Archive for the ‘FNPF’ Category

FNPF sweetener fools no-one

July 1, 2014

With the election approaching it’s no surprise the FNPF has posted a healthy increase in the interest credited for everyone’s FNPF account. It doesn’t matter whether FNPF has the funds to honour this promise. The true state of FNPF finances is a mystery, hidden behind the secrecy of a regime which thinks it can tell people what it likes and they will believe it.  This might work if it wasn’t for the fact that no-one will forget the cuts to pensions made without any opportunity to comment. It’s one thing to cut the pensions in the future but cutting the pensions of people who have retired believing they have provided for their future is something else. It’s called theft. We will not forget.

Fiji Live 30 June 2014 FNPF announces increased interest rate

Your FNPF at work

May 30, 2014

Your FNPF at work

Aisake Taito, the regime collaborator in charge of the Fiji National Provident Fund, has entered into an agreement to purchase the Mercury House from FINTEL. And what will FINTEL do with the funds they get from FNPF for the sale? Of course, they’ll put it into the dividend paid to the Government (read regime) which will then use it to buy votes. What the regime doesn’t realise (because its a dictatorship where the top guys only get to hear what the flunkeys think they want to hear) is that FNPF pensioners will see all these votes as purchased with their money.

Fiji Sun May 28 2014 FNPF Enters into Deal to Buy Mercury House
http://www.fijisun.com.fj/?p=216997

Regime anxious to clear FNPF slate

February 13, 2014

If anyone needs proof that the regime is worried by the anger about its abuse of the FNPF, here it is. Chief FNPF collaborator, Aisake Taito, has said that Fiji Airways is making early payments on the big loan taken out to come up with the deposit for the new Airbuses bought to be First Family First Class Ferries. When Aisake says “Members don’t have to worry,” this really means we should worry. Bainimarama can keep repeating that pension cuts were needed for financial prudence but no-one believes him. Everyone can see that he treats the FNPF the same way he treats all government assets, ie as his to do with how he likes. It started with the massive fraud of his leave pay-out and salary double-dipping and just keeps going. He takes what he wants and he’s stupid enough to think that we don’t see it. People are forced to remain silent, but they are not blind
Fiji Times, February 12, 2014 Fiji Airways pays loan in advance
http://www.fijitimes.com/story.aspx?id=259734

FNPF owns 40% of FA

August 8, 2013

After news that the FNPF investment deal in the PNG Bemobile had fallen in a heap, the Sri Lankan party boy who runs FNPF had to spring to life to reassure us that the investment was safe. Unfortunately, nothing he said made any sense at all. According to Fiji Live “Kodagoda said the Fund remains positive that parties involved would explore all alternative structures going forward.” WTF? FNPF contributors and pensioners want to know what return Kodagoda thinks this investment will earn.

Fijilive August 07, 2013 FNPF confirms deal withdrawal
http://fijilive.com/news/2013/08/fnpf-confirms-deal-withdrawal/54612.Fijilive

Another blow to FNPF

August 6, 2013

Last year Amalgamated Telecom Holdings Group lost $34.65million, which is 176% decline in their fortunes. ATH chairman Ajith Kodagoda said the loss was largely because of the disposal of equipment owned by Vodafone Fiji Limited of $69m and impairment of assets of $7m in FINTEL. We all know the Fiji National Provident Fund is the biggest shareholder in ATH, so it’s FNPF pensioners who suffer the loss. Their financial future is also being frittered away by the regime treating the FNPF as a personal bank to fund all their expensive schemes.

Fiji Times August 02, 2013 $34.6m net loss
http://www.fijitimes.com/story.aspx?id=241461

Big FNPF dividend is a worry

July 1, 2013

FNPF has increased its dividend from 5% last year to 5.5% for the year ending 30 June. This announcement has come out in record time. FNPF accountants don’t need to count their funds to work out what dividend the FNPF can afford will be because the decision has come from straight from the top. The biggest worry of all is the money that has been lent to Fiji Airways to pay the deposits needed to borrow the money needed to pay for the new Airbus aeroplanes. Nobody in their right mind borrows money to pay a deposit and any lender who lends money to people like this expects to earn very high interest rates. Let’s hope that Fiji airways gets enough passengers to keep up the payments on their billion dollar loan. If they don’t keep up the payments the planes will be seized and Fiji Airways will be finished.

Fiji Times June 29, 2013 $158m bonus

A smoking gun?

May 10, 2013

Coup 4.5 have reported a breach of FNPF IT systems which has accessed data about the contributions made and account balances of some individuals, as well as the performance bonuses paid to top staff in FNPF. Let’s hope the contributions can confirm the Auntie Nur secret payments channel. This has been widely reported in blogs but a smoking gun with all the details would be a blow to the regime’s credibility. Like all freedom blogs FDN will happily post any smoking gun evidence of the regime’s top dog payments.

Coup 4.5 May 10, 2013 FNPF systems breached-records downloaded

Why the FNPF waiver?

April 23, 2013

The FNPF has waived surcharges which should be applied to employers who haven’t paid workers FNPF contributions on time. They claim that this is to protect workers but workers miss out on interest their contributions could have been earning while in the fund. Are they afraid to push too hard for fear that many businesses struggling to survive will go under, with loss of all entitlements to workers? Or is this a favour for the China Railway First Group (Fiji) Company Limited which is building the Raiwai public housing project and not paying FNPF? As always, we have no way of getting to the truth. We just have to take whatever propaganda lies the regime pumps out.

Fiji Times April 22, 2013 FNPF waives surcharge

Buying political influence with your money

April 17, 2013

fiji_fnpfcartoon_ftimes_420x1

Bainimarama expects us to be pleased that he’s investing in other Pacific economies. He expects us to to think this will win friends for Fiji when it’s obvious he expects to win political influence for himself in the Pacific Forum and the Melanesian Spearhead Group. In the same edition of the Fiji Sun where Bainimarama tells us of his plan to buy into PNG mobile phones, we see a report saying that the PNG Government is backing Fiji in the Commonwealth. The funds Bainimarama is using to buy political allies are from the FNPF. It’s not his money – it’s ours, the life-savings of the workers. They should be invested where they’ll earn the most income to provide for our future. He’s cut pensions once already because of the damage he’s done to FNPF investments. FNPF investment decisions should not be based on politics. Bainimarama seems to think his hold on government power gives him the right to everyone’s property.

Fiji Sun April 16, 2013 FNPF to further invest in other Pacific nations

Fiji Sun April 16, 2013 PNG backs Fiji strongly

Regime worried by FNPF fears

March 25, 2013

The regime has lent $200 million of our FNPF savings to the Khaiyum/Pflieger gamble on A330 air plane purchase. The $200 million was used to pay the deposit, a very risky way of doing business. Borrowing 100% is a crazy risk. According to Aisake Taito “The loan is adequately secured according to guidelines”, but this is impossible, as the planes would be secured by the main lenders. If the Fiji Airways gamble fails and they do not get the passengers they’ve banked on, FNPF will be left stranded. The international lenders will take the planes to recover their funds and FNPF will left to try to get their funds from the scraps of what remains. We are right to be worried and we can take no comfort from the glib statements of regime tools like Taito.

Fiji Times, March 23, 2013 FNPF funds safe