investments, interest and property from time to time 
representing the same or part or parts thereof. 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Witness said the above definition refers to all monies and properties and the VDCL Shareholders shall stand possessed of the trust property upon trust either to retain the same in the form of property, monies, investments, interests and securities. }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (paragraph 5).
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 rosecution }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  # 06}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Aisake Semisi Talakula Saukawa
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 73.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Saukawa was the 6th prosecution witness.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He had been appointed to VDCL as Research/Administration Officer/Company Secretary, with effect from 20th September 2004 and continued to be in the said office till 2010.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 (Exhibit 69}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash 
 Letter of Appointment).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Page 2 under the heading of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 NLTB ROLE DESCRIPTION}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , the follow
ing key accountabilities and outputs were highlighted.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls51\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Preparation and Circulation of Board Papers for monthly Board Meetings.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Assisting in the conduction of Board Meetings.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Preparation and Circulation of Board Minutes.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Attending to all business meetings on behalf of VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Preparation of all payments to VDCL creditors.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 74.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He said that he was interviewed by Mr. Bakani, and he knew that Mr. Bakani was the General Manager of NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 When he joined VDCL in 2004 and even till 2007, according to Mr. Saukawa, there were no paid employees in VDCL, other than him.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Recording of Board Minutes in VDCL meetings was done with the handwritten notes without having a tape recorder.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The procedure ad
opted next, draft minutes first been given to Mr. Bakani, then circulated among other Directors for any comments, corrections or additions before the next meeting and finally confirmed by the Chairman, Mr. KD, is almost the same as narrated by the two pre
vious Board Secretaries.
\par 
\par 75.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Saukawa identified the accused as Mr. KD and said being a long standing employee of VDCL, he can recognize the distinctive signatures of Mr. KD, Mr. Bakani and Mr. Isoa Kaloumaira.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He confirmed his knowledge of Mr. KD calle
d the Board Meetings to order and led the discussions and he had the influence over the meeting, but decisions were made after the discussions with other Board Members.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He had observed a good working relationship with Mr. KD and Mr. Bakani.

\par 
\par 76.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 According 
to Mr. Saukawa, he was then verbally appointed Board Secretary to PCX by Mr. Bakani and his duties and the followed procedures were similar to those of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX, he said was a company involved in consulting on MYSAP IT system, the system used by NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 5
1% of PCX shares were held by VDCL, whilst the balance 49% was by Pacific Contract Management Services Limited (PCMS) owned by one Mr. Ballu Khan.
\par 
\par 77.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Saukawa said that Mr. Khan was also connected to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Tui Consulting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  company.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He could not recall when 
he assumed duties in PCX as the Board Secretary, but said it was after Sep 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Ballu Khan (Chairman), Mr. KD, Mr. Bakani, Mr. Isoa Kaloumaira, (from VDCL Board) and Mr. Dario Jaeger were the Directors of PCX at that time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The witness claimed that Mr.
 Jaeger apart from being a Director, held the position of Chief Financial Officer of PCX, but resigned on 31st December 2004 and he is familiar with the signatures of Mr. Khan and Mr. Jaeger as well. Mr. Bakani had been the Deputy Chairman of PCX after re
signing as Board Secretary }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10839543\charrsid8398789 once }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Saukawa assumed duties of the position on 31st of December 2004. (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 230}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  \endash  Particulars of Directors of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PacificConnex Investment Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  dated 13th September 2006)
\par 
\par 78.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The PCX Board Meetings, according to Mr. Saukawa, were on monthly basis, but when matters of urgency came up, it was on ad hoc basis.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He recalled that it was Mr. Khan who would present the financial matters relating to PCX, including any Reports prepared b
y the Chief Financial Officer, during the Board Meetings and the other members were free to ask any questions on those financial matters, such as loans, revenues losses, financial accounts etc.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 He said that Mr. KD and Mr. Bakani were present in such meetin
gs and recalled Mr. KD discussing business and financial situation of PCX in the course of discussions, including the decisions to request loans from VDCL.
\par 
\par 79.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The 1st document in relation to VDCL and PCX affairs shown to witness was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 37.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls52\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 37-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 CONSULTING AND MANAGEMENT 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
SERVICES AGREEMENT between PCX and PCMS (Pacific Contract Management Services Limited) dated 31st of March 2004
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Scope of Services
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCX contracts PCMS to implement a SAP system for the Native Land Trust Board (NLTB) hereby referred to as (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 the NLTB Contract}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 )
\par PCMS subcontracts TUI to perform recruitment and resource management and resource management, financial and pricing analysis, contract preparation and complete contract negotiations on its behalf.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Obligations
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (a)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls22\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCMS
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCMS shall be responsible for providing the required resources at the request of PCX to ensure the specific deliverables assigned to PCMS by PCX within the NLTB Contract are delivered within a timely manner and the satisfaction of the External Client.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (b)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls22\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCMS shall be responsible for preparing the deliverables Schedule in the NLTB Contract and ensuring the specificdeliverables of the External Client are delivered in a timely manner.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Table 3 in page 14 is on the Consulting fees 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 and expen
ses to be paid to PCMS}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10839543\charrsid8398789  by PCX from May 200}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 4 to January 2005.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12323970\charrsid8398789 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Month\cell 
Total Consulting Fees and Expenses\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 
\trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 
\ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 May\cell 872,727\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow1\irowband1\ltrrow\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 
\trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow
}\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs18 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 June\cell 654,545\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow2\irowband2\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 July\cell 654,545\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 
\ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow3\irowband3\ltrrow\ts11\trgaph108\trrh285\trleft2940\trbrdrt
\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 August\cell 654,545\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow4\irowband4\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 September\cell 654,545\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow5\irowband5\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 October\cell 654,545\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow6\irowband6\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 November\cell 218,183\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow7\irowband7\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 December\cell 218,183\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow8\irowband8\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 January\cell 218,182\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow9\irowband9\ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row \ltrrow}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 TOTAL\cell $4,800,000\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow10\irowband10\lastrow \ltrrow
\ts11\trgaph108\trrh285\trleft2940\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3048\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1880\clshdrawnil \cellx4820\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth3880\clshdrawnil \cellx8700\row }\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Khan had signed on behalf of PCX as the Chairman and CEO whilst Mr. Dario Jaeger signed for PCMS as CFO.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls52\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 68 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX \endash 
 Certificate of Shares dated 1st September 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Authorized Capital of $1 million divided into 1 million ordinary shares of $1.00 each.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Signed by Mr. Bakani, Mr. Saukawa and Mr.Khan with the Common Seal of PCX.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid16713952\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid16713952\charrsid8398789 VDCL held }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 510,000 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  Class ordinary shares.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls52\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No.72 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX, Extraordinary Ge
neral Meeting Minutes dated 21st September 2004 to approve Dominion Finance loan proposal for $1 million.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness had not prepared this but recognized.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Board members (all 5) resolved the Dominion Finance $1 m
illion loan proposal and further resolved to negotiate a further $1 million loan on similar terms and conditions.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Defence consented to produce this document.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls52\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 73-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX Board Meeting Minutes dated }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789 24th }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 September 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness had not prepared this though he was the secretary during this time, but recognized}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 kept in his custody.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph 2 (c)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 , The Board (all 5 Members)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
ratified to purchase of software on behalf of NLTB for US$180,000 and (d); Ratification of purchase of NLTB hardware for US$180,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The Extra ordinary Board Meeting Minutes on 21st September 2004, in respect of accepting Dominion Finance $1 million loan proposal, were accepted and signed.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Following are some excepts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 what witness pointed to from this meeting.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Paragraph Business Unit Reports
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 3.1 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Corporate
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par The CFO noted that despite raising $1m from Dominion Finance, ongoing funding of PCX continued to be a concern.
\par 
\par The Chairman noted that a further approach had been made to the ANZ General Manager suggesting the ANZ took a long term view on PCX and given the project was almost completed, risks were limited.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
He also stated that the additional information requested earlier by Barry Snowman was released by the CFO.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Bakani confirmed an earlier phone call had been made lobbying on behalf of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 A decision was expected by Tuesday 28 September 2004.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8285024\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 3.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Sales and Marketing
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Discussion focused on the political issues at FIRCA and how to overcome them.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Dakuidreketi undertook to call and meet the FIRCA CEO and t
he Minister of Finance.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls52\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 74-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Board Meeting Minutes dated 13th
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 October 2004
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. KD was absent.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}[b] Matter Arising; \{
iii) Members agreed to adopt the circulated VDCL Investment Policy Guidelines in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit 46}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
 [c] New Business; (iv) Members agreed to approach Dominion Finance and Credit Corporation for short term investments
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
 [d] Other Matters; (iv) Members agreed to get a clarification from the Government on its funding to VDCL, whether it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s a loan or grant for equity purposes.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 80.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The witness was shown several exhibits in respect of $900,000 loan to PCX by VDCL.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 75-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Letter to Mr. Bakani, Director, VDCL from Mr.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Jaeger, CFO, PCX, dated 16th November 2004 requesting a loan of $900,000.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The following portions were read by the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 witness.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Re:}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Loan Facility}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Background
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PacificConnex has almost completed the NLTB implementation due to go live on 6 December 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX does not see any risks to a successful go-live but requires further funding to complete the project and grow and close deals in its pipeline.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Financing Strategy
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The following funding strategies are either in progress, recommended or have been secured:
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (a)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls24\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Immediate Financing
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls25\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Westpac Funding
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCX has secured a further $450,000 from the Westpac bank secured by a personal guarantee of the Executive Chairman.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8285024\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls25\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Vanua Financing
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCX requests that Vanua consider advancing a further amount of $900,000 at the same terms and conditions of the existing loan.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (b)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls24\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Short/Medium Term Financing

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls26\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Yasana Convertible Note
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
PCX is currently in discussions with Yasana Holdings Limited for a state in PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This was outlined this afternoon by the Executive Chairman, whereby Yasana would be offered a convertible note of $5-$7 million, converting to a 10% stake in PCX.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
These funds will be used to repay the existing TUI Consulting debt and also fund new project growth.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 We are attempting to finalize this deal by the end of the month.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 79-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Inte
rnal Memo dated 17th November 2004 regarding the $900,000 loan proposal from PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par PCX Offer Additional funding of $900,000.00 [0.9m] is required for PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s infrastructure and operational costs.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 [as per attached letter from PCX dated 16/11/04].
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL has been approached to lend $900,000.00 [0.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12323970\charrsid8398789 9m] @ 9% for a term of 2 years.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8285024\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exposure
\par 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh240\trleft795\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind903\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1905\clshdrawnil \cellx2700\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1695\clshdrawnil \cellx4395\clvertalt\clbrdrt\brdrs\brdrw10 
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1275\clshdrawnil \cellx5670\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2565\clshdrawnil \cellx8235\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \cell Current Amount\cell % Exposure\cell With Additional grant from Govt and % exposure\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh240\trleft795\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 
\trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind903\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1905\clshdrawnil \cellx2700\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1695\clshdrawnil \cellx4395\clvertalt\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1275\clshdrawnil \cellx5670\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2565\clshdrawnil \cellx8235\row \ltrrow}\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 VDCL Total Portfolio\cell $7,298,855.00\cell \cell $8,298,855.00\cell 
}\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow1\irowband1\ltrrow\ts11\trgaph108\trrh240\trleft795\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh
\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind903\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1905\clshdrawnil \cellx2700\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1695\clshdrawnil \cellx4395\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1275\clshdrawnil \cellx5670\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2565\clshdrawnil \cellx8235\row \ltrrow}\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Current exposure with PCX\cell $2,000,000.00\cell 27%\cell 24%\cell 
}\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow2\irowband2\ltrrow\ts11\trgaph108\trrh240\trleft795\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh
\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind903\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1905\clshdrawnil \cellx2700\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1695\clshdrawnil \cellx4395\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1275\clshdrawnil \cellx5670\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2565\clshdrawnil \cellx8235\row \ltrrow}\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Proposed exposure\cell $2,900,000.00\cell 39%\cell 34%\cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \trowd \irow3\irowband3\lastrow \ltrrow\ts11\trgaph108\trrh240\trleft795\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh
\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind903\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1905\clshdrawnil \cellx2700\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1695\clshdrawnil \cellx4395\clvertalt
\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1275\clshdrawnil \cellx5670\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth2565\clshdrawnil \cellx8235\row }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This proposal will get VDCL an annual return of 9%.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
This is $36,000.00 more than the current investment with Colonial, which is at 5%.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The total average yield will increase from 6.49% to 7.54%.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 [Refer attached Inv. Register Oct & Nov [proposed]
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12323970\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The witness admitted that he prepared this with Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 s instructions and sent to the Directors for their comments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Bakani, Mr. KD and Mr. Kaloumaira had supported the proposal in the following terms.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 1.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The initial request was for $500,000.00 but because we had to prepay this Term Deposit of $900,000.00, further discussions resulted in the increase amount.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 This is of benefit to VDCL as the returns will be higher.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 2. Whilst the exposure to PCX is beyond the limits set in the policy guidelines, we should be adequately covered with the assignment over funds due to PCX from NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
With the additional funding from Government of $1m our exposure to PCX will be 34%.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 [On the basis that the full $1m is received]
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. KD}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The proposal has my support.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The risks that PCX of not completing the NLTB contract is now diminished with the project coming live on December 6th.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 I am comforted with the knowledge that the assignment of NLTB payments offers adequate security}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Isoa Kaloumaira
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Breaking of Colonial Income fund has my support since it does not cater for growth.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
The exposure of 39% though is a concern but short term nature of the request shall see this corrected.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 I support the proposal.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Saukawa said that Mr. Nalin Patel did not participate to the decision after declaring a conflict and Mr. Daniel Whippy requested further information and he did not make any comments.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12323970\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Nalin Patel
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 I have discussed with Chairman (Mr. KD)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 on the potential conflict issues arising from our firms role in providing certain professional services to PacificConnex.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Accordingly, I would not participate in this decision.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Exhibit No. 83-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 E-mail chain between Mr. Saukawa, Mr. Jaeger and}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Mr. Da
niel Whippy, dated 18th and 19th of November 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Witness said that the 1st email from him}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 to Mr. Jaeger was sent requesting the Balance Sheet, Audited Accounts, Cash flow for 2005, Capital Expenditure Projection and Source and Application of funds as
 Mr. Whippy requested for those.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
It was written that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Once this is received we will then be able to finalize the deal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The response of Mr. Jaeger was as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Subject:}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Re}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 :}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 PCX Loan Proposal}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 
\par Aisake, here are numbers 1 (Balance sheet) and 3 (forecasted financial statements).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 On number 2, PCX does not have any audited financial statements.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 It has not been trading long enough.
\par On \'85capex is driven from user numbers.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Could be between $500k to $1,000.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The majority of capex will be leased.
\par On 5, funds will be used for operating activities.
\par 
\par Cheers
\par 
\par Dario
\par 
\par p.s. Ballu and I have signed the loan agreements.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Please send the letter to me at Clark street.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The 3rd email was from this witness to Mr. Whippy saying that requested documents of PCX are attached for his comments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 That was on 19th of November 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Mr. Saukawa admitted that whilst Mr. Whippy was waiting for more information, the 18th November 2004 email of Mr. Jaeger says that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Ballu and I have signed the loan agreements}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789  and the VDCL Investment Register as at November 2004 reflects $900,000 loan to PCX under the 2nd box of Extinct Mataqali Funds transferred to VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 The following items were highlighted in the}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Balance Sheet (October 2004)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 LIABILITIES
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Related Party Payables
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Loan from Tui Consulting - $535,202
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}Loan from Dominion - $1,000,000
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 SHARE CAPITAL AND RESERVES

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Shareholders loans - $2,000,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.\tab}Current Period Earnings \endash  ($1,082,751) minus/negative
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Revenue Statement
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Net profit after Tax in June 2004 \endash  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12323970\charrsid8398789 ($290,000) September 2004-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ($542,000)December 2004 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 ($410,000)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 CASH FLOW STATEMENT
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 7.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
CASH FLOW FROM INVESTMENT ACTIVITIES
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 8.\tab}In flows (Money flowing into PCX
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 9.\tab}Westpac Loan \endash  $450,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 10.\tab}Shareholders loans \endash  $5,000,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 11.\tab}Cash inflow from Operating Activities till December 2004}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 zero}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 BALANCE SHEET
\par LOANS/FUNDING
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 12.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 Dominion}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 1,000,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 13.\tab}Westpac}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 450,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 14.\tab}Institutional leases}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 557,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 15.\tab}VDCL loan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 2,000,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af0\dbch\af0\loch\f0 16.\tab}Tui Consulting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 433,000
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13719836\charrsid8398789 
Mr. Saukawa agreed that all the above documents attached to the email of Mr. Whippy were sent to him by Mr. Jaeger.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6232029\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 80-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 A letter dated 18th November 2004 from VDCL, (
Mr. Bakani) to Manager, Colonial First State to withdraw $900,000 invested in this institution and transfer the same to ANZ.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 This $900,000 is been reflected in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 item 4}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  under Extinct Mataqali Funds transferred to VDCL }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
(2nd table)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  in VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s INVESTMENT REGISTER as at 31st March 2004 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit 38}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 84-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
A letter dated 19th November 2004 from VDCL (Mr. Bakani) to Directors of PCX about the loan of $900,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 It says }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
This is to advice that the Board of VDCL at a meeting on 18th November 2004 approved a loan of Nine Hundred Thousand Dollars\'85}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
The loan is for a 2 year period (fully paid on 19th November 2006) with an interest rate of 9% per annum, payable in quarterly installments on the security of proceeds due to PCX by NLTB.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Establishment fee was $24, 750.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Bakani for VDCL and Mr. Khan and Mr. Jaeger for PCX had signed the letter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 81-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Loan Agreement between VDCL and PCX dated 18th November 2004, in respect of an advance loan of $900,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Mr. Bakani and Mr. Kaloumair
a signed for VDCL with its common seal whilst Mr. Khan and Mr. Jaeger signed for PCX with its Common Seal.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 ANZ Cheque dated 29th November 2004, drawn out of VDCL}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s account to PCX after deducting the Establishment fee, (900,000 
\endash  24,750 = $875,250) signed by Mr. Bakani and Mr. Kaloumaira is at the last page.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness said that he believes that this loan was defaulted, but did not know how much of the loan was actually paid back by PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls53\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 82-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Deed of Assignment and Irrevocable Authority}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  dated 18th November 2004, signed between VDCL, NLTB and PCX.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 This is in respect of the security, NLTB to pay VDCL to the extent of $900,000, in case of default.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Mr. Kaloumaira and Mr. KD for VDCL;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Bakani and Mr. Bukara
u for NLTB; and Mr. Khan and Mr. Jaeger for PCX signed at the last page.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par 81.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Then Mr. Blanchflower, SC, took the witness through several PCX Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Meeting Minutes.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls54\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 89-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX Board Meeting Minutes dated }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789 14th }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 December 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. Bakani had been appointed Deputy Chairman of PCX and to assume the role of Executive Chairman in Mr. Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s absence.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Saukawa appointed Company Secretary for PCX by formalizing his informal appointment.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid6060275\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6060275\charrsid8398789 T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 he fees for the Directors were approved as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6060275\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls54\ilvl3\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6060275\charrsid8398789 Chairman}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  -$15,000 per annum
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}Deputy Chairman}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 $10,000 per annum
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}Directors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid6060275\charrsid8398789  - }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 $6,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 per annum
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
These fees to be payable from the date of appointments.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The Board had resolved to enter into an agreement with NLTB to advance unsecured}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
loan of $1,303.734 for being acquisition of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 ownership of SAP and ORACLE license.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls54\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 90-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
A Minute extracted from the PCX Board Meeting dated 14th December 2004 in respect of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 the Directors fees.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The amounts are stated above.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Saukawa said that he was not paid any fees for his role as Company Secretary.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Attached is two (2) e-mails exchanged between two}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15687630\charrsid8398789 TUI Consulting employees, who }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 were handli}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15687630\charrsid8398789 ng finances, over the issue of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 paying Director}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s fees.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls54\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 96-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX Board Meeting Minutes dated }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789 26th }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 January 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. KD, Mr. Bakani and Mr. Jaeger were absent.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph; CEO, Mr. Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s Report on the updates of NLTB system.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 4.4}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Corporate/Finance Report [BP No\'85003/05]
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The Chairman presented the corporate report on behalf of the Chief Financial Officer.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The Board noted that 2004 was PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s development year.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The % loss at 13% is quite good taking into account the development stage.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Also the unbudgeted donation of $140K was actually business expenses.
\par 
\par The Board agreed to accept the Finance Report and looks forward to a good year in 2005.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls54\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 100-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX Board Meeting Minutes dated 23rd February }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15687630\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 5.1}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Sales and Marketing 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Report}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 [BP No\'85.005/05]
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par The Board noted the Sales & Marketing report presented by Mr. Naulago who also advised the Board that February has not been a very good month for PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The Chairman advised that the deals with Vinod Patel & CJ Patel are almost closed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 These are to be finalized before the end of next month.
\par 
\par Director Mr. KD also mentioned about the prospect of approaching USP.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 SN to follow up.
\par 
\par The Directors agreed to accept the Sales & Marketing report.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 5.3}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Corporate/Finance }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Report}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  [BP No\'85.003/05]
\par 
\par The Chairman presented the corporate report on behalf of the Chief Financial Officer.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The Board noted that 2004 was PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s development year.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The financial statements will now change slightly with a positive inflow from the new contracts to be signed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX will be looking at an average of $300,000.00 net 
surplus per month beginning June 2005.
\par 
\par The refinancing proposals have been given to Colonial who are currently analyzing it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Results should be available within the next week.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The other commercial banks will also be approached and PCX is anticipating deals to be signed within the next month.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The Secretariat to follow up.
\par 
\par The Board agreed to accept the Finance Report.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Witness said that }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 refinancing proposals}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  with }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Colonial}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  meant that to refinance PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s debts with Colonial National Bank as at that time there were none with Colonial.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Referring to paragraph 6.1, Mr. Saukawa said}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 that with the direction of the Chairman,}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Financial Statements of PCX were provided to}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
the Directors along with the Board Papers/package material for them to be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 updated their knowledge of PCX on monthly basis.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par 82.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The following documents shown to Mr. Saukawa were in relation to the transaction with Dominion Finance.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 99-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s letter to Mr. Qarase, PM, on 2005 Government grant of $1 million to NLTB. (Reproduced in 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 paragraph 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15687630\charrsid8398789 3 (v)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 101-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
PCX letter from Mr. Bakani to R. Patel & Co. dated 28th February 2005, about Dominion Finance Loan to PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 106-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Payment Voucher of $1 million from the Department of Fijian Affairs dated 14th March 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Witness had uplifted this cheque on behalf of NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 107-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The Government cheque dated 14th March 2004, related to the above payment voucher of $1 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 108-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
NLTB cheque dated 15th March 2004 to VDCL amounting to $1 million.
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard\plain \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 112-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789 16th }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid9860261\charrsid8398789 March 2005}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Only Mr. KD, Mr. Bakani and Mr. Kaloumaira were present fulfilling the number for a quorum.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}[b] Matters Arising
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Directors acknowledged the receipt of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
$1million Government}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 funding
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  [c] New Business
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par Paragraph 1.2 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Investment in Dominion}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Finance.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Investment in Dominion Finance
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The documents being already submitted in the Board meeting of 3rd November 2004 was recommended for short-term investment once funds from Government was received.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15687630\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Resolution}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par The Board resolved to invest the $1,000,000.00 received from Government into Dominion Finance on a monthly rollover rate of 5.5% p.a.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
VDCL Board Meeting Minutes dated 13th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
October 2004 is at Exhibit 74 also speaks about this Short Term Investments.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls55\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No.110-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 VDCL Cheque dated 16th March 2
005 to Dominion Finance amounting to $1 million, signed by Mr. Bakani and Mr. KD.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. Saukawa did not recall that PCX had a $1 million loan with Dominion Finance during this time.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par 83.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. Saukawa tendered Exhibit 113, the confirmation of his Appointment, dated 17th March 2005, to the position of Research/Administration officer for VDCL including the additional responsibilities of being the Company Secretary for PCX as well.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
This was with effect from 1st of March 2005 with an increased salary of $22,000 per annum.
\par 
\par 84.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The next area prosecution touched was the PCX loan obtained from Unity Finance.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls56\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 103-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Deed of Assignment between PCX and Unity Finance Limited, dated 15th March 2005, to provide financial accommodation of $1 million from Unity Finance to PCX.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
PCX assigned its rights in favor of Unity Finance to receive payments from Vinod Patel under their Business Solution Agreement.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Khan and Mr. Bakani had signed this Deed by affixing PCX Common Seal.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Mr. Saukawa confirmed that this document was to borrow $1 million to PCX from Unity Finance.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls57\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 114-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX Board Meeting Package for 23rd March 2005.

