SOLOMON Islands National Provident Fund (SINPF) was called on to clarify to members, reports that two private businesses that borrowed money from the fund last year are behind schedule in their loan repayments.
Malaita Ma’asina Forum made the call in relations to the $15 million loan to Tavanipupu Islands Resort and the 360 Discovery lease.
It was revealed the resort failed to repay SINPF the 12.5% annual interest on the $15 million it borrowed in early 2012.
Forum president Charles Dausabea said MMF will never stop to fight for the indigenous people of this country.
Mr Dausabea said majority of members of the fund are Malaitans and to see if very offensive for the Fund to dish out members contributions to foreigners and individuals within the SINPF board.
“We want to see investments that benefit members. And it would look right to give loans to members for investments on Malaita since they make bulk of the members’ contribution.
“It does not look right to give loans to foreigners who never contribute to the fund and even to individuals within the fund’s board which we see as conflict of interest,” Mr Dausabea said.
He said the late repayment of the interests on loans to Tavanipupu and 360 Discovery reflects a poor investment analysis by the board, which will see the hard earned money of members gone wasted.
But in response, NPF said the fund cannot disclose information on a borrowing client’s account to third parties without their approval.
A statement from the fund said like any other financial institution all information on our clients’ accounts are confidential.
“All we can say at this time is that NPF is managing Tavanipupu Island Resort Ltd’s account with the highest level of diligence, as is practiced with all our customer accounts,” the statement said.
“The current loan to Tavanipupu Resort is one of the investment activities carried out by NPF to improve returns on members’ savings.
“As always NPF’s number one priority is to protect and grow members’ savings,” the statements.
Meanwhile, NPF said last year alone, it made $836 million in income from its investment portfolio with total investment assets of $2.4 billion.
“The 2013 financial year was a good year for NPF and culminating in the 20% interest paid out to members in June 2013,” NPF Deputy General Manager, Mike Wate said.
Water said NPF anticipate another big year ahead for NPF and would like to thank our members for their continued support and trust in NPF through its board, management and staff.
By DANIEL NAMOSUAIA
