June 21, 2011

FNPF Admits they prop up military regime at working public's expense

Finally. After wilting from all the hard questions, prodding and public outrage, the FNPF is forced to admit what we have known for a long time. 

That they have been illegally and treasonously helping themselves willy-nilly to our hard-earned retirement funds.

How the FNPF can continue this farce by claiming that it is "an investment" is patronizing and condescending when it is common knowledge that "this investment', made possible only off the sweat of our brows, is only benefitting Bainimarama and a select few, while he barks out orders to his minions to keep their rifles cocked at innocent and unarmed civilians.

And here's a kicker for you mindless foot soldiers up at QEB - you too are being robbed.

The people of Fiji do not deserve this.
FNPF funded govt $1.97B
Publish date/time: 21/06/2011 [13:12]

The Fiji National Provident Fund (FNPF) has provided the Government with $1.97 billion so far.

The Chief Investment Officer of FNPF Jaoji Koroi said that a lot of concern has been raised about this investment.

He said in accordance to FNPF’s policy statement - it is high, however unfortunately there are very limited investment opportunities in Fiji.

While addressing members of the public at the last Public consultation forum on FNPF’s proposed review on the Pension Scheme and FNPF Act, Koroi added that this investment is done through commercial banks and is not an investment done overnight.

He said it reflects the funding of the Government’s deficit over the years as the government runs on a deficit and needs to be funded.

He said it is an accumulation of funding overtime and government has never defaulted on this obligation.

He confirmed that the government is charged 7.2 percent interest on the bond.

Story by: Sneh Chaudhry

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