\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 2; item 4}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 ; Mr. Saukawa was assigned to attend the Refinancing Proposals of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 He admitted that PCX had lot of debts and that is at least for a year.

\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Board Paper 008/2005}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 , prepared on 18th March 2005, 5 days before the Board Meeting.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 1; paragraph 2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  \endash  Financial.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 (a)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Results of Operations; 2nd paragraph
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The net profit before tax is
 negative $397m on a year to date basis compared to a budget of negative $542m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The limited loss is encouraging given significant fraction has already been achieved in the local market.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The month shows a loss of $199k compared to a budget of $256k.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The res
ults for January and February were closely mirrored; similar results are expected until Sales reach a level that can cover the given level of overheads.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The break-even sales level is estimated to be $400k per month, this level is budgeted to be achieved by April.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 3, (b)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  Balance Sheet
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 (vii) }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Creditors and Accruals}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par 
\par These represent standard operating expenses of $152k, $310k in motor vehicle loans financed by Merchant Finance and $392k in hardware leases also financed by Merchant Finance.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
There is also $4.8 million in accrued but unpaid system development expenses due to Pacific Contract Management Services Limited (PCMS) for services performed from 1 April 2004 to 31 December 2004 by TUI Consulting and $915k in Management Fees accrued to 
date.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
PCMS has effectively capitalized PCX by this amount by not enforcing the terms of its contract and amounts to an interest free loan to PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 4; (viii)Other Payables

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
TUI has paid additional expenses on behalf of PCX and is due this amount.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 A loa
n of $2,900,000 is due to Vanua and a loan of $1,000,000 to Dominion Finance has been used to repay TUI Inc for SAP and Oracle Software licenses and maintenance, SUN hardware and fund some of the PCX operating expenses.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. Saukawa agreed that the above two paragraphs reflect the owing of PCX to:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 i.\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls56\ilvl5\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
PCMS [$4.8 million (System development expenses)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 [$915,000 (Management fees)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 ii.\tab}VDCL $2.9 million (loans)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 iii.\tab}Dominion Finance - $1 million (loan)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 4; 3FUNDING CASH FLOW}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par The proposed NLTB refinancing deal will assist PCX greatly with being able to pay off its debts and maintain a reasonable capital reserve.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Corporate positions are being held back to ensure sufficient operating cash flow is available to fund revenue generating activities into the future.

\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Witness said that he was not aware of any employee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 leaving PCX without the payment of their salary.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Witness was referred to the facts that the loan of $1 million from Dominion Finance been used to repay TUI Consulting for SAP and Oracle software }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 (page 4, vii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  with the cross reference to }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit 89}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
 (paragraph 3.4), the PCX decision to grant an unsecured loan to NLTB for an amount of $1,303, 734 for being acquisition of ownership of SAP and Oracle License.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 He is not sure how and from where PCX got money to advance NLTB.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls56\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 115-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX Board Meeting Minutes dated 23rd March 2005.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 2; Para 5}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  \endash  Corporate/Finance Report refers to Board Paper 008/2005 of Exhibit 114 cited above.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The Chairman presented the Corporate report on behalf of the Chief Financial Officer. The Board noted that 2004 was PCXs development year.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The financial statements will now change slightly with a positive inflow from the new contracts to be signed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX wil
l be looking at an average of $300,000.00 net surplus per month beginning June 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Witness said that the Board agreed to accept 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
the Finance Report with no dissenting directors and no comments from Mr. KD and Mr. Bakani.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 5.1;}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  Operations Report.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
(Board Paper 009/2005) says }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \'85
The project team load by George Ratawa is making a good progress with NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s critical issues.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 These issues are expected to be resolved by mid-April.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 NLTB is still experiencing trouble with the wireless network.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 A proposal has been given to NLTB regarding leasing an Internet Line}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Directors had agreed to accept this Operations Report.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 5.2;}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  Sales and Marketing Report (Board Paper 010/2005) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \'85Mr. Nailago who also advised the Board that March has not been a very good month for PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The Chairman advised that the deals with Vinod Patel and CJ Patel are almost closed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The Directors agreed to accept this report as well.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 86.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The next topic pursued by the prosecution was the FDB loan to PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 116-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 VDCL Board Papers for the Meeting on 13th}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 April 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Board Paper 003/2005 \endash 
 VDCL Guarantee over PCX Loan form FDB (AGENDA \endash  Item 5)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}FDB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s letter, dated 11th A
pril 2005, to Managing Director, PCX to inform that the Bank has approved a loan of $4.6 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 2; Purpose shows}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 ;
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Implementation and Creation of database}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 - $2.4 million
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}Refinance Dominion finance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 - $1 million
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}Working Capital requirements -$1.2 million
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}Total}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 - $4.6 million
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 3; Security
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 (c)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Assignment over contract with}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 NLTB
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.\tab}(d)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Joint and several guarantee by the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Shareholders of the company of total liability}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 (e)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Guarantee by NLTB to the extent of annual repayments only for the}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 entire term of the loan
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. Saukawa, referring to (d), said that VDCL was a shareholder of PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s 51% of shares.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 117-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
16th VDCL Board Meeting Minutes dated 13th April 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 [c] New Business,
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 1.3 \endash  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 VDCL Guarantee over PCX loan from FDB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 

\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par PCX has been approved refinancing from FDB and one of the security requirements is for the shareholders in PCX to provide guarantee for this facility.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 VDCL being 51% shareholder in PCX is therefore re}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid6060275\charrsid8398789 quested to guarantee this loan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Resolution
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par The Board resolved to guarantee the PCX Loan facility.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 witness said that there was no any disagreement from member}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid16713952\charrsid8398789 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
to this proposal and had there been any, it was recorded.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 But, he said that if a majority of Directors voted in favor of a resolution, it would be indicated as the Board resolved it.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 118-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 PCX Special Board Meeting dated 14th April 2005.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Page 2}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 , }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Paragraph 3.2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  says:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par Refinancing approval of $3.6m from 
\par FDB
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The FDB Board has finally approved this request.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The security requirements are being finalized and any amendments/changes will be advised in due course.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Mr. Saukawa could not recall as to how the initial loan amount of $4.6 million was brought down to $3.6 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 123-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
FDB letter dated 21st April 2005 to Managing Director PCX approving a loan of $3.6 million.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 (3)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Security
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
(e) Guarantee by NLTB with the extent of annual repayments.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}(f)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 First ranking assignment over Contract proceeds with NLTB.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}(g) Joint and several guarantee by the Shareholders of the company for the total liability.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
These conditions are almost similar to FDB letter dated 11th April 2005, contained in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit 116}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 , except }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 First Ranking Assignment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  over proceeds with NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 This means, FDB will get the priority over other financial institutions in respect of the NLTB contract proceeds, in case of default of payments.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Saukawa had signed the document, without the common seal and }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Director}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s signature.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 125-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Guarantee, dated 26th April 2005 in respect of FDB Loan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 This is already described by Mr. Boila (In }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 paragraph 67 of this chapter}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 ).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Mr. Khan had signed with this witness for PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 126-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 De
benture between PCX and FXB in relation to PCX loan of $3.6 million.
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Witness and Mr. Khan signed for PCX with the Common Seal on 26th of April 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 127-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Particulars of the Mortgage dated 26th April 2005, registered with the Registrar of Companies, signed by this witness and Mr. Khan for $3.6 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Exhibit No. 135-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 11th May 2005

\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
VDCL Guarantee over PCX Loan from FDB Concerns were raised at the manner in which the VDCL and PCX dealings have been conducted, and in particular guarantees provided by VDCL for PCX borrowings without prior board approvals.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par It is also noted that VDCL will need to consolidate the accounts of PCX, and accordingly borrowings by PCX would get reflected in the group accounts of VDCL.
\par 
\par The directors agreed that the arrangements between VDCL and PCX and the accounts of PCX needs to be urgently reviewed to assess
 the current position, its implications and to determine how it can better manage the financial transactions of the two entities.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness did not recall the Directors who raised those concerns as he had not recorded in the minutes.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 136-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX Package of Board Papers for 26th May 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Information Paper}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  No: 001/005; $2.2 million out of $3.6 million received from FDB had transferred to TUI Consulting.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}$0.5 million to Merchant}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s Finance for PCX loan, which needed repayment.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Another $0.5 million to Westpac Bank.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness was not sure whether PCX had any loan with Westpac.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The balance $400,000 was cash flow.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness admitted that apart from $400,000}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 used for Cash flow, the balance $3.2 million was used to pay the existing loans of PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Page 1 of Corporate Finance Report}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  of May 2005 (Results of Operations \endash  2nd paragraph) shows a loss of $194,000.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 137-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX Special Board Meeting Minutes dated 26th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15213722\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 May 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Board noted the payments done from $3.6 million F
DB loan.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 138-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes held on 15th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15213722\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 June 2005.
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\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  [b] Matters Arising
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 (vii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Guarantee over PCX Loan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 from FDB 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 As to obtain a draft accounts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 for the Directors to discuss.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 This is to be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 attended to ASAP}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness recalled Directors, Mr. Patel and Mr.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Whippy were concerned about the exposure of VDCL to PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 87.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The next topic discussed with Mr. Saukawa was the ANZ Overdraft facility for PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 128-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ANZ letter, dated 27th April 2005, addressed to PCX offering a temporary Overdraft facility of $1 million to PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 5; FACILITIES SCHEDULE
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Facility to be expired on 31st July 2005 when full clearance is to be effected.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}Purpose is to refinance the advance provided by Dominion Finance.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness admitted that PCX had a loan of $1 million with Dominion Finance at that time and VDCL had $1 million Term Deposit with Dominion Finance as a security for PCX loan.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 6; SECURITY SCHEDULE
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  Guaran
tee limited to $1 million given by VDCL
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}
Letter of charge over Term Deposit Funds of $1 million in support of Guarantee.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 7;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  Acceptance, by Mr. Khan and Mr. Saukawa for PCX with the affix of the Common Seal.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Page 8;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  Surety Acknowledgement by Mr.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Bakani and Mr. KD for VDCL with the Common Seal.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 130-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 GUARANTEE to ANZ Bank}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 at the request of PCX (the Customer) signed on 28th April 2005 signed by Mr. Bakani and Mr. Saukawa with the Common Seal for PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 131-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 CHARGE OVER TERM DEPOSIT}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , dated 28th}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15213722\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 April 2005, over VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s Term Deposit of $1 million in ANZ.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  Expiry date, 1st August 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Bakani and Mr. Saukawa had signed with VDCL Common Seal}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 affixed.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} Witness said that effect of this }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 CHARGE }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  is that VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s Term Deposit was provided to PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness was referred again to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid1067960\charrsid8398789 Exhibit 135}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 the concerns of some Directors over VDCL guarantees to PCX loans without prior Board approvals.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 147-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ANZ }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Variation letter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, dated 1st August 2005, to inform the temporary Overdraft facility expires on 30th September 2005 when full clearance is to be effected.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Khan and Mr. Saukawa had signed for PCX with its Common Seal for acceptance while Mr. Bakani and Mr. Saukawa agreed for VDCL with its Common Seal for }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Surety Acknowledgement}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Page 7;}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 security Schedule; Guarantee Limited to $1 million given by VDCL (existing security) and Letter of Change over Term Deposit and Funds of $1,005, 936.42 in support of guarantee (security to be taken).
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
 Charge over the Term Deposit of $1,005, 936.42 for a term of 95 days, to be expired on 4th November 2005 signed by Mr. Bakani and Mr. Saukawa for VDCL with its Common Seal.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness recalled that the signing and sealing of these docume
nts took place in Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s office in the presence of ANZ representative and Mr. Khan.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 148-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
A letter from Mr. Daniel Whippy to Mr. KD, dated 9th August 2005, attached with chain of e-mails and Profit and Loss Statement of PCX for year 2004.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 1st email, from Mr. Whippy to Mr. Saukawa.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 In our last board meeting you were supposed to }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1523054\charrsid8398789 organize}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789  copies of Mr. Bakani}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s submission to the NLTB Board about PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 Can you please advise status of this as soon as possible}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 5th July 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa had responded that it is been compiled right after the meeting and with Mr. Bakani.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4354493\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
4th e-mail; the response to the above copied to Mr.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Bakani, is below:
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Thank you for your prompt response to my email yesterday.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
\par It was minuted in our last meeting, although still in draft form, that Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
s submission to the NLTB Board about PCX was to be circulated to members to keep them informed about PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
s financial status and to remove the stigma about its viability as a going concern.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 The stigma
 was in reference to profitability and in particular the effect of borrowings against equity, net assets and future income streams and its impact on consolidation with the holding company, VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 However the Board approved the circulation of the NLTB submission and therefore it is incumbent upon you to action these requests.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Can you please confirm today that this will be circulated.
\par 
\par I would like also today answers to the following questions:
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls28\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Has Vanua Development Co
rporation Ltd provided guarantees or securities to ANZ Bank for a loan of $1.0 million by PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
If yes, under what authority were these issued, when were they issued and why has this not been ratified by the Board yet.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls28\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Has Vanua Development Corporation
 Ltd provided guarantees to Credit Corporation Limited for a loan of $600,000 by PCX? If yes, under what authority was this issued and if it was after our last Board Meeting when the matter was declined, why was it provided.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls28\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Has Vanua Development Corp
oration Ltd provided guarantees to support a PCX $1.0 million loan from Vinod Patel.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
If yes, under what authority was this issued and when was it issued.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
Why has the Board been kept in the dark about this transaction.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 3rd e-mail; Mr. Whippy to Mr. Sauka
wa dated 26th July 2005 reads as follows:
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1713856\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 Mr. Whippy
\par 
\par Thank you for your concerns.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 May I answer in the sequence that the questions were raised:
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls27\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
 I will circulate the NLTB submissions once Mr. Bakani gives me the OK since it is with him.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}The Vanua
 guarantee to ANZ was circulated and approved by 3 Board of Directors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
Copies of their approval is in file.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}
There was a request to guarantee this Loan to Credit Corp but this is no longer needed as Credit Corp has approved the loan on the basis of an assignment over the NLTB proceeds to PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 They are to be ranked second to FDB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 This arrangement has nothing to do with VDCL.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}
The $1million loan from Vinod Patel is an arrangement between PCX and Vinod Patel and has nothing to do with VDCL.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}
As for the cross guarantee to Vinod Patel, this is new to me and was never arranged.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1713856\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.\tab}I
 hope that answers your concerns, but please let me know if there are other areas that needs clarifications and I would most certainly attend to them promptly.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4354493\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1713856\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 149-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 10th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 August 2005.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Board paper No. 008/2005 is }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Variation Letter }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 dated 1st August 2005}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  from ANZ to PCX you saw in }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 147}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 .
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 176-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 CHARGE dated 10th November, 2005 over VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s $1 million Term Deposit with ANZ, which provided security for the Overdraft facility of PCX Loan of $1 million.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Scheduled Amount was $1,007,291.33 for a term of 95 days, to be expired on 7th February 2006.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Bakani and Mr. KD had signed for VDCL with its Common Seal.

