27 Dec 2002

Solomon Islands National Provident Fund in financial trouble

5:42 pm on 27 December 2002

The Solomon Islands National Provident fund is one of many South Pacific islands funds experiencing financial difficulties.

Our correspondent in Honiara, George Aitken reports.

"Fiji, Vanuatu and Papua New Guinea's National Provident Funds have been the first to suffer financial difficulties as a result of maladministration."

An unofficial report from the Solomon Islands National Provident Fund claims that the fund has been suffering from the Government's inability to pay its workers contributions as well as maladministration.

The report says the fund's general manager Nathaniel Tuiseke has been suspended pending results of investigations being carried out into the fund's financial position and allegations of financial mismanagement.

Contributors to the Solomon Islands National Provident Fund are reportedly concerned that the fund has been very quiet to the true financial position.

The fund invests its money in two buildings in the commercial heart of Honiara and another in downtown Brisbane, Australia.

In Honiara it leases out rooms for offices, food bars and shops, the major tenant being the National government.

The fund holds minority shares in the National Bank of Solomon Islands.

George Aitken for Radio New Zealand International, Solomon Islands.