15 Dec 2005

Appeal to Fiji finance minister over control of Provident Fund

10:42 am on 15 December 2005

A former Fiji finance minister and multi-millionaire businessman, Jim Ah Koy, has called on the current holder of the office to be more vigilant in appointing members to the board of the Fiji National Provident Fund.

Mr Ah Koy, who is a senator appointed by the Great Council of Chiefs, made his call in the Upper House while debating the 2006 budget.

He said there is concern that funds in the FNPF, the country's largest financial institution with assets of over US$2 billion, are no longer safe.

He said there are some senior directors on the FNPF board who occupy other similar positions, with one of them sitting on 20 other boards.