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 200-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ANZ letter of offer dated 10th May 2006 to PCX over the Temporary Overdraft facility of $1 million.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Expires on 31st July, 2006 by full clearance is to be effected.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Security of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s Guarantee Limited to $1 million and Letter of charge over VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s Term Deposit funds of $1 million.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} Accepted by Mr. Bak
ani and Mr. Saukawa for PCX with its Common Seal.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Surety Acknowledgment by Mr. KD and Mr. Saukawa for VDCL with its Common Seal.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness said, that again these documents were signed and sealed in Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s office in the}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 presence of Mr. Khan and Bank Officer and then taken up to Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s office for his signature.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 205-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ANZ Letter of offer, dated 15th August 2006, to PCX over the same Overdraft facility of $1 million to PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 3:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  Extension is on the condition of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
s Term Deposit of $1,010,035 is invested}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 for further 5 months to 14th January, 2007.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Page 5:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  Temporary Overdraft facility to be}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 expired on 31st December 2006 by when full clearance is to be effected.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} Witness agre
ed that PCX has not been able to clear the Overdraft facility by this time.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Khan and Mr. Saukawa had signed}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 for PCX with its Common Seal for acceptance.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Mr. Bakani and Mr. Saukawa had signed for VDCL with its Common Seal for surety.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The security is the same as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid1067960\charrsid8398789 Exhibit 200}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , ANZ}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 s Letter of Offer dated 10th May, 2006.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 211-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX letter dated 21st December 2006 written by Mr. KD to ANZ.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  The full letter is reproduced below.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Dear David
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 NOTICE OF EVENTS OF DEFAULT
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par Your letter of 20th December, 2006 refers.
\par 
\par The Board of PCX and Vanua Development are both concerned at the latest developments as mentioned in your letter.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 After thorough discussions we are proposing the following as remedial for the above:
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 That ANZ 
reclassifies the Overdraft Facility into a term loan for a period of 48 months from January 2007.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
Repayment of $25,000.00 per month for the next 3 months beginning January 2007.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 FDB has approved waiver of PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s loan repayments for the next 3 months to be interest only.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 The total contractual proceeds that is assigned to FDB is $108, 333.33 per month i.e. $1.3m p.a. [Copy of the payment schedule is attached].}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
This is to be reviewed in the next 3 months whereby an undertaking will be sought from NLTB with FDB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 s approval to assign $25,000.00 per }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9860261\charrsid8398789 month to ANZ as loan repayment.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 
The security remains as assignment over Term Deposit of $1m which is full cash cover but the cover to be on a reducing basis as the debt is reduced.
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
We hope that you understand our position in this difficult times that we are encountering and our outmost efforts to try and find an amicable solution that is favourable to both the Bank and PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Your concurrence will be much appreciated.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness agreed that this letter was sent 10 days prior to the last extension till 31st December 2006.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 213-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Note o
f Events of Default by ANZ to PCX dated 2nd January 2007 saying that Temporary Overdraft limit of $1 million expires on 31st December 2006 and the current balance is $1,011,045, 87 Debit.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The contents of the letter are as follows:
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4354493\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Dear Aisake
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 NOTICE OF EVENTS OF DEFAULT
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Temporary Overdraft Limit $1,000,000 
\endash  Expires 31st December 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Current Balance:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 $1,011,045.87 Debit.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
We refer to our Letter of Offer dated 15th August 2006 and subsequent Notice of Default letter dated 20 December 2006.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Monthly interest and fees totalling $11,045.87 for the month of December 2006 is now due.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
This amount was to have been settled at the end of December as per our terms of agreement and its now 2 days in default.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Pacific Connex is, therefore, in breach of clause 10 (1) (a) of our General Conditions.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Whilst we have approved to refinance your company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
s OD limit of $1,000,000 to a temporary term loan facility (Letter of offer dated 2 January 2007, being delivered) you will need to remedy the default before we can extend the new facility.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Whilst at the present time we do not propose to take any action in respect of the event of default, we reserve our rights to take action at any future time.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
This letter does not affect any other rights that we may have.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4354493\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8748546\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  W
itness admitted that this letter was copied to VDCL as well.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
He said that he received the letter and he forwarded it to Mr. Khan and Mr. Bakani for their comments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 He had paid $11,045.87 (interest) on 5th January 2007 from PCX funds.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 212-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Letter dated 2nd January 2007 from ANZ to PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Facility}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 wordings of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Overdraft Facility (Temporary) is now been changed to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Variable Rate Fully Drawn Advance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  of $1 million.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 04}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 ; }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Conditions precedent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls29\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Extension of Term Deposit security 
till at least 30th April 2007, with Guarantor acknowledgement required as surety;
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls29\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Any default in loan repayments will trigger call-up of the entire debt at that time; via prepayment of Term Deposit funds;
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls29\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Fiji Developme
nt Bank to provide written confirmation by 30th April 2007 of an undertaking to assign $0.025m per month to ANZ.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Advance Facility}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  to be terminated on 30th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 April 2007.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} Security Schedule in page 6 is similar to the previous instances.

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Khan
 and Mr. Saukawa had signed for PCX with its Common Seal on 30th January 2007.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Mr. Bakani and Mr. KD had signed for VDCL for surety Acknowledgment with its Common Seal on the same date.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness said that PCX was not able to pay their loan of $1 million
 with ANZ and VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
s Term Deposit of $1 million with ANZ was converted into an advance and used to pay off the debt of PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 88.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Then Mr. Saukawa was shown the documents alleged to have been connected to Credit Corporation Loan to PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 140-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Credit Corporation letter to PCX dated 6th July 2005 in relation to a loan of $208, 196.84 to purchase of 9 vehicles (6 Honda CRV, 1 Toyota RAV 4 and 2 Nissan X-trails)
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 145-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX Resolution dated 21st July 2005 resolving a Bill of Sale i
n favour of Credit Corporation signed by Mr. Bakani and Mr. Saukawa with PCX seal.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No 146-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Deed of Assignment dated 22nd July 2005, between PCX, NLTB and Credit Corporation.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Khan and Mr. Saukawa signed and sealed on behalf of PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Mr. Bakani and Acting Manager Legal Services had signed and sealed for NLTB.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 143-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Papers for 13th July 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Board Paper NO: 005/2005}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  \endash  Guarantee Over PCX loan with Credit Corporation for $350,000.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Security:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 1.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Bill of Sale over NLTB and PCX Hardware.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}2.Guarantee by Shareholders of VDCL.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
PCX has requested VDCL to guarantee the Credit Corporation loan, which is been sought for Operational Expenses.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
All of PCX facility will be cleared off once equity has been raised from Overseas investors who will have a stake at the PCX 3G wireless network.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} VDCL Exposure in PCX
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh841\trleft3544\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 
\trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3652\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1286\clshdrawnil \cellx4840\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1365\clshdrawnil \cellx6205\clvertalt\clbrdrt\brdrs\brdrw10 
\clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1035\clshdrawnil \cellx7395\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1350\clshdrawnil \cellx8745\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 VDCL Total Portfolio\cell Exposure in PCX\cell % Exposure in PCX\cell Inv Policy %\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh841\trleft3544\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 \trbrdrh\brdrs\brdrw10 
\trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3652\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1286\clshdrawnil \cellx4840\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1365\clshdrawnil \cellx6205\clvertalt\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1035\clshdrawnil \cellx7395\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clftsWidth3\clwWidth1350\clshdrawnil \cellx8745\row \ltrrow}\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs18 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 $8,298,855
\par \cell $2.9 Loan
\par $1m lien over T/D
\par $3.6m Gtee to FDB
\par Total $7.5m\cell 91.46%
\par \cell 20%
\par \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1067960\charrsid8398789 \trowd \irow1\irowband1\lastrow \ltrrow\ts11\trgaph108\trrh841\trleft3544\trbrdrt\brdrs\brdrw10 \trbrdrl\brdrs\brdrw10 \trbrdrb\brdrs\brdrw10 \trbrdrr\brdrs\brdrw10 
\trbrdrh\brdrs\brdrw10 \trbrdrv\brdrs\brdrw10 \trftsWidth1\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid15687630\tblind3652\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1286\clshdrawnil \cellx4840\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1365\clshdrawnil \cellx6205
\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1035\clshdrawnil \cellx7395\clvertalt\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr
\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth1350\clshdrawnil \cellx8745\row }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 
\ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 \af0\afs20 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 $1 million Lien over T/D}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  above refers to the ANZ Term Deposit.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}This witness was asked to compare the 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Security}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  portion of the Credit Corporation letter dated 6th July 2005 in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 139}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 (in respect of $350,000 loan) and the letter attached to the Board Paper No: 005/2005 regarding the same transaction of $350,000.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Witness admitted that apart from 1st item, Bill of Sale as described in the attached schedule, the other three items in Exhibit 139,
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Deed of Assignment/Guarantee of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 NLTB
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Personal Guarantee of Ballu Khan,
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Deed of Collateralization
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
are not to be seen in the Board Paper, though all the other contents in other pages are similar.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness could not 
offer any explanation for this difference.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Further to that witness admitted that there is no reference in these Board Papers to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 140}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, the loan proposal amounting to $208, 196.84. 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3085056\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 144-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 13th July 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 [d] }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Other Matters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Directors agreed to have a look at the comprehensive report on VDCL and PCX compiled by Mr. Bakani for the NLTB Board before any decision is made.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 KB & AS to attend.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness said that
 there was no purported mention of anything relating to PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
s financial situation, outstanding loans or problems with operating expenses.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid8748546\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8748546\charrsid8398789 Exhibit No. 151-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Internal Memo from Mr. Bakani (GM, NLTB) to Chairman and Directors of VDCL, dated 10th August 2
005; titled PCX Queries Raised by Dan Whippy.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness said this letter was circulated among all the Directors of VDCL.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 150-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 10th August 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 [b] }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Matters Arising}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls19\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Guarantee over PCX loan \endash  This
 is no longer required.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 [c]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 New Business}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 (3)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Directors had agreed to formalize}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
the variation of ANZ Term Deposit for the next 2 months, till the end of September 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness said no Director disagreed to this and said that when he recorded }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Directors Agreed}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , it would be at least the majority of 5, three Directors agreed on that issue, though not recorded the number.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Further he agreed that there was no reference at all to PCX financial situation, loans, etc during this meeting.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls60\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 152-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL letter dated 13th August 2005 signed by Mr. Boila to Reserve Bank of Fiji to deposit the matured investment in VDCL}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s ANZ Bank account.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 89.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The VDCL Loan to PCX amounting to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8748546\charrsid8398789  $1 million was the next topic }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 discussed with Mr. Saukawa.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 169-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX Board Meeting Papers for 20th October 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Purpose of this meeting was to confirm the Board Meeting Minutes of 27th July 2005 and 12th September 2005 (Special Board Meeting)
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} Board Meeting Minutes dated 27th July 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 3}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ; Paragraph 7 \endash  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Information Papers
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}Corporate Report}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  (Information paper 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 005/2005)
\par 
\par The Directors noted the Corporate report as presented.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The revenue level remains below Budget and PCX entirely depends on the NLTB contract.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The Directors were advised that cost cutting measures were being implemented to reduce the overheads.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Sales and Marketing}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  (Information 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Paper 007/2005)
\par 
\par The Directors noted the Sales & Marketing report as presented.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The merits of the proposal are very 
good with affordable prices.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Unfortunately PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s competitors network is very strong.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 The presentations to different institutions and companies were also noted.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s assistance in to this regard is very critical.
\par 
\par The Directors agreed to accept the Sales and Marketing Report.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Special Board Meeting}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  dated 12th September 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Paragraph 3.1}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  says that Chairman re-affirmed the need for more lobbying from the Board of Directors and that has to be undertaken at the VDCL level.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 A meeting with the Prime Minister has been scheduled for 21st September 2005 at 11.00am.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness said that this }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 lobbying}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  was to do with the 3G licence.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 6.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Paragraph 3.2}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  \endash  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 PCX Funding Arrangements
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The Chairman mentioned that this has come to a critical stage as the refinancing of the NLTB costs has not been complete.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 This has resulted in constraints on PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s operating cash flow.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The 3G upfront costs needs to be shared between the shareholders of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Details of this will be submitted to the VDCL Board.
\par 
\par Directors agreed to get the audits completed immediately before any decisions could be finalised if VDCL a major shareholders is to assist.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 7.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Board Paper 017/2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 8.\tab}March 3004 \endash  loss of $348.000
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 9.\tab}June 2004 \endash  loss of $259, 000 (forecast)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid3085056\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 159-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Papers for 28th September 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Board Paper NO. 014/2005, PCX Loan Request}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Proposal for $1 million
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness admitted preparing this Paper and given a draft to Mr. Bakani to look at it before the final draft is done.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX has for the year and a half signed 3 major deals basically with NLTB, SCA Hygiene and currently Vinod Patel.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX offered NLTB substantial savings in their contract by drastically reducing it by $2.9m from}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1067960\charrsid8398789  the initial $18.9m to $16.040m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1067960\charrsid8398789 This arrangement was offered}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  to NLTB su
bject to NLTB assisting PCX on the refinancing of the implementation costs of the NLTB system to a tune of $7.5m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Unfortunately this did not transpire as FDB only refinanced $3.6m leaving a balance of $3.9m outstanding.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 It is because of this reason that PCX had to resort to acquiring funds from other sources like Dominion Finance [$1m] then ANZ and Unity Finance [$1m] to be able to finance the NLTB implementation costs.

\par 
\par Unfortunately this has led to another problem whereby Vinod Patel has held back payment due to PCX for the implementation of their system to a tune of $0.5m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This funds were meant for operational costs and has forced PCX to a critical situation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Currently available funds was $1.1 million in account that has been yearmarked to purchase a property for Mantra Holding Limited Project.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}In approval, money would have got from Unit 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Trust ($500,001.04) }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid3085056\charrsid8398789 and FHL Unit Trust ($508,771.95.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Page 5 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Recommendation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1067960\charrsid8398789 As clearly outlined this request is outside the approved investment guidelines for VDCL as the exposure will now sit around $7.75m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid1067960\charrsid8398789 This is 88.6% exposure into PCX including the FDB guarantee.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par However given the fact that it is a majority owned subsidiary, the assistance is warranted.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Additionally given the substantial interest gain of 10
%, the guaranteed principal repayment from the NLTB contract and the undertaking that all debt will be cleared first once the recapitalisation of the wireless business takes place including the considerable contribution of $1.0m by the minority shareholde
r, this facility is recommended for approval subject to:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
According to the Westpac letter dated 20th September 2005 to Mr. Khan, $25,000 been transferred to PCMS and $300,000 to PCX from Mr. Khan}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 s personal account.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
PCX letter dated 22nd September 2005 to Price Waterhouse Cooper, $750, 000 Management fees due to PCMS from PCX had been waived off.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Profit and Loss Statement of VDCL for August 2005 shows (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 6th item}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
) no entry of PCX dividend to VDCL, and the witness said that implies no dividends has been received from PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Later, Mr. Saukawa, referring to }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 125}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 agreed that VDCL was not a Guarantor to PCX loan of $3.6 million from FDB and his entry including this transaction in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 VDCL Exposure in PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  (page 4) was a misjudgement.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 However, he said the Board approved this loan analysis paper.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 160-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 28th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 September 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 [c]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 New Business, PCX Loan Proposal (Board paper 14/2005)
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Directors agreed for VDCL to lend PCX
 $1m to pay their debt with Vinod Patel provided Vinod Patel paid $900K which represented billings to date in respect of SAP work in progress.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This is to be done before the end of the month.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness could not recall the discussion on this issue and who dissented or disagreed to this, but said no mention about PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 s financial situations, its critical situations or loans outstanding.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 161-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL (Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 s) letter dated 29th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
September 2005 to PCX informing the approval of $1 million loan to PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 162-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Loan Agreement between VDCL and PCX dated 29th September 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. KD and Mr. Saukawa signed with Common Seal for VDCL.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Khan with another signed with the Common Seal for PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 163-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Deed of Assignment and Irrevocable Authority between VDCL, NLTB and PCX, dated 29th day of September 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Kaloumaira and Mr. Saukawa for VDCL, Mr. Bakani for NLTB and Mr. Khan for PCX had signed with their respective Common Seals, except NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 s.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Last page contains a ANZ Cheque drawn on VDCL}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s account, dated 29th September 2005, to PCX in the about of $600,00, signed by Mr. KD and Mr. Bakani.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 164-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Colonial National Bank Cheque drawn on VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s account to PCX in the amount of $400,000, dated 29th September 2005, signed by Mr. KD and Mr. Bakani and Mr. Kaloumaira.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness said that two cheques were honoured because the funds were available in those accounts.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No.180-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Investment Register as at 1st January 2004 showing how $600,000 and $400,00 were withdrawn from respective accounts.

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 157-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 An e-mail from Mr. Boila to Mr. Saukawa dated 23rd September 2005 on the additional PCX Loan of $1 million
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This mail is reproduced in }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid13834002\charrsid8398789 paragraph 67 (viii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid10512260\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
pointof this chapter.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 170-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Papers for 21st October 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Board Paper No. 0013/2005}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ; VDCL Audited Accounts from PWC for year-end 31st December 2004.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Board Paper NO: 014/2005}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , PCX Audited Accounts from the same Auditors for the same period.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 171-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 21st}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 October 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The Board had agreed to get the auditors PWC to finalize the audit and then present their reports in relation to VDCL and PCX to a Special Board Meeting to be convened once the Auditors are ready.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit 173-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 A cheque dated 25th October 2005, from Fijian Holdings Unit Trust to VDCL amounting to $526,315.80
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness said that this is one of the amounts redeemed to organise the $1 million loan to PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 179-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Internal Memo dated 16th December 2005 over the request of PCX for
 an additional loan of $100,000 to meet the legal cost for its upfront cost of 3G mobile wireless licence.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This is annexed with Mr. Khan}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s letter dated 15th December 2005.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Following are some of the excerpts of it.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Our curren}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid2315976\charrsid8398789 t liabilities for December and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 residual from November is approximately $500,000.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Our Creditors list to the end of December was $461,953.48 excluding Directors Fees.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This has now been reduced and reflected in the Westpac O/D figure.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Some creditors invoices have only arrived recently and go back months.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 
\par Managing PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s cash flows is very challenging task and is taking its toll on my health and I need help with this.

\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Khan had set out advances to a total of $940, 000 that he made to PCX
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The Board Members had commented on this addi
tional $100,000 request of PCX
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2315976\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. KD \endash  Approved.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Please read my comments
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}Mr. Bakani \endash  Recommendation to assist PCX is endorsed 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}Mr. Kaloumaira \endash  Raised concerns on Governance issues.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Wanted a full and co
mplete detailed financial forecast for next 24 months before making a decision}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7431454\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\s15\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin1440\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Whippy did not approve any cash advance, borrowings or guarantees until PCX can demonstrate certain requirements.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 5.\tab}Mr. Patel requested more information beforemaking a decision.
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
All the three dissenting comments were dated 20th December 2005 and 20th January 2006.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 185-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Minutes dated 15th February 2006
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 [b] Matter Arising
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2315976\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 7. VDCL and PCX Audits have been finalized.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par PCX Board has already approved PXC audit.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 [c]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Action Papers

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX Audit 2004: Board agreed to accept

