Members of the Solomon islands National Provident Fund has questioned SINPF board and management to explain what happened to its other investments onshore and offshore.
Concerned members said it would be of great interest to members to know the fate of other investments if they are returning positively to the fund.
Two weeks ago the fund has reported that two of the key drivers of its investments are that of Solomon Telekom and South Pacific Oil.
As of May this year the fund reported total investments worth $2.5 billion.
“We want to know if SINPF board and the fund can explain if other inshore and off shore investments apart from Telekom and SP Oil have achieved positive returns so that we know how our contributions are spent,” one concerned member who wishes to only call him Simon said.
He said until today they are yet to have access to the 2013 financial report and wonder when this report is made public.
The call is also supported by the Malaita Ma’asina technical team calling on the fund’s board and management to release the 2013 financial report because it is important for members to see and know how their money are being spent.
Some of the inshore investments include the Sasape marine Slipway, BSP, Tavanipupu island resort, Soltuna, Heritage Bank, Hibiscus Apartments etc.
Head of MMF technical team Martin Housanau said the report should be made public to allow members to see for themselves what returns were gained from these investments.
“And if some of these returns were negative then it would be good for the board and the management to explain why and why they decide to invest at the first place,” Housanau said.
He added that one thing MMF also calls for is the amendment of the NFO act to hold public annual meetings so that fund members may have the opportunity to contribute or share their views openly.
He said in doing so it will allow the fund to get critical views that can help shape and guide the fund in the right direction in its future investments.
Assistant general manager Mike Wate in response said the 2013 financial report of the fund will be made public once the parliament approves it.
Mr Wate said if the public were listening last week on the radio they should hear about the report when they presented it before the public accounts committee.
BY DANIEL NAMOSUAIA
