Fiji blog: Invest in Fiji comments on the unfolding scandal in Fiji National Provident Fund, the nation's only retirement fund broker.
Invest in Fiji blog also raises important questions on oversight and the absence of timely action by Reserve Bank Of Fiji, whose Governor was more proactive in launching a new $100 Bill, than placing oversight of financial institutions on the front burner.
(Above image: Fiji President [L] and RBF Governor [R] at the launch ceremony for Fiji's new monetary note).
Fijilive article quotes FNPF board member who points out huge discrepancies in loan arrangements and investment, as well as shortfalls in resort project financing after an extraordinary audit was ordered after the suspension of FNPF C.E.O and Deputy General Manager.
It appears that Fiji Labour Party had raised the issue of FNPF investments in a 2005 article. Transparency International also raises the point in a Fiji Times article that, Auditor-Generals annual reports have been ignored, creating a culture of corruption within Government and Private sectors.
Bula, laminar_flow. Thank you for taking up my story. Keep reading my blog, http://investinfiji.blogspot.com/. There will be more on it over the next few days.
ReplyDeleteBula Maleka Gilbert,
ReplyDeleteAccording to the some writers to Fiji Times Letters to the Editor. FNPF woes are a result of propoganda.
Leaks and psywars
Oddly peculiar this incident of the FNPF leaked report which selectively hand-picks one media organisation to spill the beans.
Even more perplexing is that on Friday morning Daniel Urai belittles the sordid affairs of this entity and by midday his own chairperson confirms that the report proper is still in the making.
We are perhaps seeing spywars being played out before our eyes, using the cherished carrot of our superannuation funds to play on hearts and minds.
But we know better. We too can use the power of Google and up our skills on military psywar approaches.
It fits in nicely with a revelation that the first cabinet meeting of this military regime was graced with internal audit findings by a certain group only too eager to land knives on the backs of their executives.
Oh yes we do have questions about superannuation funds but if these board findings do not make it into a court of law, we are not interested.
And it boils this unsuccessful coup down again to revenge unassociated with the virtue words of corruption or clean-up.
mi Viriviri Roberts
Darwin; Ulamila Wragg
Rarotonga; Vani Twigg
Istanbul; Kiri Richmond
Dubai; Mere Hudson
Sydney
It's funny that all those writers are living overseas. Are they in touch with what's happening in Fiji or just working from hear say themselves. Let's see over the next few days. I'm sure there will be more coming out.
ReplyDelete