26 Jan 2007

Fiji administration launches probe into National Provident Fund

10:44 am on 26 January 2007

Fiji's interim administration has now targetted the country's largest financial institution, the 2-billion US dollar National Provident Fund (FNPF), in its post-coup clean-up campaign.

Its chief executive, Olota Rokovunisei (pron: roko-vuni-sei), and his deputy, Fiona Nemani, have been sent on leave while the operations of the fund are reviewed.

The interim prime minister, Commodore Bainimarama, says the administration will carry out a thorough review of the Fund's operations and investments and to rectify any problems that might be uncovered.

Commodore Bainimarama says the review is necessary in the light of concerns raised about the management of the Provident Fund, which include the capabilities and salary levels of its senior executives and the viability of some of their investment decisions.

He says the sole objective of the review is to ensure that members' contributions which make up the fund are managed, invested and monitored in an accountable and sustainable manner.

Commodore Bainimarama has also called on New Zealand and Australia not to frustrate the interim administration's efforts to rebuild Fiji.