A Fiji economist says Fiji pensioners could face up to 400 million US dollars in losses after another risky investment by the Fiji National Provident Fund.
The pension fund is lending Air Pacific 113 million US dollars for the initial funds to buy three new Airbus jets, priced at 200 million dollars each.
Dr Wadan Narsey says an unaccountable board has not learnt from mistakes and is allowing pensioners' funds to be used as a cash cow for a loss-making company.
"All the consultancy reports that have been done on FNPF's lending policy have said that they need to move away from loans which apparently try to help the Fiji economy develop or to help the Fiji government in its financing and they should stick to the core business which is trying to make sure that their members get the best return for their investment."
Fiji economist Wadan Narsey.