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
February 23, 2013 at 11:28 am |
This is hardly surprising when the FNPF Chair & the ATH Chair are the same. In countries that give a shit about returns on investment, the Sri Lankan would have been out on his arse in a minute.
Lionel Yee (now bleating silly behind the scenes about his karmically reduced pension) knows all about spreading himself all over this sector, and certainly not for charity.
http://www.islandsbusiness.com/fiji_business/index_dynamic/containerNameToReplace=MiddleMiddle/focusModuleID=5511/overideSkinName=issueArticle-full.tpl
There is something not quite right about the board regurgitants of the ATH telcos & FNPF.
February 24, 2013 at 10:56 pm |
They claim the loss was due to impairment of plant without elaborating on details of what, how, when and where. This is a good general statement to cover up possibility of some major misappropriation, fraud, mismanagement etc. There should be more transparency than this. Its unacceptable as indirectly it is the people’s property through govt and FNPF