Riyaz Sayed Khaiyum, the former CEO of FBC, along with the Chief Financial Officer Vimlesh Sagar, appeared in Suva Magistrates Court today. They faced Magistrate Krishan Prasad, with FICAC Counsel Marry Takinana requesting to submit second phase disclosures by the end of the business day, a request the defense teams did not contest.
Sayed-Khaiyum is represented by Senior Counsel Devanesh Sharma and associate Gul Fatima, while Sagar’s defense is led by lawyer Ritesh Singh.
Sayed-Khaiyum faces charges including one count of Abuse of Office and one count of General Dishonesty Causing a Loss. The allegations state that between July 1, 2017, and January 31, 2023, he initiated five legal proceedings on behalf of FBCL without obtaining knowledge or approval from the Board of Directors, resulting in a purported loss of $138,813.37 to the company.
In addition, he is accused of causing a similar loss through legal actions taken against FBCL’s interests during the same period. Meanwhile, Sagar is charged with General Dishonesty Causing a Loss for allegedly approving payments to R Patel Lawyers without Board approval, totaling $15,075.88 between January 1, 2023, and December 31, 2023.
Separately, Sayed-Khaiyum faces additional charges, including Abuse of Office and General Dishonesty, related to a transaction involving the procurement of a Volkswagen Touareg. It’s alleged that between September 1, 2022, and November 11, 2022, he circumvented established tender processes, causing FBCL a loss of FJ$84,470.00.
Sagar is similarly accused of causing a loss in connection with this vehicle purchase during the same time frame, resulting in the same total loss amount.
Both cases have been adjourned until October 31 for a plea.