The Fiji interim Commerce Minister, Aiyaz Sayed-Khaiyum, says the Fiji National Provident Fund is in a sound position after its asset base was written down by about ten percent.
The FNPF now has total assets of about 1.6 billion US dollars.
Mr Sayed-Khaiyum says the write-down was necessary because of inept decisions by previous governments and FNPF boards.
He points particularly to the creation in 2004 of the FNPF Investments Ltd.
"Which essentially allowed the then board to go out of its normal or usual mandate and invest is some fairly high profile, risky type of ventures, which subsequently obviously did not pay off. And since then the auditors have been trying to highlight to the board that they need to reflect the true value of the assets in their books and none of the boards have in fact done that."
