July 07, 2011

Radio Australia: Economist says Fiji's Provident Fund needs complete overhaul

Updated July 7, 2011 16:27:03

A leading regional economist has warned that the governance of the Fiji National Provident Fund needs a complete overhaul, not just for the sake of the members whose retirement savings are at risk but for the sake of Fiji's economy, too.

The Provident Fund is the biggest financial institution in Fiji - bigger even, than the ANZ or Westpac Bank there.

In the last few years, failed investments have meant it has had to write off 327 million Fiji dollars in assets. That's more than 160 million Australian dollars.

Economist, Professor Satish Chand says there may be more losses to come.
Presenter: Jemima Garrett, Pacific Economic and Business reporter
Speaker: Satish Chand, Professor of Finance, at the Australian Defence force Academy's School of Business in Canberra

Listen here.

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