Former FBC CEO Riyaz Sayed-Khaiyum and CFO Vimlesh Sagar appeared in Suva Magistrates Court this morning. The pair faced Magistrate Krishan Prasad, where FICAC Counsel Marry Takinana requested to provide second phase disclosures by the end of business today, a request not contested by the defense. Sayed-Khaiyum is represented by Senior Counsel Devanesh Sharma and associate Gul Fatima, while Sagar is represented by lawyer Ritesh Singh.
Sayed-Khaiyum faces charges including one count of Abuse of Office and one count of General Dishonesty Causing a Loss. It is alleged that between July 1, 2017, and January 31, 2023, he initiated five legal proceedings on behalf of FBCL without the Board’s knowledge or approval, leading to a gain of $138,813.37, prejudicial to FBCL’s rights. Additionally, Sayed-Khaiyum is accused of causing a loss by pursuing these legal cases, aware of the substantial risk of loss.
Sagar is charged with one count of General Dishonesty Causing a Loss, alleged to have approved payments to R Patel Lawyers amounting to $15,075.88 between January 1, 2023, and December 31, 2023, without Board approval, also knowing the potential for loss.
In a separate case, both Sayed-Khaiyum and Sagar face charges related to the procurement of a Volkswagen Touareg. Sayed-Khaiyum is accused of abusing his authority to circumvent FBCL’s tender process, resulting in a loss of FJ$84,470.00 to FBCL. Sagar is implicated in approving payments for the same vehicle, also leading to a financial loss.
Both cases have been adjourned until October 31 for plea.