\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}
VDCL Audit 2004: Consolidation of PCX and VDCL accounts to be addressed before the approval.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness agreed that there is no mention of PCX financial situation, financial problems, outstanding loans, inability to meet operating expenses or anything of that sort.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 192-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Papers for 15th March 2006.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Information Paper 005/2006 \endash 
 VDCL Profit and loss Statement for month ended 28th February 2006.No dividends received from PCX.Board Paper 006/2006 \endash  VDCL Investment Register as of 31st December 2005.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness could not explain why $3,975,180.38 is}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 reflected at the bottom under PCX, when the total amount of PCX is $3.6 million.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Further he could not recall whether PCX paid the interests for these loans and if so, the amounts.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 193-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Minutes dated 15th March 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Directors agreed to accept the Financial
 Report and Investment Register as presented.
\par Witness confirmed that there is no mention of any PCX financial situation, loans, debts or difficulties in operating expenses.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 194-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Memo to all the Directors by Mr. Saukawa dated 3rd April 2006 with the title of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Request for Shareholders Advance to PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
This is connected to Board Paper No. 016/2005 regarding PCX request for $100,000.
\par Mr. Kaloumaira}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s comments dated 7th April 2006, approve
d the proposal of $100,000 request of PCX whilst no further comments from Mr. Patel and Mr. Whippy.
\par 
\par Witness agreed that PCX did not pay the earlier loans of $2 million, $900,000 or $1 million due to VDCL.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xviii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls61\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 203-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Investment Register as at 30th June 2006 confirms $3.9 million loans in three different items.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 90.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 After two full days of Evidence-in-chief, Mr. Saukawa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s cross examination started on 7th of July 2014.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 At the very beginning, Mr. Saukawa agreed with Mr. Keene, QC, that he did not go through all the documents, Board Papers, Minutes, e-mails shown to him by the prosecution and if he says }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 no}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  in respect of any issue pertaining to a document, that means it does not reflect on it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Further he said that he cannot say what is on the minutes he has not read and he did not have any access to NLTB material or documents when preparing to give evidence.
\par 
\par 91.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa said that he is not confident that he handed over 
all the documents of PCX that existed to the prosecution as some of the documents were taken by the lawyers of R. Patel & Company and some by the Military after December 2006 coup.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid1067960\charrsid8398789 Exhibit KD-8}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , witness said that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 All the original minutes were
 taken by FICAC through RMF (Tom) on 21/01/2008.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Documents have yet to be returned to the office.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
He explained that all the originals of Board minutes, 2005, 2006, 2007 were all stuck together in the file for the minutes and those documents did not come back to him.
\par 
\par 92.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The signing of documents in PCX and VDCL, witness said that most were done by Mr. Bakani, himself and Ms. Alanieta as staff members, but when a document needed a signature outside the staff, they took it to relevant Directors office to be 
signed, whoever available on that day and there is no real significance who this outside signatory was.
\par 
\par 93.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Keene, QC, drew the attention of Mr. Saukawa to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 37,Exhibit 68 and Exhibit 242}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  to clarify Mr. Saukawa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s comment in his evidence-in-chief that Pacific Contract Management Services Limited (PCMS) as being a Shareholder in PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 68}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , PCX Certificate of Shares, shows 490, 000 }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 B}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  class ordinary shares were owned by PMSIL (Pacific Management Services International Limited) which is a registered company in the British Virgin Islands.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 (Exhibit 242)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa admitted that it was PMSIL who owned the shares in PCX with VDCL, but not PCMS.
\par 
\par 94.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa was then taken through his letter of appointment, }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 69}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He agreed that he commenced work on 20th September 2004 as a Research Administration Officer for VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He admitted that he was paid by NLTB, though he was involved in VDCL work.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 He described how he engaged with the accountabilities stated in his letter of Appointment.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s Inve
stment Policy is one instance he had assisted in documenting company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s management policies.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness agreed that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 conducting analytical research work}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 is to do with investments and whenever he prepares investment papers and make recommendations, he gave effect to this obligation under his employment contract.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa said that he, without any debate, did allow things to be put in by Mr. Bakani, though he himself disagrees, as Mr. Bakani was his superior.
\par 
\par 95.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness said that VDCL office was situated in
 the NLTB Building and all the VDCL documents were held in his office.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He explained that }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 preparation of payments to all VDCL creditors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  was partly kept with Manager Finance, of NLTB Finance Unit.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa agreed that what he did in VDCL applied for PCX as well when he was appointed as its Secretary.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Referring to the contractual obligation of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
preparation of all payments to creditors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 of PCX, witness said that it was handled by PCX finance team and not by him.
\par 
\par 96.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa said that his first Board Meeting as VDCL Secretary was on 13th October 2004 }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 (Exhibit 74)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  and the Investment Policy was adopted by the members on that day.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Whilst admitting that as VDCL company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Secretary his office was in the premises of NLTB, he said that he never took part in any of the NLTB Meetings, but went to Mr. Bakani if something is to be done in NLTB.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness refused any involvement of him in preparation of audited financial statements,
 apart from giving documents, and said preparation of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s financial statements was done by Mr. Boila.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Flying minutes or minutes by e-mail, according to the witness, were sent out through Mr. Bakani}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s office, under his instructions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 But, after sighting }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid1067960\charrsid8398789 Exhibit KD-13}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 an e-mail chain, to which Mr. Saukawa and the Directors involved, dated 27th and 28th of April 2005, witness admitted that there were instances where he communicated with the Directors through e-mails, especially after the military coup in 2006.
\par 
\par 97.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Speaking of the other VDCL Board Members apart from Mr. KD, witness said Mr. Nalin Patel, Mr. Daniel Whippy, Mr. Isoa Kaloumaira and Mr. Bakani were senior business figures in Fiji community with a lot of business experience.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Amongst them, Mr. Sau
kawa said that Mr. KD was the least experience out of the lot and he got the minutes of the past meetings approved; put Board Papers/Administration issues, which were prepared by the management, including Mr. Bakani, to the Board, allowed debate on the in
dividual issues among the Directors, would summarise what he undertook to be the view of the people around the table and resolved or passed the issue.
\par 
\par 98.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness agreed that Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s role of being the Managing Director was open to debate.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 112}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
; VDCL Board Minutes dated 16th March 2005, [b] (vii) Appointment of Managing Director \endash  Directors noted the paper that was tabled and agreed to have the Chairman and Director Nalin Patel reassess it.)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Then, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 113}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 , the Confirmation of Appointment Letter to Mr. Saukawa by Mr. Bakani dated 17th March 2005, the following day to the 16th Meeting, Mr. Bakani had signed as the Managing Director of VDCL.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 117,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 VDCL Board Minutes dated 13th April 2005, [b] (v) also repeats the issue of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Appointment of Managing Director}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  in the same way like }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 112}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , that the Chairman and Mr. Patel to reassess it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Witness agreed Mr. Bakani signing }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 113}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, on 17th March 2005 as Managing Director is premature and he is not sure whether Mr. Bakani became the Managing Director of VDCL or not.
\par 
\par 99.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa said the VDCL Directors who got appointed as PCX Directors got their Director}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s fee in PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 But, he said that according to his understanding, though the Confirmation of Appointment Letter (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 113)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  says }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 thi
s will include the additional responsibilities of being the Company Secretary of PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, the increased $4000 in his salary from $18,000 to $22,000 per annum, was because he was confirmed after being on probation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 So, he denied that he got any extra payment for PCX work.
\par 
\par 100.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa was shown the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Sealing Register}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 of VDCL, which was marked as Exhibit }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 KD-12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid1067960\charrsid8398789 Exhibit 171}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , the VDCL Board Meeting minutes dated 21st October 2005, witness said that Directors agreed to ratify the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Sealing Register}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 as presented from 2004 to that date and that is the reason for 21st October 2005 to appear in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Date of Ratification}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  column.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness agreed that the single page }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid1067960\charrsid8398789 KD 12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ) shown to him is the beginning and end of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Seal Register}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 (The original of this document was tendered and marked as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 
Exhibit KD-12A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ).
\par 
\par 101.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Entry No. 05/2004 and 06/2004 in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 KD-12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  was agreed to be in relation to PCX loan of $900,000.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 In 2005 entries, Nos. 03/2005, 04/2005, 05/2005, 06/2005 and 07/2005 was agreed by the witness to be related to VDCL Term Deposit Guarantee of ANZ over PCX loan of $1 million.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The date seen to be in entry No. 03/2005 was said to be 27th of April 2005.
\par 
\par 102.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Recognising Exhibit }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 KD-14,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  Deed of Assignment and Irrevocable Authority between VDCL, NLTB and PCX 
over the $2 million loan to PCX, Mr. Saukawa said that one VDCL signatory was Mr. Patel and he is not sure whether the other signatory was Mr. Kaloumaira or not.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He added that this is an example of whoever Director is available signing documents.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 (Refer to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789  paragraph 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid4079851\charrsid8398789 2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 of this chapter)
\par 
\par 103.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Saukawa agreed that he told in his evidence-in-chief that when the Directors passed resolutions, there could be dissenting Directors and his practice was not to record the dissent.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
But, he said that he cannot recall any occasion during the meetings where Directors raised their dissent or contacting him later asking that his dissent to be noted in minutes or before the confirmation of minutes asking his dissent to be recorded as Boar
d Resolutions, as far as he could recall, were the view of all the Directors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Referring to his comment that Mr. Bakani appeared to have a good relationship with Mr. KD, witness said that it was simply a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 good business relationship}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 .
\par 
\par 104.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness was then referred to $900,000 loan of PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls39\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 75-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 PCX request for the loan, dated 16th November 2004. (Reproduced in paragraph }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1523054\charrsid8398789 80}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  of this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 chapter)
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Witness said that he did not see anything unusual or difficult about this request.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls39\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 79-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Internal Memo, dated 17th November 2004, sent to the Directors with Mr. Saukawa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s analysis of availability of funds.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Exposure, Security and Recommendation, followed by the comments of Directors.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls39\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 83-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Email chain between Mr. Saukawa, Mr. Dario Jaeger and Mr. Whippy along with several attachments.
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Referring to the attached VDCL Investment Register as at November 2004, witness said it shows what would have happened if this $900,000 was approved.
\par - After Mr. Saukawa sent the requested information to Whippy provided by Mr. Jaeger, he said that he cannot recall him receiving any response from Mr. Whippy.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 (Cross reference to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 paragraph }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid11631294\charrsid8398789 80}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789  of this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 chapter}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 ).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
He added that PCX loan request of $900,000 was approved by the majority of Directors, (Mr. Bakani, Mr. KD and Mr. Kaloumaira) without Mr. Whippy and Mr. Patel, but Mr. Whippy was a party to the Board Resolution ratifying the relevant entries of the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Seal Registry}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 . (Exhibit 171)
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls39\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 170-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Financial Statement, 31st December 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Page 2 \endash  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Basis of Accounting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par The directors believe that the basis of the preparation of accounts is appropriate and that the organisation will be able to continue its operations for at least 12 months from the date of the statement.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Accordingly the directors believe the classification and carrying amounts of the assets and liabilities as stated in these accounts to be appropriate.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Page 3 \endash  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Statement by Directors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par The accompanying balance sheet of the company is drawn up so as to give a true and fair view of the state of affairs of the company and of the group at 31 December 2004.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  \endash  Balance sheet \endash  31st December 2004
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\insrsid1067960\charrsid8398789 Non-current Assets
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Receivables \endash  2,900,000
\par Cross reference (6) to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Receivables}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  is at 
\par Page 14 shows the two (2) loans given to PCX, $2 million and $900,000.
\par 
\par Mr. Saukawa told court that when he recommended granting the loan of $900,000 to PCX (as per Exhibit 79, the VDCL internal memo d
ated 17th November 2004) he did not believe that anything was been done wrong as he believed the recommendation was for the best interest of VDCL because the loan gave a better rate of return than the replaced investment.
\par 
\par 105.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The next topic that Mr. Saukawa cross examined was the Investment Policy Guidelines, }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 46. W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 hen referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Exhibit 74}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, VDCL Board Minutes dated 13th October 2004 where the Board agreed to adopt the Investment Policy Guidelines, witness agreed that Mr. KD was not present in that meeting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Keene, QC, drew the attention to 2nd paragraph of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Introduction}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
 of Investment Policy Guidelines to point out that it offered flexibility to the Board and Management when making investment decisions. (1st paragraph is already reproduced in paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9204131\charrsid8398789 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  of this chapter)
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The Investment Policy Statement is promised on performance measures used by a number of progressive investment funds in Fiji and Australia.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 It provides investment requirements that are quite general and offers flexibility to the Board and Management in making sound investment decisions on a case by case basis.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par 
\par He then highlighted that the exposure limit (already reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 paragraph 6}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12718171\charrsid8398789 5}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  of this chapter) is not to be exceeded without Specific Board Approval.
\par 
\par 106.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. 
Saukawa admitted that he pointed out these exposure guidelines in his Internal Memo (Exhibit 79) and a specific Board approval was taken to grant the PCX loan of $900,000. He went on to admit that the VDCL Board could decide to set new guidelines if it wa
nted to do so and the clauses mentioned by the counsel give the board to override the guidelines in specific cases, as they were only guidelines.
\par 
\par 107.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The next topic discussed with Mr. Saukawa was the Dominion Finance loan.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls40\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 74-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 13th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 October 2004
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 [c] New Business
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls39\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Members agreed to approach Dominion Finance and Credit Corporation for short term investments.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls40\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 112-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 16th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 March 2005
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 [c] New Business
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.2\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls8\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 \endash  (Already reproduced in}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid8144840\charrsid8398789 2 (vi)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 in this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Chapter)
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Witness agreed tha}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid20098\charrsid8398789 t there is nothing in the above }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Resolution about being any surety or any other arrangement.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par But, Mr. Saukawa said that there was another Resolution that made the $1 million VDCL Term Deposit in Dominion Finance to be treated a Security for something else and that Resolution was not produced to the court.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He ultimately agreed with Mr. Keene, QC, that he was wrong when answered to Mr. Blanchflower, SC that th
ere was a VDCL Term Deposit in Dominion Finance which was used as a Security for PCX loan facility of $1 million.
\par 
\par 108.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Keene, QC then passed on to ANZ Loan by PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls41\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 150-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Meeting Minutes dated 10th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 August 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  [c] New Business
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Variation of VDCLguarantee over PCX O/D facility with ANZ; Directors agreed to formalize the variation for the next two months till end of September 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid20098\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Referring to series of other extensions of this}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
particular ANZ Term Deposit, Mr. Saukawa said that the signing and sealing in number of documents were done as directed by Mr. Bakani.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls41\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 159-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Papers for 28th September 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Board Paper No. 014/2005}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8144840\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid11873698\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Background
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par PCX has for the year and a half signed 3 major deals basically with NLTB, SCA Hygiene and currently Vinod Patel.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 PCX offered NLTB substantial savings in their contract by drastically reducing it by $2.9m from the initial $18.9m to $16.040m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This arrangement was offered to NLTB subject to NLTB assisting PCX on the refinancing of the implementation costs of the NLTB system to a tune of $7.5m.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Unfortunately this did not transpire as FDB only refinanced $3.6m leaving a balance of $3.9m outstanding.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 It is because of this reason
 that PCX had to resort to acquiring funds from other sources like Dominion Finance [$1m] then ANZ and Unity Finance [$1m] to be able to finance the NLTB implementation costs.
\par 
\par Unfortunately this has led to another problem whereby Vinod Patel has held back payment due to PCX for the implementation of their system to a tune of $0.5m.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This funds were meant for operational costs and has forced PCX to a critical situation.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid20098\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Pointing to the last sentence of the above paragraph, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 This funds were meant for opera
tional costs and has forced PCX to a critical situation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 , witness said that words }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 critical situation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  are actually in this Board Paper and therefore he was wrong when answered Mr. Blanchflower, SC that there was no reference to PCX critical financial situations.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8144840\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 109.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Mr. Saukawa said that PCX was a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 starter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  and was entering into business from afresh with its main business exploitation of an exclusive licence for MYSAP.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The successful implementation of the NLTB contract was critical to PCX and though ther
e were some technical problems, this system worked inside of NLTB to produce desired effects.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
He agreed that PCX put some weight on the fact that government got MYSAP licence and with NLTB started moving live there were some optimism that the other government departments will follow the course.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 But, the witness said that event did not happen.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls42\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 132-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 NLTB Board Papers to be held on 5th May 2005}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10512260\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid10512260\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \b\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid1067960\charrsid8398789 Page 101 \endash  2.1 Sales Funnel
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
\par This company was incorporated in March 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Its main activity is in the introduction of the new SAP IT system into Fiji over which it has exclusive rights.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Appendix 6 of the paper shows the sales funnel.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The following points will be apparent:
\par 
\par Two contracts have been signed and are now being attended to.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
These are NLTB and SCA Hygiene Australasia.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
The contracts that are about to be signed are C J Patel and Vinod Patel.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Other companies and institutions that are being followed up are given on the list.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid20098\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 One of the main difficulties the Company has experienced is processing business from within the civil service and the public sector generally.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Decision making is delayed and uncertain.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The interest expressed by the private sector (Vinod Patel & C J Patel) is most encouraging.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 The perception in the market place is that SAP is expensive.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 There are now available new versions which are suitable for the business sector.
\par 
\par Whilst sales have not progressed as earlier expected, there is a lot of optimism for the second half of 2005.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 Page 109}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789  \endash  VDCL Proposal Pipeline Diagram}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid10512260\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
shows what contracts or proposals are in the pipeline what are high level discussions and where certain proposals being evaluated to indicate what the future business is.
\par 
\par 110.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 It was agreed by Mr. Saukawa that when PCX was getting into the 3rd
 quarter of 2005, the expected Government businesses were not turning up except two sign ups with Vinod Patel and SCA Hygiene, while still servicing the NLTB contract.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Then, he said that PCX had to look for other prospects and the issue of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 3G wireless Licence}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, Mr. Saukawa said that after a research by PCX, it was decided that Vodafone had a monopoly on the system and there is a gap PCX could go in to have another service provider, probably another international telephone operator to come to Fiji market to
 provide the mobile phone services.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He said that PCX thought of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Alcatel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
, a French company to be the right partner and had it worked out, it would have been a very big opportunity to a company like PCX.
\par 
\par 111.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Mr. Saukawa said that the later part of 2005 and throughout 2006, }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 3G Licence}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789  became the main business focus of PCX and he himself involved in trying to bring this opportunity to a finality.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 He referred to a court case and said that as a result of running the court case, the government believed that Vodafone did not have a monopoly.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls43\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 Exhibit No. 159-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL Board Paper No: 014 of 2005
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1067960\charrsid8398789 PCX Mobile Wireless Business
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
Meetings between the Prime Minister and Mr. Ballu Khan took place last week on the PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 s proposed mobile licence.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
This was followed by a meeting between the Prime Minister and Mr. Kalivati Bakani together with Mr. Isoa Kaloumaira.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid1067960\charrsid8398789 Both the PCX and VDCL Board have been advised that the PCX mobile wireless licence will be issued soon and with this licence the re-capital
isation of PCX will result hence the full payment of all debts to VDCL including the FDB, ANZ, Credit Corp etc.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid14751897\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 
PCX has been in close contact with identified overseas investors who are apparently just waiting for the license to be issued and are looking at investing approximately $50.0m which will recapitalise PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid1067960\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid1067960\charrsid8398789 VDCL will be a major shareholder in }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 this project and will own a very significant asset base.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Mr. Ballu Khan has undertaken if required to dilute his share so that VDCL maintains majority shareholding and does not fall below 40%.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 This is a very significant concession in favour of VDCL.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
PCX recapitalisation will commence in approximately 4-6 weeks.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Mr. Khan has also indicated making available USD $1m in about the next 6 weeks.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par Witness said that at one stage he believed that PCX will be granted the mobile licence as the government even asked PCX to draft the licence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He said though it did not happen, PCX continued to administer the NLTB contract.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 He agreed with Mr. Keene, QC, that VDCL was keen to make sure that PCX survived to get the licence signed and get this major injection of money.
\par 
\par 112.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Military Intervention}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 in November, December 2006 was put to Mr. Saukawa as the next topic.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness 
said it was one out of nine (9) demands by Commodore Bainimarama prior to the Military coup to shut down VDCL and that had }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 very drastic measures}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  on VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 After that demand, witness said that there was no VDCL Board constituted and by 2007 it was planned 
to get rid of the existing Board and appoint a new one.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
After the said demands, the witness said that the Directors were reluctant to move forward.
\par 
\par 113.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Speaking of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 Mr. Saukawa said that after the coup military officers armed with riffle and dressed
 in armoured compact arrived and raided the PCX office for several times and took all the documents whatever they can get from the office along with the server for the NLTB system, the main frame data processor that ran the MYSAP system, personal computer
s and his paper records and closed down the office.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
He said that he along with other staff, were scared of this development and was a frightening experience.
\par 
\par 114.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 With these events and departure of staff, Mr. Saukawa said that PCX could not service the NLT
B contract over the months of January, February and March of 2007.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
He said Mr. Bakani was put on indefinite leave from February 2007 whilst some others like Mr. Mua and Mr. Khan were banned from entering into NLTB premises.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 An expert from India had visited Fiji to reset the system with the expenses of Mr. Khan.
\par 
\par 115.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 
KD-15}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 , the VDCL Board Minutes dated 12th July 2007, Mr. Saukawa said that the previous Board members were replaced by new set of Directors under the Chairmanship of Mr. Tu}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 uakitau.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 KD-16, the VDCL Board Meeting Minutes dated 19th July 2007 had confirmed the Minutes of 18th October 2006 Minutes.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness said that between 18th October 2006 and 12th July 2007, there were no VDCL Board Meetings.
\par 
\par 116.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 KD-17}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
, Minutes of NLTB, PCX and VDCL dated 12th April 2007 says that Mr. Khan reiterated as the status of PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
s SAP support for NLTB and the presence of the Indian expert.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said that this time PCX was trying to get the system running to its former capability.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
It says that a total of $6.9 million cost had incurred and paid by PCX over the NLTB SAP system.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Mr. Khan had told that PCX is losing $500,000 annually over the SAP deal with NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
It is recorded that VDCL paid $50,000 (last week) as shareholder advance to help in the situation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Finally Mr. Khan had re-iterated that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s POSITION IS NOW NOT NEGOTIABLE}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He had told that his financiers, Westpac and Colonial are cutting off all his credit lines and }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 PCX has carried the burden on behalf of NLTB which is of our own making therefore need to solve it collectively}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Mr. Khan had }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 demanded}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  a decision to be made no later than the end of that week.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. Saukawa recalled that the MYSAP system used by NLTB was closed down a while back.
\par 
\par 117.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
The last defence document through this witness was a letter dated 2nd February 2007 by Prime Minister Bainimarama to Minister of Fijian Affairs, Mr. Ratu Epeli Ganilau.
\par 
\par 118.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 In Re-examination, Mr. Saukawa agreed that most of the Deeds of Assignment or doc
uments of that nature were only signed by Mr. Bakani, Mr. KD and Mr. Kaloumaira.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Then Mr. Blanchflower, SC, drew the attention of the witness to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 Exhibit 242}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 , }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 Ext 240, Exhibit 239}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness admitted that the name of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Tui Management Services Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  was changed to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Pacific Managements Services International Limited}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
He further admitted that PMSIL was the shareholder of PCX and Pacific Contract Management Services Limited. (PCMSL)
\par 
\par 119.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. Saukawa said that Mr. KD was the owner of a valuation company.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witnes
s admitted that there are no entries in the VDCL Sealing Register in relation to $2 million loan to PCX or $1 million loan to PCX or the Surety Acknowledgment executed by VDCL with ANZ or Deed of Assignment and Irrevocable Authority between NLTB, VDCL and
 PCX }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 (KD-14).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par 
\par 120.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 
Exhibit 59, Exhibit 81 and Exhibit 162}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
, Mr. Saukawa agreed that the $2 million loan was to be expired in July 2006, $900,000 loan on 19th November 2006 and $1 million loan was monthly roll over with }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
a repayment on 30 days}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789  notice.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4026709\charrsid8398789 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 rosecution }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid12588964\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789  # 7}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 Mr. Jese Tabuatamata
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par 121.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. Jese is presently serving as the Manager Corporate Banking for ANZ.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He agreed that VDCL had a Term Deposit Account at ANZ Suva Branch, which was opened on 28th April 2005.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He confirmed that t
he said Term Deposit was been produced as guarantee to the temporary Overdraft facility of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Guarantee or Sureties, in Banking Terms, he said, is a promise of a third party to the transaction to pay the money owed by the borrower in case of default.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Then the witness was taken through the following exhibits.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 128}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8028063\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8028063\charrsid8398789 Letter of Offer from}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  ANZ to PCX, dated 27th April 2005, offering a temporary Overdraft facility of $1 million, to be expired on 31st of July 2005, when full clearance is to be affected.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said it was negotiated with the customer (PCX) to take over the debts from Dominion Finance with the purview that PCX would engage another financier to pay ANZ back by 31st July 2005.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid16739052\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16739052\charrsid8398789 H}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 e said the purpose of this Overdraft was to refinance advances provided by Dominion Finance to PCX.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}The security was a guarantee of}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7029994\charrsid8398789  $1million}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  given }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7029994\charrsid8398789 b}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 yVDCL and a Letter of Charge over Term Deposit funds of $1 million in support of the said guarantee.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness explained the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Letter of Charge}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  was in support of the Guarantee, so that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 this transaction is fully cash covered}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 or having the effect of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 locks}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  the Term Deposit for the duration of the facility.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 No. 130-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Guarantee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 made by VDCL as Guarantor.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 131-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Cha}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8028063\charrsid8398789 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ge Over Term Deposit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 147-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Variation Letter}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  dated 1st August 2005.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
PCX had not paid the Overdraft by 31st July 2005 and VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s Term Deposit continues.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 166-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Diary Note}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  dated 18th October 2005, reflecting what 
is being discussed between the customer and ANZ.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
This has approved the Overdraft extension till 31st December 2005 with a fresh Letter of Offer while the Securities remained unchanged.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 176-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Cha}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8028063\charrsid8398789 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 ge over the VDCL Term Deposit of $1 million according to the new offer till 31st December 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
The Term Deposit reflects as $1, 007,291.33 with its accrued interest and to be expired on 7th February 2006.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 182-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Diary Note, dated 6th January 2006, says that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 The Facility was initially granted in April 2005 and has been extended on 2 occasions, supposedly awaiting refinance expected from a restructuring of the Group}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 )
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Further down, it goes on to say;
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 On balance, we would prefer to exit this relationship.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
In seeking to address the current access/repayment. I have been forced to contacting KD (Director of PCX & Chairman of Vanua \endash  Mobile 9920775, email: keni.dakuidreketi@natadolafiji.com}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid16739052\charrsid8398789 ).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
We subsequently receive a call from Aisake Saukawa, who advised that the interest arrears would be paid by tomorrow 6/1.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Also advise they were in discussion with Colonial regarding refinance and were hoping this would be concluded as early as next week.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 On this basis, I am prepared to support extension of facility until 16/1/06 pending further update being advised.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 183-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Diary Note, dated 19th January 2006, says thatMr. Saukawa has sought}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8028063\charrsid8398789  time}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  till 23rd January 2006 to clear the facility while ANZ}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s strategy remains to exist this relationship.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid16739052\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16739052\charrsid8398789 T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 he following factors were highlighted in the note:
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16739052\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Management has confirmed refinance with Colonial National Bank is being arranged and they anticipate completion by 23/01 by when settlement should conclude.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Since inception, we are aware that PacificConnex (PCX) has struggle to develop core cash flows associated with establishment of its operation, and this is evidenced via continued default in arrangements.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
The company has continued to seek financing on an ad hoc basis from various sources and we estimate current borrowing to be circa $6m, majority arranged via Fiji Development Bank.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f3\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\ilvl3\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
In the absence of cash flow, our principal reliance has been in respect to the cash cover provided, in support of the Guarantee provided by Vanua Development Limited (100% owned by NLTB).
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 The facility was extended till 31st}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 January 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid4026709\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 191-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Letter to PCX dated 3rd March 2006, extending the existing Overdraft facility of $1 million until 15th March 2
006, subject to the initial terms and conditions.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 198-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Letter to PCX, dated 20th April 2006, extending the facility till 30th April 2006 subject to same Terms and Conditions.

