Apart from the money that’s been poured down the drain with all the tourism property developments going nowhere, Fiji National Provident Fund is losing badly through its investments in Amalgamated Telecom Holdings.FNPF owns nearly 60% of ATH and ATH has been losing money steadily. The latest results are no exception. But all of this is small beer compared to the huge risk taken on with the investment in Air Pacific’s new A330 planes. If Air Pacific goes broke what happens to its debt to FNPF? The only way the regime could cope with such a disaster is to make further cuts to pensions. If they hadn’t already made cuts this would be unthinkable, but they have made cuts, so the unthinkable has already happened.
Fiji Times February 22, 2013 ATH posts huge loss