Members please take heed this is FNPF money, YOUR MONEY
Fiji National Provident Fund Investments Limited (FIL) incorporated a total capital utilisation of $141 million for investments in the country says chief executive Aisake Taito.
The investments were for the financial year end 30 June, 2011.
Taito said some of the investments carried out by the FIL, a fully owned subsidiary of the Fiji National Provident (FNPF), were rehabilitated under the funds reforms programme including the Natadola Project, Grand Pacific Hotel (GPH) and some distressed loans.
The subsidiary companies for FIL include Natadola Bay Resort Limited, Natadola Land Holdings, FNPF Hotel Resorts Limited, Grand Pacific Hotel Limited, Dareton Limited and Penina Limited.
Grey Power says:
For Penina Ltd, read Tappoos, we remember the fiasco and the report given by Ernst & Young, relating to this loan, that was quickly covered up by instructions of a leading government minister, even though it was the FNPF members money and we had the right to be kept informed. No doubt another inquiry would establish that Penina is included in the distressed loans made by FNPF management. This used to be called throwing good money after bad. It is now called Assisting Friends of the Minister.
It boils down to or simmers down to DISTRESS for the FNPF Members, because it is our savings that are being pillaged by a group of immoral and arrogant individuals, who believe they are not accountable to anyone, least of all the people the money belongs to.