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 197-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Diary Note dated 13th April 2006 states the following:
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 We are disappointed that clearance of this arrangement has been delayed, however, given the nature of the full cash cover held has security in support of Vanua}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 s Guarantee, our overall position remains safe.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 We confirmed that our charge over the deposit remains enforceable until 15 May 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 200-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
ANZ letter of Offer to PCX, dated 10th May 2006 to recognise that PCX had been with ANZ for 1 year.The following new condition is been added.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16739052\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 Extension is on the condition that the term deposit security of $1,008,648 provided by Vanua Development Corporation Limited is invested for a further 3 months to 15th August}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \i\f0\fs24\insrsid12588964\charrsid8398789 This will be effected and conveyed in writing upon receipt of guarantor acknowledgment to this Letter of Offer.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness said that the VDCL Term Deposit was a }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 critical security and important one for ANZ to continue with }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  this facility to PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 205-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ letter of Offer to PCX dated 15th August 2006, extending 
the facility till 31st December 2006 as it is not been paid by 31st July 2006.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 211-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 s letter (as a Director PCX) to ANZ dated 21st December 2006, about the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Notice of Events of Default}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 (This letter is reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 paragraph }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1327987\charrsid8398789 87 (x)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 in this chapter)
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness said that }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Notice of Events of Default}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  means a fore warning given to PCX that if they do not pay, ANZ will take further action and likely to call up the security that is been given to them .
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said if the Overdraft converts into a Term Loan, there will be a monthly repayment schedule for the debt to reduce on monthly basis.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 213-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Notice of Default Notice dated 2nd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 January 2007 to PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
(This is been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid1327987\charrsid8398789 7 (xi)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 in this chapter)
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 212-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Letter of Offer dated 2nd January 2007, to PCX changing the Overdraft facility to a Term Loan of $1 million.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 214-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ Notice of Demand dated 14th May 2007, to PCX, the final 
notice of ANZ to PCX and VDCL that if the loan is not paid, within 14 days, the bank will recover their exposure from the security that they were holding with VDCL Term Deposit.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xviii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls44\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 215-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Diary Note}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  dated 2nd July 2007, says that ANZ is to set off VDCL}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s Term Deposit to clear the loan of PCX.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par The total outstanding debt of PCX at that time was $952,203.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
VDCL was given the surplus of their $1 million Term Deposit after reducing this amount.
\par 
\par 122.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
In cross examination, Mr. Jese agreed with Mr. Keene, QC that what they did in this instance was not a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 set off}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 as it happens when a client has two funds, one on credit and the other on debit, they }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 transfer}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 set off}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  within the same client.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He admitted that under the provisions of the Companies Act in Fiji, the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 letter of Charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789  has to be registered with the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Registrar of Companies}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  within 42 days.
\par 
\par 123.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 KD-19}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  is an email chain exchanged between this witness and a Solicitor about the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  over Term Deposit of VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Referring to this, witness admitted that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 in issue was not registered as suggested by Mr. Keene, QC, and they relied on their legal advice provided by the bank solicitors.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 The defence suggested that if the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Charge is
 not registered as provided; it is void against the liquidator and any creditor of the company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said that there was no notice provided to ANZ whether PCX was closed down from early December 2006 by military intervention.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 They considered PCX was still operating as the Bank communicated with the board Secretary during that time.
\par 
\par 124.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Then Mr. Jese was shown }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid12588964\charrsid8398789 KD-20}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789  and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 KD-21}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 , two email chains exchanged between VDCL/PCX staff and the Bank.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 He admitted been a party to these mails and said that there was a close down of PCX and a communication breakdown in December 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Another set of exchanged emails between the Bank and the NLTB officials were marked through this witness as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid12588964\charrsid8398789 KD-22}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 A Diary Note dated 8th May 2007 (which the witness claimed he did not receive) was tendered as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 KD-23}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 and another}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Diary Note, dated 15th May 2007 was marked as }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 KD-24}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said that the Bank took action in terms of the Demand Notice given to PCX and ANZ kept NLTB informed of what was happening in relation to its action against VDCL and PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 
 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Finally he confirmed that he never spoke to Mr. KD during the course of this recovery of money process.
\par 
\par 125.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Answering questions of Mr. Blanchflower, SC, during the Re-Examination, Mr. Jese endorsed that they relied upon the legal advice provided by the Bank Solicitors in respect of the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 and according to the said advice, this seems to be an }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 uncertain area}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  of law but at that time, the bank believed that it is acting lawfully.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He further confirmed that Mr. KD and Mr. Bakani signed in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 Surety Acknowledgment}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  (}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 Exhibit 212, page 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
) with the VDCL Common Seal as the duly authorised officers of the company empowered to execute the document.
\par 
\par 126.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 
Exhibit 211}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  (Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s let
ter to ANZ, dated 21st December 2006), witness said that it was send two weeks after the military coup and nothing is been mentioned that PCX has ceased to operate.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Pointing to ANZ letters dated 2nd January 2007 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 Exhibit 212 and 213}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ), }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 KD-20, KD-21, KD-22 and KD-23}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
, witness said that the Bank will not offer a loan facility of $1 million to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid16283017\charrsid8398789 a c}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
ompany that ceased to operate and there was no reference in these documents to say that PCX had closed down and ceased to operate.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 rosecution }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid12588964\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 # 8 }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 Mr. Ramesh Chand
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par 127.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. Chand testified in relation to PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s loan facility of $3.6 million from FDB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He recalled the request from PCX around March 2005 for a loan of $7 million.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 He said when assessing this request, they referred to the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Business Solution Agreement}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  between NLTB and PCX and obtained information regarding PCX}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s financial situation in 2004.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 Exhibit 123}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  is the FDB Loan Offer to PCX, dated 21st April 2005 to an amount of $3.6 million.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness said the initially requested amount was brought down as PCX co
uld not fulfil the requirements.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Among other conditions over the loan security, witness pointed to the following. (page 2)
\par 
\par (e) Guarantee by NLTB with the extent of annual repayments
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 (f)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
First ranking assignment over contract proceeds with NLTB.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 (g)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Joint and several guarantee by the Shareholders of the company for total liability.
\par 
\par Witness said that one shareholder was VDCL, who held 51% of PCX shares and if PCX defaulted on FDB loan, with term (g), VDCL is liable to pay the PCX loan.
\par 
\par 128.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 Exhibit 125}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
 is the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Guarantee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 , dated 26th April 2005, to FDB by NLTB, for the obligations incurred by or at the request of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He agreed that NLTB Common Seal is not affixed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 He said that the legal effect of this guarantee is if PCX does not pay the loan, NLTB is liable to pay FDB an amount of $3.6 million.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 PCX was supposed to pay $1 million in January 2006, $1.25 million in January 2007 and balance $1.35 million in January 2008.
\par 
\par 129.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. Chand then referred to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid12588964\charrsid8398789 Exhibit 134}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 , PCX letter to FDB, dated 11th May 2005, requesting a further advance of $3.4 million.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Since there was no material change on the financial status PCX submitted earlier, witness said FDB declined this request.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He recalled that PCX paid some part of this $3.6 million loan, the rest was never paid.
\par 
\par 130.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
In cross examination, Mr. Chand accepted that the last payment from PCX to FDB was $108, 333 and it was on 23rd March 2007 and thereafter no payments as reflect in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 
Exhibit KD-25}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid749010\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid12588964\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 rosecution }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\ul\insrsid12588964\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 # 9}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\insrsid8008156\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 Mr.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid9860261\charrsid8398789 K}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid12588964\charrsid8398789 
arl Smith
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par 131.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Mr. Smith is the General Manager and the owner of Dominion Finance, which provides financial services, almost identical to a bank, except having foreign exchange facilities or cheque books.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Dominion Finance is said to have a licence of a credit institution with special exemption from the Ministry of Finance.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He said that he knows Mr. KD in both personal and business levels.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He had used Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid12588964\charrsid8398789 s valuation company Rolle Valuation, in his business matters around 30 years, where they came closely acquainted.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness claimed that Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
s company is at the top of the list or one of the most reputable entities in Fiji.
\par 
\par 132.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Witness confirmed lending $1 million to PCX of which, Mr. Ballu Khan was the proprietor.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 He was aware th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8028063\charrsid8398789 at}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  Mr. KD and Mr. Bakani were Directors of PCX.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 71-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Dominion Finance Letter of Offer to PCX, dated 20th September 2004, approving $1 million loan facility with following securities.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (a)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
First Registered Mortgage Debenture over the assets, undertakings etc of PacificConnex Limited.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (b)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Lien over the cash flow from the PacificConnex Limited/Native Land Trust Board (NLTB) contract.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (c)\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Guarantee given by Ballu Khan f/n Amir Khan

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Facilit}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid2437880\charrsid8398789 y was given for the purpose of }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Working Capital Requirements}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  and to be repayable in full on 31st January 2005, 4 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11687443\charrsid8398789 
months}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11687443\charrsid8398789  time}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 .
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said that 15% interest was charged for this loan and it is higher than the mainstream banks, but generous when compared to other lending institutions.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11873698\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Charged an Approval fee of $20,000.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 93-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Letter from PCX to D/F, dated 5th January 2005, asking for an extension to roll over settlement of the loan till 28th February 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 101-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 PCX Letter to R. Patel & Company, the Sol
icitors of Dominion Finance, dated 28th February 2005, signed by Mr. Bakani saying that PCX will repay the $1 million loan before April 2005 and there will be a deposit in Dominion Finance.Witness had agreed to the proposal for a fee of $40,000.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 (This letter is been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\insrsid12588964\charrsid8398789 paragraph }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid13315854\charrsid8398789 82 (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789  of this chapter)
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
As a result of this arrangement the loan facility had been extended, upon the payment of $40,000 fee.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 102-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Lett
er from Mr. Smith to R Patel & Co. dated 7th March 2005, acknowledging the extension till 15th March 2005, subject to NLTB placing deposit funds with Dominion Finance on the same day and the payment of $40,000 Extension fee.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Dominion Finance was to review the facility on 15th March 2005 and inform the outcome to its Solicitors.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid13315854\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid13315854\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 itness had expected $1 million deposit from NLTB.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 110-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 ANZ cheque of $1 million made out to Dominion Finance from VDCL, dated 16th March 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 111-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Deposit Confirmation Advice of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s $1 million Term Deposit, dated 16th March 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 120-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 PCX letter to Dominion Finance, dated 20th April 2005, by Mr. Khan, requesting Dominion Finance to extend the l
oan facility till 30th June 2005 by keeping VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 s Term Deposit until such time.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \f48\lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s15\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Witness said it was important for Dominion Finance to keep the VDCL $1 million Term Deposit.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 121-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 VDCL letter to Dominion Finance, dated 20th April 2005
, by Mr. Bakani, agreeing to extend the $1 million Term Deposit with Dominion Finance until 15th July 2005.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 124-}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Letter of Dominion Finance to Mr. Bakani (Director PCX and VDCL), dated 26th of April 2005 confirming the settlement of PCX debt and releasing VDCL security simultaneously.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8748546\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard\plain \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls30\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Exhibit No. 129-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 
Dominion Finance Cheque to VDCL, dated 28th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 April 2005, of $1,004,583.33. (Deposit & Interest)

\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9860261\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 133.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid12588964\charrsid8398789 Mr. Smith was not
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8008156\charrsid8398789  cross-examined by the defence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10376864\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8008156\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 rosecution Witness }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 # 10}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid8008156\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Nalin Patel 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 134.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel confirmed that he was appointed a Board member of VDCL in December 2003.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that VDCL was established by NLTB with the principle objective of 
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 investments}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  of the funds provided by NLTB.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL was wholly owned by or VDCL}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s shareholders were NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Witness identified Mr. KD as the Chairman of VDCL and a Board member of NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Then he was referred to several documents.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls32\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 14-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 1st VDCL Board Meeting Minutes dated 21st}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 January 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Bakani was appointed the Company Secretary for the time being.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
A separate bank account to be opened at ANZ and all 5 Directors are to be signatories with any two to operate.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Investment Policy Guidelines to be drawn up in due course.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Bakani 
to ensure that a declaration was executed by the current shareholders confirming that they held the shares in trust for NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls32\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 21-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 2nd VDCL Board Meeting Minutes dated 11th}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 February 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 New Business
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls59\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Pacific Connex Ltd (PCL) 
\endash  Mr. Ballu 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Khan (Chairman & CEO) of this company has made an offer for a joint venture partnership to Vanua Development Corporation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12081075\charrsid8398789 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  will be involved in IT development locally and offshore.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The offer involves the following.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls64\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 A 51% stake in PC}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12081075\charrsid8398789 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 ;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The appointment of two Directors on the Board of PC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12081075\charrsid8398789 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 ;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}Capitalization of the Company to the tune of US$1m.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par The Board resolved to approve in principle the offer of a joint venture with PacificConnex Ltd.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Further discussions are to be carried out by KD &}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 NP.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 KD & IK are to be Directors on the Board of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12081075\charrsid8398789 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 , representing VDC}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13397421\charrsid8398789 L}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 .
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
NP, KD and KB declared their interest prior to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 discussions of this offer.
\par 
\par 135.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Before discussing about three loans to PCX from VDCL, Mr. Patel said that as a Board Member of VDCL, he relied upon the information that was provided to him as true and complete to make an investment decision.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Following exhibits are related to the $2 million PCX loan.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 38}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PCX letter dated 31st March 2004 to VDCL (Mr. KD) requesting $2 million loan.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 39}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 [b] Matters arising \endash }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (iv)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Joint Venture with PCX; Agreement to be signed why 14th April 2004, before the launching on 19th (This portion is been}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 reproduced in paragraph 64 in this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 chapter)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 [c] (ii) Loan of $2 million to PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 to be considered at a later date.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 43}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Extra ordinary Meeting Minutes dated 1st June 2004 convened solely to discuss the issues of $2 million PCX loan.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
 No decision was taken in view of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
following concerns.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls65\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
The absence of an investment policy guideline for VDC;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}The need to comply with trusteeship requirements with regards to the investment of fund;

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls65\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The need to take account
 of current political commentary on PCX;
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls65\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Whether other securities such as a bank guarantee could be provided by PCX;
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls65\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
The need to look at a higher interest rate for the advance;
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f3\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \loch\af3\dbch\af0\hich\f3 \'b7\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls65\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
It was noted also that the funds were to be tied for two years with no capital gain to be attained from the investment.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 45 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 23rd June 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Investment Policy Guidelines were circulated and the members to discuss and adopt at the next meeting.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board approved the PCX loan request of $2 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  Exhibit No. 46-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Investment Policy Guidelines. 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
The Introduction Strategic Asset Allocation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 and Exposure Limit are been reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph6}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8923143\charrsid8398789 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 of this chapter.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Witness said that 20% exposure limit was put to ensure that they are }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 not putting all investments in one basket}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  and meant to be diversification.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls33\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 60-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 14th July 2004.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PCX accepted the $2 million loan off
erand Agreement is yet to be signed.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Funds are to be released after signing of Loan Agreement and Security documents.
\par 
\par 136.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
PCX loan of $900,000 was discussed next.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls34\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 79-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
VDCL Internal Memo by Mr. Saukawa dated 17th November 2004 regarding PCX loan proposal for $900,000 for their Infrastructure and Operational costs. (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid95052\charrsid8398789 80}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 of this chapter for Exposure table and Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s documents)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel had not participated in this decision.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Mr. Bakani, Mr. KD and Mr.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Kaloumaira agreed.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls34\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 83-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
E-mails exchanged between Mr. Saukawa and Mr. Whippy in November 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel said that he would have showed the similar concerns.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par 137.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
The next set of exhibits are related to VDCL Term Deposit with Dominion Finance.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 112-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 16th}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 March 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel and Mr. Whippy were absent.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Board (3 members) resolved to invest $1 million government grant with Dominion Finance on a monthly roll over of 5.5.% per annum. (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
paragraph }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14618005\charrsid8398789 82(vi)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 of this chapter)

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness said that his understanding was just}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 deposit with Dominion Finance.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit KD-13}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14618005\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Chain of e-mails between Mr. Patel and Mr.Saukawa in April 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that his recollection is that the whole email was not making any sense to him.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Mr. Patel went on to say that he did not believe that there was a security on Dominion Finance fixed deposit.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 117-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 13th April 2005.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid9860261\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Board resolved to guarantee PCX loan of $3.6 m from FDB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14618005\charrsid8398789 6 (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 of this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel was absent.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 135-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 11th May 2005.

