Dear Editor – I read in the papers that NPF is now having problems with one of its loans, in particular that to the Tavanipupu Tourist Resort.
At the very beginning as far as I could remember, I raised my doubts as to the ability and the capacity of the resort to service the $15 million loan.
Now the truth is unfolding that the loan is in arrears with accumulating debt up to $20 million.
The essence of the matter is NPF members stand to lose or are losing now on the deal.
This brings to mind the question in regards to the credibility of the Board and Management of the NPF in assessing and approving the borrowing, or was it based on the policy of “who you know” only?
This is serious members!
Active members of NPF should not keep silent on this matter.
Your life-savings are definitely at stake. You need to do something about this.
Why don’t you protest for the removal of the board and management for making such an ill-conceived financial decision on your money?
No one would buy the resort if it were to be out on sale to recover the debt of $20 million plus right now or ever later.
You are certainly but slowly losing your life-long savings.
This is another SMI deal I presume.
John Tinonibona
Tulagi
Gela