\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Concerns were raised about the manner in which the VDCL and PCX dealings were conducted without Board approvals.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14618005\charrsid8398789 6 (viii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  of this chapter)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Witness confirmed the concerns would have been on ANZ Term Deposit based on his email as the company funds need to be properly organized and acted upon.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 138 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 15th June 2005.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 A draft accounts of VDCL guarantee over PCX loan from FDB given to the Directors for discussion.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 It says }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 This is to be attended ASAP}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Witness said that it was important to see PCX}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s accounts to monitor the company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s operating results.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \i\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 143 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Papers for 13th July 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board Papers No: 005/2005 was on PCX loan request for $350,000 to Credit Corporation.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exposure 91.46% (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4144264\charrsid8398789 8 (iv)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 4th point in this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Directors agreed to look at the comprehensive report on VDCL and PCX comp}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 i}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
led by Mr. Bakani for NLTB, before any decision is made.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4144264\charrsid8398789 8 (v)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 point).
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Witness said the reason why he wanted to have these information is to be better informed about the operations of PCX as he had concerns about PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s borrowings.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He continued that VDCL having 51% of PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789  shares}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  would require their finances to assess.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 148 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
E-mail chain between Mr. Whippy and Mr.Saukawa in July 2005.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid4144264\charrsid8398789 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (v) of this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel said that he also shared the concerns of Mr. Whippy expressed in his memo to Mr. KD.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls35\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 151-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s Internal memo to VDCL Directors dated 10th August 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel told that he assumed that what Mr. Bakani set out in this memo was correct on NLTB and PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that he was not aware of any of NLTB}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s pledge to PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par 138.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
VDCL loan of $1 million to PCX was the next subject area.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 159 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Papers for 28th September}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 2005; Board Paper 14/2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PCX requesting $1 million to take over the $1 million debt from Vinod Patel.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Total exposure is 88.06% . (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid14625847\charrsid8398789 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 of this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 160 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
VDCL Board Meeting Minutes dated 28th September 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Directors agreed to lend PCX $1million to pay their debt to Vinod Patel.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Mr. Patel said that though he was concerned about the 88% exposure, he approved this $1 million loan on the basis of the assurances given by the General Manager that this particular loan was to recover $900,000 from Vinod Patel.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Witness wa
s not aware whether the loan was used to pay for that loan or not.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 170 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Papers for 21st October 2005.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Board Paper 13/005 and 14/05 were VDCL and PCX Audited Accounts, prepared by Price Waterhouse Coopers.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 171 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 21st October 2005.

\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board agreed to get the Auditors to finalize the VDCL and PCX audits and then present their report to a Special Board Meeting.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 179}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Internal Memo dated 16th December 2005 over PCX request for a loan of $100,000 to pay the legal fees incurred by PCX.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel had deferred his decision until he receiving certain information about the 3G License of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that the request w
as to be better informed and make an informed judgment.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 185 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
VDCL Board Meeting Minutes dated 15th February 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board agreed to accept the PCX Audit for 2004 as presented.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel wanted the VDCL and PCX accounts to be consolid
ated before the final audit is approved and
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 192 and Exhibit 193
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
VDCL Board Meeting Minutes dated 15th March 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Directors agreed to accept VDCL Investment Register as at 31st December 2005 as presented.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Total VDCL Investment Fund was $5,043,501 transferred from NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls36\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 194}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Memo to Directors (Same Memo at Exhibit}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 179)
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Mr. Kaloumaira given his approval on 7th April 2006 as against his earlier minute dated 20th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 December 2005.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel said that he cannot re
call him receiving this memo.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par 139.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
In cross examination, Mr. Patel agreed that a corporation is a separate legal person or an entity and one part of that entity is company shareholders.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that there must be more than one shareholder to form a compan
y and shareholders of VDCL were three employees of NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He endorsed that there is a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 capital structure}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  in a company to differentiate the monies of shareholders and monies came in some other ways like borrowings.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He then differentiated the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 authorized capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  and paid up capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 , commonly known as company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s equity.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
In case of profit or loss, he said that the equity changes, but not the paid up capital, until it is been changed by a resolution.
\par 
\par 140.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. 
Patel identified Directors as another part of the company structure.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that Directors either appointed by the shareholders or through the Articles of the company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Witness said that it is the Directors who run the company and make decisions for the benefit of the shareholders and in doing so they have number of obligations that they must meet.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He admitted that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 management}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  includes the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 paid staff}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
, who gives effect to the decisions of the Board and provide information to the Board to make governance decisions as the Board governs the company.
\par 
\par 141.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Explaining what good governance is, Mr. Patel said that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 generally as a Board, the Board would be responsible to ensure that the shareholders interests are protected and enhanced in terms of creating shareholders values.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
The Board would be responsible to ensuring the company has got business strategies and strategic directions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The Board would be responsible for monitoring the company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s operations and profitability and\'85for risk management.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 In terms of gov
ernance itself there would be a code of conduct whereby the Board would be required to work within those code of conducts and best practices in those areas.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par 
\par 142.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said the }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Articles of Association}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  sets out the rules which govern the shareholders, Dire
ctors and Management.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
He agreed with Mr. Keene, QC, that it is a collective responsibility of the Directors to make decisions as a Board as it then becomes the decision of the company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 When the requisite majority of Directors makes a decision or passes a r
esolution, whilst some other members abstain or dissent, it becomes Board determination.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 In such a situation, Mr. Patel said that the Directors are expected to do everything for the management to give effect to the Board}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s resolutions. Speaking on conflict
 or interest situations, witness said either a Director can declare the conflict, but nonetheless vote or refrain from voting.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 What option a Director takes depends on his own judgment.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Finally, on the composition of a company, witness said that company secretary is also a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 position}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
 in a company and he is an officer of the company, who is also bound to give effect to the resolutions as other officers.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par 
\par 143.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Mr. Patel was then questioned on the integrity and business experience of fellow VDCL members.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Isoa Kaloumaira}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Vastly experience banker
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Competent gentleman
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 CEO, Fijian Trust Fund
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Headed various Boards
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Rate him very high of his Board skills and business accruement
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Very good integrity
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Daniel Whippy}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Accountant by profession
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Executive of Carpenters Company
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Very competent gentleman with vast experiences
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 has a Banking background
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 General Manger NLTB
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Very experienced Executive
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}A man of integrity
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13245088\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. KD}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Rate him very high in terms of Competence
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Worked with him in various valuation exercises and with Rugby Union
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Held him in very high status.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par Mr. Patel said that Mr. KD is an expert in the valuation area of lands and would rank him equally with the other VDCL members as far as his business experience is concerned.
\par 
\par 144.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Answering to Mr. Keene, QC, Mr. Patel said that he would make a decision on the best information available to him in a given time.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He was reluctant to accept that he was more particular a
bout certain things than his fellow members and said all the other members were just as equally particular over things.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The witness agreed that had he wanted to know something about PCX as a Board member of VDCL, he could have approached anyone of three (3) VDCL members.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He further agreed that VDCL owned class }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
 shares in PCX, which had a first right to dividend attaching term and the different classes of shares have different rights.
\par 
\par 145.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Then the witness was taken through the following exhibits.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 14}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (6)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Other Matters}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Kalivati Bakani to ensure that a declaration was executed by the current shareholders confirming that they held the shares in trust for NLTB}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 .
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Witness said that such a declaration of the trust in favor of NLTB would imply that the shares belong to NLTB. 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Agreed that shareholders cannot control the assets of a company, but, it is the Board.

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Appendix 1}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  (NLTB Board Meeting Minutes dated 18th December 2003)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Referring to FAB approval (4), witness said that the transfer of Trust Funds money was intended to be the capital of VDCL whether the paid-up capital of $7.7. million, cash or assets, and trust money or NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s own funds, according to Mr. Patel, the money i
s capitalized or its been transferred for the purpose of capitalization and it becomes an issue for the VDCL Board rather than NLTB, as at that point it is been converted into equity and where it came from would not a matter.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He confirmed that VDCL Board w
as dealing with a capital fund of $7.7 million.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 21-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
New Business (1) [Refer to paragraph 132 (ii) of this chapter]}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel recalled
 having discussions through e-mails with Mr. Dario, of PCX about the VDCL joint venture proposal with PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 39 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 [b] Matter Arising.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Refer to paragraph 64.

\par 
\par (iv)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit KD-26 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 12th May 2004

\par [b] (v) Agreement with PCX has now been signed and VDCL officially owns 51% of the shareholding.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
witness agreed with the defence suggestion that PCX was a startup company, which involved with the implementation of SAP system, and its business prospects look good.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 38}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 itness concur}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 red}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
 with the suggestion that PCX being a startup, there would be initial significant starting cost before going live with SAP for NLTB and during its 1st year, it would be in need of funding.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
He further agreed that in the 1st year PCX would suffer losses because they were spending money in the operations without receiving any revenues till the year end.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 45 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 A capital grant of $747,338, instead of $1 million received by VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Witness confirmed getting a 9% interest for the 1st PCX loan of $2 million is a sufficient overall return.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
He went on to say that the resolution to approve the PCX loan request of $2 million was unanimous and when it appears in Board minutes that }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board approves the request}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 , it was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 generally unanimous}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 59 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s signature representing VDCL in ANZ Cheque to PCX and }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Deed of Assignment and Irrevocable Authority}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  relating to $2 million PCX loan.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He agreed that these are examples of him giving effect to Board resolutions.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 74 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Page 2, (iv) \endash 
 Mr. Patel agreed that Credit Corporation and Dominion Finance were to be approached to find out best interest rates better than the banks.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 KD-27}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 3rd}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 November 2004
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 [B] (viii) Money is coming through equity contribution to VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 New Business.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Dominion Finance is the suggested best place by the management for the spare monies that VDCL is going to have time to time and such action was put on hold until funds were made available.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PROPOSAL ON DOMINION FINANCE
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 [BP No. 001/004]
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Introduction}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 1.1\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls66\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Administration Officer introduced the paper.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The subject was part of item [c] 4 considered by the Board in its October meeting.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Deliberation
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 2.1}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
The Chairman moved that the proposal be put on hold until Government announces its 2005 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8400371\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Budget this Friday to see if VDCL is allocated its $1m as promised.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls58\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Resolution
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.1\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls28\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Directors resolved that the proposal be put on hold until funds were made available.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 [D] (ii) Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s file for PCX had been missing for some time.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibi}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13315854\charrsid8398789 t KD-28}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13315854\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13315854\charrsid8398789 VDCL S}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 pecial Board Meeting Minutes }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 ated}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 25th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 November 2004 h}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 e}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
ld over proposed PCX legal action against the government regarding the awarding of Financial Management Information System.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Witness did not fully agree with the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 suggestion that since government had already purchase SAP licence, the prospect of it giving computer work to PCX looked strong.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
VDCL had fully endorsed the Resolution of PCX with regards to the legal action on FMIS tender.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Prior to legal action Prime Minister, Minister of Fijian Affairs
 and NLTB Chairman to be informed about this action.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit KD-29 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 4th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 December 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Dominion Finance proposal was put on hold until the government grant of $1 million is received.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}2005 Government Budget
 allocated further $1 million to NLTB as equity contribution to VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Saukawa to attend to the early release of funds and all its documents.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
VDCL Budget for 2005 was resolved and approved by the Board subject to PCX forecast to be included.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Direct
ors noted the PCX Budget forecast for 2005 and took up the view that it will have an effect on the VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Director}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13315854\charrsid8398789 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  agreed for the VDCL to bid for all}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Government tenders and then establish relevant strategic partners of each tender.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Director agreed to consider appointing Mr. Bakani as VDCL Managing Director.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
A paper was to be prepared by Mr. Bakani and Mr. Saukawa.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 117}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board meeting Minutes dated 13th April 2005.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Managing Director}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s appointment is not yet finalized.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL guarantee over the PCX loan from FDB was approved by the Board on the basis that VDCL being holding 51% shares of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (Refer to paragraph 84 (ii) of this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Chairman and CEO for PCX had attended this meeting.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
They informed VDCL that their application for a license to the mobile phone market is been approved in principle by the government and VDCL pledged its support to PCX for this new developments, being its subsidiary.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel agreed with that getting th
e 3G license is a significant and multimillion dollar business.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 138}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
VDCL Board Meeting Minutes 15th June 2005, Mr. Saukawa to obtain a draft accounts for VDCL Directors to discuss as soon as possible.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit No. 144}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 (Referred to paragraph 86 (v) of this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Witness said the consolidation of PCX accounts with VDCL was a concern at this time as VDCL owned 51% shares of PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He said that this will provide VDCL }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 a bird}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 s eye view}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  of the financial structure of the two organizations.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 But, he agreed PWC, the auditors opinion was different.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 150-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Referring to the Director}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
s decision to formalize the variation of VDCL Guarantee with ANZ over PCX Overdraft facility for next two months, Mr. Patel said that best of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13315854\charrsid8398789 his}
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789  recollection, the decision was unanimous.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 185-}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes dated 15th}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 February 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The Board agreed to accept the PCX audit report as presented.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board agreed that issues raised on consolidation of accounts need to be addressed before the final audit report is approved.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Board ratified the endorsement of MOU between VDCL and NLTB.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit KD-12}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Sealing register 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The above Memorandum of Understanding reflects in the last line.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Date of affixing the seal is 24th of January, 2006.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Date of ratification is 15th February, 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel agreed that Exhibit 185, page 3 reflects the Directors agreed to ratify the Sealing Register as presented and the figure 2005 should be read as 2006.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xviii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls37\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit KD-30}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 VDCL Board Meeting Minutes 17th May 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PCX license for mobile, telephone services}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 been approved by the government in principal.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par (xix)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit KD 30(A)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Information Paper No. 10 of 2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Letter from Minister for Information to PCX dated 27th April, 2006 informing the cabinet has approved the granting of mobile license in principal subject to the outcome of VDL \endash v- MICMR. and AGMG court case.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 The letter dated 9th May, 2006 from Minister for information, Communication and Media Relation to PCX to confirm that PCX has satisfied government}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
s requirements with regard to local ownership and shareholding strength and related agreement.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Mr. Patel admitted that he thought that the 3G license opportunity was a very real one for PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
\par (xx)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Exhibit 189/KD10}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 PCX Financial statement as at 31st December, 2004.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
PWC signed their independent audit report for year 2004 on 28th February 2006.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Page 1, Trading Results 
\endash  net loss after income tax for year ended 2004 was $844,227.00.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Current assets \endash  Directors took reasonable steps before the financial statements were made out to ascertain that the current assets were shown in the accounting re
cords at a value equal to or below the value that would be expected to be realized in future.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Mr. Patel agreed that so far as current assets are concerned, the numbers shown in the financial statements show a time and fair real of those values.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 He furth
er agreed that the current assets are to be paid within a year, there is nothing known to the Directors that made them doubt that these will be paid and the Directors believe that the company will be able to continue on for the next period of 1 year.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Page 2, basis of Accounting 
\endash  the Directors believed on reasonable grounds that the company will be able to continue with its operators for at least 12 months of this date of statements and will be able to pay its debts as and when they fall due.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Other ci
rcumstances, the Directors were not}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
aware of any circumstances not otherwise dealt with in this report on accounts which would render any amounts stated in the report misleading.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid1772160\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Related party transaction 
\endash  have been adequately and correctly disclosed in the financial statements.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 
Mr. Patel agreed that after the Directors made this statement, it is the task of the auditor to test and verify those statements and to say whether he agrees or not with them.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid12588964\charrsid8398789 Page 4, PWC declared that they have conducted an independent audit in order to express an opinion on the financial statement to the members of PCX.
\par }\pard\plain \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid5062798\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard\plain \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Patel said that the purpose of an audit is to reassure the company shareholders, that the directors have got the things right and that is what auditors are supposed to do for the benefit of the shareholders.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Page 6, Balance sheet, liabilities \endash  owing to related parties $4,501,721 reflects the sum which related parties owe to PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Then Mr. Patel explained various figures 
reflecting in the financial statements and confirmed that the 2 loans given by VDCL to PCX in the sums of $2million and $900,000 fairly and truly show as a liability of PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par (xvx)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 170}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Papers for 21st October 2005.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Board Paper 13 of 2005}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL financial statements as at 31st December 2004.

\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Patel said that the Board would have}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 considered this account but he did not involve}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
personally to compile or construct the accounts.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Page 6 Basis of Accounting (refer to paragraph 102 (iv) in this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Patel confirmed the areas that he discussed about PCX are reflecting in this document as}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 well.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Page 6, Non-current Assets, (Receivables) $2,900,000 (refer to paragraph 102 (iv))
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Then Mr. Patel said the wording }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 receivables}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  says the loans and advances are recognized as recoverable as there was no reasonable doubt about the repayment of those.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Page 14; 7 (c) \endash  Payable to related parties:
\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 NLTB \endash 
 Finance}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 137,284
\par NLTB \endash  Trust}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 3,506,428}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li2880\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 3,643,712
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Patel said that at the first VDCL Board Meeting he believed the share capital of the company was $7.7 million and that opinion did not change.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Finally, Mr. Patel said that he was ceased to become a member of VDCL Board in December 2006 and there was a public announcement that VDCL was to be closed down during that time.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Page 1, principal activities of VDCL shows it is the investment and management of funds for the benefit of Native Land Owners and Fijian.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 146.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
In re-examination Mr. Patel said that even though a collective responsibility is there among the Board members, if the majority of the Board passed a resolution that was outside the obj
ects of a company or causes the company to do any illegal act, dissenting Board members need not to carry out the resolution into effect.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Patel went on to say a Board member of integrity will ensure that his fellow members are informed of all true and 
complete facts and will not suppress the material information.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Therefore, he told court that he thought the 3 VDCL Board members who sat in PCX Board would inform him any material information required for his decisions.
\par 
\par 147.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Patel}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s position on the following exhibits was then clarified by prosecution.
\par 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (i)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 14}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said that he was not provided with any of the NLTB Board Minutes, relating to NLTB Trust Funds over the establishment of VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (ii)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 170}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Referring to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibits 171}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (VDCL Board Minutes 21st October 2005) }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 185}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 (VDCL Board Minutes 15th February 2006), }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 196}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (VDCL Board Minutes 12th April 2006), }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 246}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (VDCL Board Minutes 16th August 2006) Mr. Patel said that no Director expressed a view
 or surprise as to how PWC treated the capital in the VDCL audited accounts.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He said he was not shown the contract between PCX and PCMS, but he knew that PCX and TUI Consulting were owned by Mr. Ballu Khan.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls32\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD-30(A)}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Patel agreed with the prosecution that the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 letter dated 9th May 2006 to PCX by the Minister}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 says, PCX has satisfied the government}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 requirements, ownership by Fijian citizens and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 shareholding strength.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He admitted that Mr.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s letter to the Ministry of Information dated 1
2th May, 2006 appears like a complaint with strong allegation against the cabinet and the Government.Mr. Patel quoted from his letter, that PCXhad to wait to get 12 months to get a reply to its application, whereas DIGICEL}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 S got theirs within 1 day.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls32\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 189 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Patel agreed that the auditors are relying on the accuracy and the completeness of the information they receive from the board of Directors and the management in preparation of the financial statements and th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 is PCX financial statement }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid656074\charrsid8398789 w}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 as}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  produced in February 2006, after 14 months of the relevant period.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 148.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Revisiting the question of the public announcement made in the wake of Political events in 2006 that VDCL will b
e closed down, Mr. Patel said it would not be proper for a company to be a guarantor to guarantee a loan on behalf of a Third Party with a bank if the guarantor believed that the company is going to close down.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 rosecution }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 itness }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 # 11}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Daniel Whippy
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 149.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy started his evidence saying sometime in December 2003 he was approached by Mr. Bakani to be a Board member of VDCL, a government owned company that they were going to form to operate like Fijian Holdings and invest in blue chip companies.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 H
e said that VDCL was a fully owned subsidiary of NLTB and there were some Extinct Mataqali funds that they wanted to invest in various investments in Fiji to reap high returns.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He confirmed }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , his letter of appointment to VDCL dated 23rd December 2003.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He told that Mr. KD was the Chairman of the board and his role was to lead board minutes, ensure the discussions on the papers by each board member and}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid656074\charrsid8398789  take opinions from each member.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He claimed that he knew Mr. KD in the business circles in Fiji and contracted Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s valuation company, ROLLE Valuations in his business dealings for around 20 years.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He went on to say that Mr. KD was also a former Minister for Sports, Chairman of Fiji Rugby Union, member of the NLTB Board and got involved in Natadola Hotel Development Project with FNPF.
\par 
\par 150.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Referring to Mr. Bakani, another VDCL Board member, Mr. Whippy said that he was the Deputy Head of the National Bank of Fiji and later joined Carpenters as a Deputy Managing Director and General Manager for NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Kaloumaira, according to Mr. Whippy, was mostly very quiet during the board meetings and would agree to approving of the loans in agreement with Mr. KD and Mr. Bakani.
\par 
\par 151.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Whilst citing paragraph 2of the VDCL MOA }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (Exhibit 3),}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  Mr. Whippy said that he understood the purpose of VDCL to be the commercial vehicle }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 NLTB as trustee for the Fijian land owners as stipulated under NLTA Cap 134.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
ACKNOWLEDGING AND RESPECTING FIJIAN CULTURE, CUSTOMS AND TRADIONS}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , the prime object for which the Company is esta
blished is to engage in the facilitation of the investment of native land in Fiji for projects, businesses and enterprises and, in support of this object, to facilitate the investment of income trust, development, erection, construction, management and/or
 
operation of projects, businesses and enterprises, to be pursued singularly and/or in partnership or in joint venture with, and/or for and on behalf of individuals, partnerships, other companies and/or other entities, either as partners consultants, advis
ors, managers, agents, brokers or otherwise and in this regard and without limiting the generality thereof the Company shall either singularly or otherwise.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Establish the broad planning guidelines and parameters consistent with the development philosophy of the Company.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Explore the possibility of establishing banking and credit facilities for landowners.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Do all and any other things for the benefit of the commercial development of native lands in Fiji for related projects, businesses and enterprises and/or the ownership and/or management of related projects, businesses and enterprises.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Do all such other things as are incidental or conducive to the attainment of the Company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s objects and the exercise of the powers of the Company, or which may be done co
nveniently in connection therewith, or which may be calculated directly or indirectly to enhance the value of or render profitable the whole or any part of the undertaking, assets and the businesses of the Company.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 
\par 152.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Then Mr. Whippy spoke about PCX.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 H
e said, he became aware of PC X as a vehicle for providing computer services to NLTB and its owner Mr. Ballu Khan had offered 51% shares to VDCL as a gift.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He recalled asking Mr. Bakani what is Mr. Kahn}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 catch}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  with this gift, to which Mr. Bakani replied
 that there is no catch but Mr. Khan wants to help the Fijians.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Then, T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7029994\charrsid8398789 ui}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  Consulting, according to Mr. Whippy was a management services company fully owned by Mr. Ballu Khan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy could not recall showing him any agreement between NLTB and PCX or PCX and PCMX.
\par 
\par 153.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Referring to }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 21}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (reproduced in }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7812155\charrsid8398789 paragraph 134}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (2)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 of this chapter), Mr. Whippy said, that 3 VDCL members were appointed as members of PCX. From those members he expected to inform him any important information on PCX}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s finances, give copies of minutes of discussions of PCX}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
and specifically the funding issues faced at PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He continued with }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 38,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  the $2million loan proposal from PCX and said the fact that Mr. Ballu Khan on behalf of PCX had promised NLTB to pay $4.6 million upfront cost for the implementation of NLTB}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
s computer system, would have been a matter of importance to take his decision on this loan request and the VDCL board should have been informed of it.
\par 
\par 154.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Then Mr. Whippy was taken through the following exhibits.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls67\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 43}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
VDCL Extraordinary Board Meeting Minutes on 1st June, 2004 (refer to paragraph 135 (3))
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He said that there was a }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 trusteeship requirement}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 with regards to the investment of funds as VDCL was responsible to follow and be consistent with NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s trust guidelines.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He further clarified that when making investments VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 first have to be consistent}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 with VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s Investment Policy and secondly with NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s policy on investments.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls67\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 46}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Investment Policy (refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 65).
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 155.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The next topic discussed with Mr. Whippy was the $900,000 loan to PCX.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 79}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Internal Memo \endash  PCX Loan Proposal (refer to paragraph 80 (2)

\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. KD, Mr. Bakani and Mr. Kaloumaira supported
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10188794\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said that since three members had already agreed, he thought not to comment as there would be no point in doing so.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 83}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
E-mail chain between Mr. Saukawa and Mr. Whippy (Refer to paragraph 80 (3) of this chapter.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said that he asked for the financial statements of PCX to understand how their business was performing, as he did not receive those, despite several requests by himself and Mr. Patel.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 112}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Meeting}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Minutes dated 16th March 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Witness was absent
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Investment of $1m Government grant in Dominion Finance. (Refer to }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph82 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid12475812\charrsid8398789 v}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 ) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 of this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 116}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Papers for 13th April 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Board Paper 003/2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Letter of FDB, dated 11th April 2005, approving PCX a loan of $4.6 million.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Refinancing $1m Dominion Finance loan was one purpose.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Security \endash  (d) Joint and several guarantee by the sharehol
ders (inclusive VDCL) of the company for total liability.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness said that he was concerned about this move as VDCL had invested a lot of money in PCX and it was not performing as expected.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 117}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Meeting Minutes dated 13th Ap
ril 2005. (Refer to paragraph 86 (2) of this chapter)
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said though the Board approved the FDB Guarantee, he would not have agreed to that.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
With this guarantee, witness said that FDB will get the first priority over VDCL and in case PCX breached their loan conditions or defaulted the loan, that would affect the first two VDCL loans given to PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 135}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Meeting Minutes dated 11th May 2005.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
VDCL Guarantee over PCX loan from FDB.(refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 86 (viii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 in this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Concerns were raised over providing guarantees without prior Board Approvals.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 138}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Meeting Minutes dated 15th May 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Draft accounts to be obtained for the Directors to discuss FDB guarantee.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness said he made this request to understand how PCX was performing financially.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Up until June 2005, he said that he was not provided the financial statements.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 143}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Papers for 13th July 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Board Paper NO. 005/2005 
\endash  Proposal to Guarantee PCX Facility with Credit Corporation for $350,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab} Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 88 (iv)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  of this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}
Witness said that this made him concerned as by then the VDCL exposure in PCX was 91.46% whilst the guideline was 20%.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 144}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Meeting Minutes}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 dated 13th July 2005
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Credit Corporation Guarantee 
\endash  
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Directors wanted to see the comprehensive Report of Mr. Bakani prepared for NLTB.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 88 (v)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 of this chapter)
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said the reason for his concerns was that he was not informed about the financial performances, yet they were approving several loans and guarantees to PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 148}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s letter to Mr. KD, dated 9th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 August 2005 and e-mail chain with Mr. Saukawa.
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
- E-mails are reproduced in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 87 (v) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 of this chapter.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Following are some excerpts of his letter.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 In PCX}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
s first year of operation the loss is incredible which cast doubts about our ability to recognize opportunities and manage investments.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 What
 corrective measures, if any, are being suggested? What are the goals of PCX? Are these achievable? What are we doing about it? More importantly, if we continuously do not question on-going requests for additional borrowings in relation to achieving reali
stic objectives, the integrity of the Board will be brought into question.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The credentials of our Board is impeccable and it will certainly be embarrassing to see this tainted.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
It is a possibility that external auditors may question the viability of PCX as a going concern in view of unfavourable debt ratios and the extent of its borrowings.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
At its present rate assuming that the level of income and expenditure does not change, this could become a likely event.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 What is our}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 contingency plan if this becomes real?
\par 
\par Normally 70% debt and 30% equity is industry average but depending on market value of assets, 1 to 1 is the highest any lender would lent at.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 If PCX needs cash the shareholders should contribute more capital instead of borrowing.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 If Tui Consulting bel
ieves in this business then they must put the money in.
\par 
\par We still have not received PCX reports compiled by NLTB for the NLTB Board meeting last month despite the assurance by the Board it would be circulated.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Further all loan documents that have been ente
red into was also supposed to be circulated and this still has not been done yet.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Given the exposure by PCX clearly the board of VDCL must be concerned given that the priority over income have been given to some other institution.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  Witness said he expr
essed his concern that VDCL should not be lending or guaranteeing any loans for PCX because its viability was a growing concern.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness confirmed that he was not an approving member of VDCL guarantee to ANZ, as it was approved by 3 Directors.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Witness said that VDCL}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
s poor investment decisions will change its Balance Sheet dramatically and it would have reflected in NLTB as well.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy confirmed that Mr. KD did not respond to his concerns he expressed.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 151}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s Internal Memo, dated 10th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 August 2005, responding to Mr. Whippy.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Bakani had asked to have faith in their counterparts representing VDCL in PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness recalled that he received this memo during the scheduled VDCL Board meeting for the day.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He said that he was surprised over Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s position, but then that was his position.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 150}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Meeting Minutes dated 10th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 August 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Formalising the variation of VDCL guarantee with ANZ.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}Witness said that he would have disagreed with}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 t}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 his decision, as this decision was taken after he sent his letter (}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 148)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  to Mr. KD.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiii)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 159}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Board Minutes dated 28th September 2005.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Board Paper No. 014/2005 
\endash  PCX loan proposal for }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 $}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 1 }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 million}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Directors agreed to lend the amount to PCX to pay their debt with Vinod Patel. (refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 89 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7425414\charrsid8398789 ii}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 ) }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 of this chapter)
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said that he would have agreed with the other Directors to lend $1m to PCX because $900,000 will come back from Vinod Patel to PCX.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He went on to say that he was not aware that under}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 the PCX loan with FDB for $3.6m, since April 2005, NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s annual payment to PCX went directly to FDB and that would have been an important factor for him to know when making business decisions.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xiv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 170}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Board Paper 14/2005.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 PCX Financial Statements for 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness claimed that it was the first time he saw a draft PCX financial statement.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xv)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 179}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 VDCL Internal Memo \endash  PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s request for $100,000 to pay their legal fees.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. KD and Mr. Bakani approved the request whilst Mr. Patel and Mr. Kaloumaira deferred their decisions for want of further information.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s response dated 20th January 2006 is as follows:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 All cash advances, borrowings and guarantees should not be provided until PCX can demonstrate the following:
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li2160\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl4\adjustright\rin0\lin2160\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
PCX is a profitable business and able to generate positive cash flows on existing business assignments.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li2160\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl4\adjustright\rin0\lin2160\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
PCX provide audited financial statements for 2004.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li2160\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl4\adjustright\rin0\lin2160\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
PCX provide financial statements for 2005 plus minutes of Board Meetings.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li2160\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl4\adjustright\rin0\lin2160\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Are other shareholders providing similar advances.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xvi)\tab}}\pard \ltrpar
\s16\ql \li2160\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls68\adjustright\rin0\lin2160\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 194}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Kaloumaira had given his approval on 7th of April 2006 for the above request.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 156.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Finally, Mr. Whippy said, that there was a time that he wished to resign from the VDCL Board, after his memo to Mr. KD as he was concerned at the level of PCX borrowings and could not understand the mindset of its principal owner.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He said he knew from the market place that Mr. Ballu Khan was very extravagant in his spending and he suspected that the monies so used were going from PCX. But Mr. Whippy said that the Directors did not seem so and he did not want to get up in this mess.
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy had decided to continue in VDCL after Mr. Patel told him that they should remain as independent members and the Prime Minister wanted them to stay.
\par 
\par 157.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Then Mr. Whippy was cross ex
amined. Referring to VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
s Memorandum of Association witness agreed that VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
s objects included }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
market, promote, and advertise the company}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
s development of land in Fiji, for related project, businesses and enterprises and raise secure money, finance, debt, equity and or capital}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (para 2 (xii, viii).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Next he was referred to para }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid621799\charrsid8398789 xx)
\par 
\par Invest and deal with the monies of the Company not immediately required upon such securities and investments including government loans, shares in, or securities of other com
panies or deposits with any bank, financial institution, company, firm or individual at interest and to vary from time to time such investments and generally in such matter as may from time to time be determined by the Directors.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 158.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Witness agreed that 
the objectives of VDCL are very broad and did not restrict the board in decision making.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He further agreed that the investments in PCX by VDCL would not qualify as a blue chip investment as he thought.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 As }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 21}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  reflects, VDCL board meeting minutes 11th February, 2004 }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (refer to paragraph 13}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid621799\charrsid8398789 4}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid621799\charrsid8398789 ii}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 )}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 witness confirmed that he voted to approve the PCX offer for a joint venture partnership in principal.
\par 
\par 159.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
When the first loan request from PCX for $2m came up to VDCL, Mr. Whippy admitted that it contained the IT solution agreement between NLTB and PCX and he studied the said agreement as his commercial justification is based o}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 n that.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 He considered that he v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
oted in favor of this loan request and in fact signed the Deed of Assignment }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (KD-14)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 on behalf of VDCL as the other Directors were not available.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The signing process was extended by the witness saying that the signing of documents in VDCL was done by whoever available at a particular}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 time.
\par 
\par 160.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Talking on the VDCL Investment Policy Guidelines, Mr. Whippy said the maximum investment limit of 20% was a decision approved by the board and the board could have varied the guidelines and review periodically.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 When the $2m loan was lent to PCX, VDCL guidelines had not been adopted.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy agreed that this $2m 
loan to PCX breached the 20% exposure guideline, and said the point of setting up VDCL is to have more freedom to invest funds than NLTB enjoyed.
\par 
\par 161.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The next topic where Mr. Whippy was cross-examined was the $900,000 loan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The statement Mr. Whippy made to FICAC was shown to him by the defence to clarify the non-availability of his comments in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 79.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy said that it happened a long time back and he might have received this internal memo but may have not commented because others have already made their comments.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He agreed that it follows that he cannot say differently whether he voted for the request or voted against the request.
\par 
\par 162.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
On the issue of placement of the Government grant of $1m with Dominion Finance, Mr. Whippy confirmed that it was the VDCL Board view that the best return came from Dominion Finance and that was what he would have been expected to happen with that money.

\par 
\par 163.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The next topic questioned was the VDCL guarantee to FDB for $3.6m PCX loan.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy admitted that the V
DCL Board resolved to guarantee the PCX loan facility but could not recall either the discussions of the Board meeting or whether he voted for or against the resolution.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He went on to say that he had concerns about this FDB guarantee but it was later and not at the time and therefore, he did not express his concerns at the relevant time.
\par 
\par 164.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Pointing to VDCL Board Meeting Minutes dated 11th May 2005, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (Exhibit 135)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  VDCL Guarantee over PCX Loan form FDB, Mr. Whippy said that there was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 
a prior Board approval to the FD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 B guarantee and the issue in this Board Meeting was raised by Mr. Patel.
\par 
\par 165.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
On ANZ Term Deposit of VDCL, Mr. Whippy agreed that even though he emailed to Mr. Saukawa that he was not aware of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s guarantee/security to ANZ for PCX loan, according to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD-13}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , he had received an email from Mr. Saukawa that both VDCL Term Deposit and PCX loan be shifted to ANZ for a better interest rate.
\par 
\par 166.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said the purpose amongst other things of his letter to Mr. KD, dated 9th August 2005 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (Exhibit 148)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  is to clear up the transactions related to Vinod Patel and Credit Corporation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy was satisfied that Mr. KD had taken steps to circulate his letter immediately after he received the same on 10th of August 2005 and the result was Mr. Bakani}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s Memo dated 12th August, 2005.
\par 
\par 167.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy recalled that, Mr. Ballu Khan approached Carpenters Fiji for the implementation of MYSAP IT system and in fact did a good presentation as well, but he said the quoted cost was far beyond their budget, so he said that he }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
took that as he is pitching for business and setting his goals up there and got the Board thinking like that.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 So everybody is just being sort of strung along.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 I wanted to understand what the strategies were but I didn}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 t get any feedback}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .
\par 
\par 168.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The witness was questioned that PCX had to spend at least $4.8m by end of December 2004 to put the NLTB MYSAP system into place and would not get any revenue at all until its first payment from NLTB from January 2005.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 While agreeing with this Mr. Whipp
y said that the PCX operating expenditure was quiet high and that was his concern.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Defence suggestion that he should not be surprised or disappointed at a $1.4m loss to PCX in the first year of a startup project as it would be better in time to come,}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. W
hippy said that he would expect losses but not to that tune. But, at one point Mr. Whippy conceded that the catastrophe in profitability figures of PCX come}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 when compared to a business in ordinary operation but not a startup company.
\par 
\par 169.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Witness agreed 
that though Mr. Patel was of the view that VDCL and PCX financial statements should be consolidated, the auditors, PWC, said that the consolidation can}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 t be done because VDCL does not have the management control of PCX }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (Exhibit 206).}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 
\par 170.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Then Mr. Whippy 
had to admit that as in the Dominion Finance facility, he cannot recall whether he voted for or against the resolution in relation to the extension of the term deposit with ANZ bank.
\par 
\par 171.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy concurred with Mr. Keene, QC, that once he sent his letter to Mr. KD, he was satisfied that he said whatever he wanted to say and made aware to the Board about his concerns.
\par 
\par 172.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Referring to }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 159}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
, VDCL Board Papers for 28th September 2005, witness agreed that there were expectations of financial arrangements for PCX, but because Vinod Patel was not paying it, PCX was in critical financial situation (Refer to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 paragraph 8}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid621799\charrsid8398789 9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  (ii)}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 of this chapter).
\par 
\par 173.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy produced }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD - 31}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
, VDCL Board Meeting Minutes dated 18th October 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 By that time it was finalized that the accounts of PCX for 2004 and 2005 will not be consolidated with VDCL accounts.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Directors resolved the following on draft 2005 audited accounts
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Draft 2005 Audited Accounts [PB No. 018/06]
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par Chairman took the Board through the draft 2005 accounts.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Director NP raised the issue of the income recognition whereby all income is to be booked first at VDCL level.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The issue of dividing the income into NLTB Trust, Finance and the poundage will need to be addressed after the income is recognized.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The auditors are to be advised to incorporate these changes.
\par 
\par Directors resolved the finalizing of the non-consolidated 2004 & 2005 accounts subject to the changes as mentioned.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 
\par 174.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Citing }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD 16}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 Mr. Whippy said the VDCL Board Meeting dated 19th July 2007 had confirmed the last meeting minutes, which was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD - 31.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy said that he ceased to become a Director of VDCL by a written notification dated 30th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789  June}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  2007 from the Ministry of Fijian Affairs that he was been replaced with effect from 25th June, 2007.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He recalled that there was a public announcement after their last VDCL Board Meeting that VDCL is going to be continued or not and after the said letter he was not communicated on any further replacement or removal of his Directorship in VDCL.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He said that his recollection was that }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 term is expired.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 You finished. Gone.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 You might get a letter or don}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 t get a letter, but that}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s how I saw it.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 I assume I had completed my term.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 " }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD \endash  32}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , letter to Mr. Whippy from the Interim Minister for Fijian Affairs Board to the effect that his Directorship in VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789  is}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  replaced by the interim board was marked as }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 KD \endash  32}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .
\par 
\par 175.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Finally, in re- examination, Mr. Whippy agreed with the mathematical calculati}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid10961356\charrsid8398789 on of the defence about $47625 in}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 189}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
, the PCX audited financial statements and said that amount was not due on 31st of December 2005 to VDCL but rather payable.
\par 
\par 176.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The prosecution sought certain clarifications from Mr. Whippy in re-examination.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls69\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 14}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Wit
ness said his understanding as to the principal activities of VDCL was to invest and investment management of trust funds.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls69\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 79}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He said that in the normal course had he voted for the $900,000 PCX loan proposal, he would have endorsed it in writing, here it shows a blank under his name.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls69\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 144}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
VDCL guarantee over PCX facility with Credit Corporation was deferred until the Directors have a look at the comprehensive report of Mr. Bakani to be submitted to NLTB but not declined.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Whippy clarified his answer in cross examination }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 at a later date}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 saying that it was a time when this matter was still being before the Board.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls69\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit 148}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness recalled that when he wrote this letter to Mr. KD in August 2005 which was circulated among other members, nobody said to him that his calculations were wrong.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls69\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 206}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Witness confirmed that by August 2006 the topic of consolidation 
of VDCL and PCX accounts was not a discussed issue.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls69\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD \endash  31}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness said that on the proposal on Yatu Lau Capital Raising the Board resolved to acknowledge the proposal and to advice the Issue Manager that VDCL is not in a position to parti
cipate in this investment at the moment over to the unavailability of the surplus funds as all funds are committed at the moment.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Whippy confirmed that at the time of this meeting October 2006, VDCL had lent a total of $3.9m of loans to PCX and tied up $1m in a term deposit with ANZ as security for PCX overdraft facility.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 177.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Finally, Mr. Whippy noted that Exhibit }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 KD \endash  32}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , the letter informed him about his replacement in VDCL was not only to him but for all 5 members of the VDCL Board and the publi
c announcement over the continuation of VDCL came after the military coup of 6th December, 2006.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 P}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1772160\charrsid8398789 rosecution }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 W}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1772160\charrsid8398789 itness}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  # 12}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid1772160\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Abhi Ram
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 178.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
He confirmed of having signed and certified copies on a number of original documents filed and kept in the company registry.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 3}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Memorandum of Association, VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (ii)\tab}Exhibit No. 4}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Articles of Association, VDCL
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (iii)\tab}Exhibit No. 5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Certificate of Incorporation, VDCL dated 23rd October}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 2003.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (iv)\tab}Exhibit No. 6A}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Particulars of Directors and Secretaries of VDCL, dated 29th September, 2003, presented to the registry by the NLTB.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (v)\tab}Exhibit No. 6B}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Particulars of Directors and Secretaries of VDCL again presented by NLTB dated 23rd December, 2003.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (vi)\tab}Exhibit No. 6C}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Particulars of Directors and Secretaries dated 19th October, 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (vii)\tab}Exhibit No. 219}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Incorporation of SASHA Ltd dated 29th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 February}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 2000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (viii)\tab}Exhibit No. 220}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Particulars of Directors and Secretaries of SASHA Ltd dated 7th of February, 2000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (ix)\tab}Exhibit No. 221}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Particulars of Directors}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 and Secretaries of SASHA Ltd dated 18th of December, 2003
\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Ballu Khan appears as Chairman and CEO, appointed on 18th December, 2003 and Mr. Dario Jaeger as Chief Financial Officer.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (x)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 222}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
SASHA Ltd changed its name to PacificConnex Ltd on 14th January, 2004 by a special resolution.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xi)\tab}Exhibit No. 223}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Particulars of Directors and Secretaries of PCX as at 24th March, 2004.

\par }\pard \ltrpar\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Ballu Khan and Mr. Dario Jaeger remains as Exhibit 221.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 224}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Particulars of Directors and Secretaries of PCX as at 25th March, 2004.

\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 _}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Ballu Khan and Mr. Dario Jaeger remains at Exhibit 223.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xiii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 225}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Return of Allotments of PCX as at 24th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 March}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13455618\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Tui Management Services Ltd 
\endash  9,899 shares and Mr. Khan 99 shares.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xiv)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 226}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Notice of Resolution passe
d by PCX to increase its share capital to $1 million pursuant to Shareholders Agreement between VDCL and PCMS, dated 27th May, 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xv)\tab}Exhibit No. 227}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Notice of Increase in Nominal Capital of PCX from $990,000.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Dated 27thMay}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xvi)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 228}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Particulars of Directors and Secretaries as at 2nd July, 2004.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. KD, Mr. Bakani and Mr. Kaloumaira been included.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xvii)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 229}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
PacificConnex Ltd changed its name to PacificConnex Investment Limited on 6th October, 2005 by a Special Resolution.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xviii)\tab}Exhibit No. 230}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Particulars of Directors and Secretaries of PacificConnex Investment Limited as at 13th September}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 ,}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  2006.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Three members of VDCL continues to remain.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xix)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 231}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Particulars of Directors and Secretaries of PacificConnex Investment Limited as at 6th August, 2007.
\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid14777343\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Those members of VDCL continues.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 (xx)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls70\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit No. 232}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Particulars of Directors and secretaries of PacificConnex Investments Ltd as at 22nd August, 2007.
\par }\pard \ltrpar\s16\ql \li1440\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. KD and Mr Bakani were terminated.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr.Buresova and Mr. Tuinamuana were appointed.
\par -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Mr. Khan and Mr. Kaloumaira continuing.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 179.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Mr. Ram was cross examined}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 on}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Exhibit KD 33, 33.1, 33.2, 33.3.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls71\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 KD \endash  33}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 -}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 No. 9 refers to KD.1 and KD 33.2, the Pa
rticulars of Mortgage or Charge of VDCL made out to Colonial Fiji Life Limited.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls18\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Witness confirmed that it is the only charge mentioned in KD-33, documents been received by Registrar of Companies on VDCL.
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \f48\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af48\dbch\af0\loch\f48 -\tab}No. 23 refers to KD 33.3, Voluntary winding Up of VDCL.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 180.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
In re-examination, Mr. Ram, referring to KD 33-3, Liquidators Statement of account, said that it is a document dated 5th April 2013 as oppose to KD 33 .2, Deed of Charge is dated 22nd of November 2005.
\par 
\par 181.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The end of Mr. Ram}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s evidence, marked the end of prosecution list of witnesses as well.
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Nevertheless, you would recall that the prosecution with the agreement of the defense read out eight statements of the witnesses and three Banker}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s Affidavits.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 You are provided with the copies of those statements.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Thus, I see no purpose of reproducing the contents of those exhibits as I am pretty much sure you have already gone through them.
\par 
\par 182.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
After the prosecution declared of closing their case, you witnessed the court decided to call for the defence from the accused.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 He opted to remain silent without calling any witnesses on his behalf to testify.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 I have already told you that to remain silent is his right.
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 ANALYSIS OF LAW AND FACTS
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 1.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
I have already mentioned to you briefly in Chapter }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 IV}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Elements of the Offence}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , what elements are contained in the offence }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 of }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Now you have to see whether the evidence led by the prosecution in relation to each element of each count proves the five (5) separate counts beyond reasonable doubt or for you to be sure of the guilt of the accused.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
First, I will direct you on the legal background of the elements of the offences.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 You will have to accept and act upon those directions.
\par 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The 1st element is whether the accused was employed in the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Public Service}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  or not.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 This with the agreement of both counsel, I consider as a pure question of law.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Thus, I relieve you from deliberating this issue. After having considered the following exhibits and legal provision}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 s}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , which I am going to elaborate more descriptively in my judgment,
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s16\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl4\adjustright\rin0\lin720\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
Section 111 of the Penal Code;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}Section 04 of the Penal Code;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}Public Service Act
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}Exhibit 1 \endash  Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s first appointment to NLTB from 2001 \endash  2004
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}Exhibit 252 (i) to (vi) \endash  Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s reappointment to NLTB from 2004 \endash  2007;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vi)\tab}Exhibit 09 \endash  Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s appointment of Mr. KD to Chairman VDCL by NLTB;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (vii)\tab}Exhibit 12 \endash  Letter of Appointment of Mr. KD to Chairman VDCL by NLTB;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (viii)\tab}Exhibit KD 32 \endash  Letter dated 25th June 2007 from Interim Affairs Minister for Fijian
 Affairs to Mr. KD;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ix)\tab}Exhibit 4 \endash  Articles of Association of VDCL, Articles 72,73,75,93 and 97;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (x)\tab}Exhibit 6, 6A, 6B,6C \endash  Particulars of Directors and Secretary of VDCL and;
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (xi)\tab}Section 182 of the Companies Act.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par I direct you that the accused, Mr. KD, was }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 a person employed in the public service}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  at all material times to the charges.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The remaining elements, of course depend on the facts that you have to deliberate.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
But, to do so, you have to adopt the legal background now I am going to tell you.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid15752265\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The 2nd element is }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 did an arbitrary act}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The term }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Arbitrary Act}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  is an act of omission or commission of one}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s own free will without been guided by the rules and regulations, but by his }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 own }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 whims and fancies.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Here, in the five charges (5) against the accused, }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 arbitrary act}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  denotes to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 facilitation}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  of loans to PCX, either directly from VDCL or through Dominion Finance and ANZ.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The word }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 facilitate}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , as the word speaks for itself, means to make the commission of something easier.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl3\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 (i)}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The next element is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 whet}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 he}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 r}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 arbitrary act defined above, was done in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid550855\charrsid8398789 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 buseof the authority of the office the accused held.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 When a person }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid550855\charrsid8398789 
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid550855\charrsid8398789 a}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 ctsunder the colour of his }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 position}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
 for some illegitimate agenda without a proper or reasonable justification, either with the intention of causing loss or harm to another or conferring some advantage or benefit to another, is said to have acted in abuse of the authority of his office.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 In s
uch a situation, irrespective of the final outcome, he is acting in a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 bad faith}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  or with a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 improper motive}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 A mere act of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 negligence}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  would not suffice to justify a charge of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Abuse of Office}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s16 \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard\plain \ltrpar
\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls10\ilvl1\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Therefore, it is essential to find out or satisfied whether the accused possessed any }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 improper motive}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789 "}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  at the material times of the charges.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 None of us would be able to say what exactly went through the accused}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 s mind during that time.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
But, you can consider all the direct and circumstantial evidence led before you, through oral and documentary evidence, to have your conclusions about his motives and state of mind.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
This is where you have to follow the direction given on circumstantial evidence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 This conclusion will answer whether the accused abused the authority of his office or not.
\par }\pard \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
\par 5.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The next element is whether the }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 act}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  in issue is prejudicial to the rights of another, here in this case, to NLTB and }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Indigenous Fijians}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 A }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 misconduct by partiality}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , such as favouring friends, family members, relatives or 
even total outsiders and corporates could prejudice the rights of other concerned persons.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 These }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 rights}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 , need not only be }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Constitutional rights}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  or }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 legally defined rights}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 It is simply used in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 generic terms}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  and it is sufficient to prove that any general right of NLTB or Indigenous Fijians is been prejudiced.
\par 
\par 6.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Finally, the element of }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 gain}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Prosecution alleges that the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 arbitrary}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789  acts they claim were done by the accused }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 were }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 for the purpose of gain.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The gain is an increase of something in amount, degree or value.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
It can be in different types, may be financial or political or some other thing depending on the circumstances.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The beneficiary could be the accused himself or a family member, a friend, a total outsider or a business entity.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The benefit could be direct or indirect.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid8475404\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 7.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Madam assessor and gentlemen assessors, It is needless to say that this trial is against Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The five charges you concentrated throughout the proceedings focus only this accused. Therefore, it is not open for you to speculate the involvement or contribution of the others to the alleged circumstances.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
The issue before you is to deliberate whether Mr. KD committed the alleged offences as charged.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 The issue before you is whether the prosecution managed to prove to your fullest satisfaction all the elements of charges against Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 
I direct you that it is not your concern whom to be charged or who else to be charged.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Your concern should be on the law, elements of the charges, the evidence you witnessed and the accused.
\par 
\par }\pard\plain \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace \rtlch\fcs1 \af0\afs22\alang1115 \ltrch\fcs0 \f37\fs22\lang2057\langfe2057\cgrid\langnp2057\langfenp2057 {
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 8.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 
In respect of Count No. 8, VDCL Term Deposit of $1 million in ANZ, defence argued that there was no prejudice to Indigenous Fijians as ANZ taking of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7691648\charrsid8398789 s $1 million was illegal without a }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 valid charge}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789  and ANZ could be required to pay the money to the liquidators.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  
}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 Defence argument arose in a context where the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7691648\charrsid8398789 charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789  over VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 s Term Deposit kept as a security to PCX overdraft and loan facilities was not registered at the Registrar of Compa
nies within the required time of 42 days and when executed it is been expired on 1st of August 2005.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 
By proper process, they said that the money would have been recovered into VDCL and back to government.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 As a matter of law I am directing you that in terms of section 98 of the Companies Act, a }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 Charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7691648\charrsid8398789  is void unless the prescribed particulars of charge been registered with Registrar of Companies within 42 days of its creation.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 The prosecution said that ANZ had the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 
Guarantee}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789  of VDCL}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7691648\charrsid8398789 s $1 million Term Deposit apart from this }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 Charge}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789  and the bank legal advisor was not certain whether the Charge to be registered or not.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 They argued that the Term Deposit was enforced 2 years later and the failure of ANZ to register the Charge over Term Deposit does not aff
ect the accused}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 s approval to provide such security.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 According to the prosecution, it is crucial that neither the accused nor the VDCL made any complaints about the enforcement.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 The law and facts relevant to your opinion are made available to you now.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789 You 
can now decide whether there could be no prejudice, as defence suggested to NLTB and Indigenous Fijians, if the proposed cause of action over the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7691648\charrsid8398789 Charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7691648\charrsid8398789  was taken.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\insrsid7930885\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 9.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
Madam assessor and gentlemen assessors, I hope that the closing}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Addresses of the counsel are still fresh in your minds.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
I paid more attention to the evidence tendered to court by the parties as it was somewhat complicated with the number of documents involved and the length of the period the trial continued.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 I am confident that with the detailed summary of evidence, you would recall what exactly took place in court for the last six weeks.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
Now your task is to apply the law as I directed to you and deliberate the facts to see whether or not the prosecution is successful in proving the charges against Mr. KD.
\par 
\par 10.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 I do not intend to talk much about the arguments raised by the counsel 
\par during their closing address.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
Both the counsel, as you know, took one full day each for their oral submissions, with copies to you as well, which contained their arguments in full.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 If I am to analyse those arguments which run over 200 odd pages, you will surely get exhausted.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 That is why I provided you the opportunity (on 30th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8473389\charrsid8398789  August}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789  2014) to go through the respective written submissions and exhibits once more for you to be more conversant and familiar with the arguments of the parties.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
I warned you to maintain an open mind until my summing up, as without the applicable legal principles, you should not come into conclusions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 Now you are fully equipped to formulate your opinions.
\par 
\par 11.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
In a nutshell, the case of the prosecution is that the accused being a Director of NLTB, the Chairman of VDCL and a Director of PCX had a duty to report back to NLTB Directors about all VDCL investments and contracts and the affairs of 
PCX and its financial issues.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
At the same time, being the Chairman of VDCL, he had the same duty towards VDCL Board to inform other Board members, at least Mr. Patel and Mr. Whippy about the PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 s operations and financial situations as they expected him to provide true and complete information to take their Board decisions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Prosecution claims that the accused, whilst knowing }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 PCX}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
s financial situation, like loans and revenue, as those were regular topics discussed at PCX Board meetings, did not provide those information, either to NLTB or VDCL.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 The result of the acts of Mr. KD, according to the prosecution was a gain to PCX in various financial capacities and in return, prejudiced the rights of the
 NLTB and Indigenous Fijians.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
They argued that this case is not about what Mr. KD said to NLTB and VDCL, but what he did not tell.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid550855\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 12.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
For each count, prosecution points out to certain acts alleged to have done by the accused to facilitate the loans and securities to PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 Most of those acts if not all, were not disputed by the defence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 They elaborated, according to their case theory, how the accused abused the authority of his office and secured a gain to PCX causing prejudice to NLTB and Indigenous Fijians.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
For instance the 1st count, prosecution argues that when Mr. Ballu Khan promised the NLTB Board on 12th March 2004 that PCX would bear the NLTB MySAP upfront cost, the accused was present at that meeting and while knowing this undertaking, he did not di
sclose this undertaking either to VDCL when $2 million loan proposal was made and approved between March to July 2004 or to NLTB about the loan request, its nature, VDCL approval and NLTB}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 s proceeds been assigned to VDCL as security.
\par 
\par 13.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
The written submission of the prosecution provides you all the evidence that they rely on, with reference to the relevant exhibits, in respect of each element of each count.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Now it is left to you madam assessor and gentlemen assessors to decide whether the
 contention put forward by the prosecution in respect of all five charges against the accused is to be accepted or not.
\par 
\par 14.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
The defence in contrary, argued that you are not being asked about whether you agree or disagree with the decisions of NLTB or VDCL Boards nor the actions of Mr. KD.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
They say the issue there is not about the wiseness or foolishness of those decisions or acts, but whether Mr. KD honestly believed what he did was for right reasons and whether he had a bad or improper motive when doing so.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 The defence answer to these questions is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 no}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 .}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 It was said to you that a mere mistake, even a serious one or a failure is not enough to say that Mr. KD acted with an improper motive.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Defence continued to argue that as long as the Board believed what it 
decided to spend the money will be of benefit to Ingenious Fijians, that is enough.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
It was pointed out that if they buy a building as a recreation centre and later on find the building has to be demolished, that does mean the decision to buy the building was wrong.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
The conclusion is that they believed they were doing something that would be beneficial to the concerned parties, but it turned out to be a bad decision.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Madam assessor and gentlemen assessors, you can now weight both contentions of the prosecuti
on and the defence and decide whether the acts of Mr. KD were done with any improper motive in abuse of authority of his office in arbitrary manner or not.
\par 
\par 15.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 The decisions made by Mr. KD as the Chairman of VDCL Board, according to the defence, were not 
individual.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
Even the last $1 million loan requested by PCX was approved by the entire VDCL Board, as they saw PCX as still a live business opportunity.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 They argued that those decisions are rational business and investment decisions made by a Board which is empowered to make those decisions.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Further, it was said that those were not }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 arbitrary acts}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
 emerged from his whims and fancies, but done after following good process.
\par 
\par 16.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Then the defence pointed out that none of the gains alleged by the prosecution is 
not of personal gain to Mr. KD or anyone associated with him, such as family member or business venture with interests, but for PCX.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 They questioned as to why Mr. KD would want to act criminally for the purpose of granting a gain to a business in which he had no financial interest.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
Defence said that it is even more curious as the gain claimed by the prosecution is to a business which is majority owned by VDCL. As you know by now, }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 gain}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789  is a distinct element in all five charges.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 It is your task now to decide whether the prosecution has proved this element beyond reasonable doubt or not.
\par 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 17.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
A considerable amount of attention was drawn by the defence through certain witnesses about the military coup alleged to have taken place on 6th December 2006.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 It was ar
gued by the defence that the said military intervention which demanded the close down of VDCL and carried out raids on PCX, caused PCX to be unable to repay its debts out of the funds going to be generated from its business. Further they said that with th
is political development, NLTB ceased to pay their dues to PCX and it aggravated the background.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
But, the prosecution argued that it is not relevant to this instance as the granting of loans or securing bank facilities to PCX took place in 2004 and 2005.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 The three loans given to PCX by VDCL were due before the so called }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 military intervention}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 , the prosecution argued.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
They went on to say, apart from two weeks (2) where ANZ could not contact anyone in PCX office, nothing showed that PCX seized its operations indefinitely and in fact Mr. KD}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 s letter to ANZ dated 21st December 2006, does not indicate anything of PCX ceasing its operations.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 You can now assess both sides of this argument and decide what you are going to accept and relied upon.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 18.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
During the closing submissions, defence raised concerns of FICAC placed selected evidence before court with the intention of winning the case.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 They questioned the reason for them to produce 33 extremely material documents, whilst prosecution tendered over 250 documents, and asked }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid8473389\charrsid8398789 wh}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 y those could not be produced by the prosecution itself.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 The argument was extended to say that some of the witness like Mr. Kaloumaira, a VDCL director, Mr. Kolinio Boila or Price Waterhouse Coppers Auditors were not called to sh
are the great deal of knowledge they had over the contested issues.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
In the same vein, defence raised issues about the credibility of Mr. Tabuatamata and Mr. Whippy.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid7930885\charrsid8398789 \hich\af0\dbch\af0\loch\f0 19.\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls2\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
As a matter of law, I am directing you that as much as the defence is allowed to criticise the strategy of the prosecution, the prosecution has a right to decide what witnesses are to be called and documents to be produced.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 But, the prosecution has a continuing duty to disclose all the material to the defence, whether favourable or not for 
their case.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 There is no allegation of prosecution not doing so.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 At the same time, you would recall that the accused was given an opportunity to call any witness on his behalf.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 Had he wanted to call any witness, he would have done so. Therefore, the matter 
rests with the quality, not the quantity of evidence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
If you are satisfied beyond reasonable doubt about the credibility and truthfulness of the witness and documents, matter ends there.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid7930885\charrsid8398789 But, if not, the benefit of such doubts should benefit the accused.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15752265\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 7.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\insrsid15489084\charrsid8398789 SUMMARY
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid15489084\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (i)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls72\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
I remind you once again that the accused need not to prove anything to show his innocence.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
The prosecution must prove the charge}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8473389\charrsid8398789 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
 beyond reasonable doubt or to your fullest satisfaction over the guilt of the accused.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
If you have any reasonable doubt on the case of prosecution, you have to find the accused }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 NOT GUILTY}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789  to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid10961356\charrsid8398789 five charges.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid15489084\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (ii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls72\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
Finally, I recall the instruction I gave you in my opening address.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
I hope you approached this case with an open mind.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 The accused is presumed to be inno
cent until proven guilty by a court of law.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
Thus, if you are satisfied beyond reasonable doubt or for sure that the prosecution has proved its case, you must find the accused guilty to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9583457\charrsid8398789 all the}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789  charges.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
If you are not sure of the guilt of the accused after having analysed the evidence of the prosecution, you must find him }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid15489084\charrsid8398789 NOT GUILTY}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8398789 '}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789  to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9583457\charrsid8398789 all five}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789  charges.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid9902732\charrsid8398789 Charges are based on totally independent incidents and you can conclude differently.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9583457\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid9583457\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid11239289\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iii)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls72\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11239289\charrsid8398789 
You are aware that Count 1 is Abuse of Office for the purpose of gain.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11239289\charrsid8398789 
I have directed you on what abuse of office is and also what for the purpose of gain is.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11239289\charrsid8398789 
If you think that he has abused the authority of his office, and for the purpose of gain that you will find him guilty as charged.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11239289\charrsid8398789 
However, it is nevertheless open to you to find that he has abused the authority of his office, but not for the purposes of gain in which case you will find him not guilty as charged but guilty of the alternative charge or guilty of abuse of office.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11239289\charrsid8398789 
If you think that he has not abused his office, then gain is not relevant and you will find him not guilty.
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid11239289\charrsid8398789 
\par When you are asked your opinion of this charge you will say guilty if you think he has abused his office for gain.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid11239289\charrsid8398789 You will say not guilty if you think he has not abused his office or he has abused his office but not for gain.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \f0\fs24\insrsid11239289\charrsid8398789 If you say not guilty you will be asked if you find him guilty of the alternativ}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8473389\charrsid8398789 e offence of abuse of office.}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8473389\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid15489084\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (iv)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls72\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 You may now retire to deliberate your opinions.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 When you are ready with the opinions, I will reconvene the court and ask your individual opinion.}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
You are at liberty to peruse any of the documents tendered to court as exhibits when deliberating the issues.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7421938\charrsid8398789  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\f0\fs24\insrsid15489084\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af0\alang1115 \ltrch\fcs0 \lang2057\langfe2057\langnp2057\langfenp2057\insrsid15489084\charrsid8398789 \hich\af0\dbch\af0\loch\f0 (v)\tab}}\pard \ltrpar
\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls72\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid15489084\charrsid8398789 Any re-directions or a
dditions to what I said in my summing up Mr. Blanchflower M and Mr. Keene B?}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid7930885\charrsid8398789 
\par }\pard \ltrpar\s15\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789\contextualspace {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\insrsid8473389\charrsid8398789 
\par }\pard\plain \ltrpar\s16\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8398789 \rtlch\fcs1 \af0\afs22\alang1025 \ltrch\fcs0 \f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \b\f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Janaka Bandara
\par Judge
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\f0\fs24\ul\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 At Suva
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid7930885\charrsid8398789 Office of the Fiji Independent Commission Against Corruption for the State
\par Howards Lawyers for the Respondent}{\rtlch\fcs1 \af0 \ltrch\fcs0 \f0\fs24\lang2057\langfe1033\langnp2057\insrsid13315854\charrsid8398789 
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