The Fiji National Provident Fund (FNPF) has written off $327M worth of its assets in order to reflect the true value of member's accounts.
Attorney General and Minister for Commerce Aiyaz Sayed-Khaiyum made the revelation yesterday afternoon saying that since 2005, no action has ever taken place to find the true value of member’s assets.
Sayed-Khaiyum said that the writing off of the assets now enables FNPF to take steps to protect member’s funds.
Fiji National Provident Fund chief executive Aisake Taito said however member’s funds are safe.
Sayed-Khaiyum stressed that the current amount in the individual member’s funds remains the same and the amount in the accounts will not be reduced.
He stressed that based on recommendations since 2005, the true value of assets of FNPF had to be ascertained to ensure that the actual and true value of assets of FNPF is in the books.
The National Security Council is expected to meet later today to review the fuel situation in the country.Following this meeting, the government is ex...
2 hours ago
Floodwaters entered homes in Rifle Range, Lautoka early yesterday morning leaving families counting their losses and beginning clean-up efforts ...
2 hours ago
The National Security Council is expected to meet later today to review the fuel situation in the country.Following this meeting, the government is ...
2 hours ago
Tropical Cyclone Vainanu continues to impact road networks with a number of crossings and roads in the Western and Central divisions either closed, ...
3 hours ago
People in parts of the Central and Western Divisions continue to experience intermittent power outages following damage caused by Category 3 Tropical ...
3 hours ago
Just a few minutes ago, US President Donald Trump said he has agreed to a two-week ceasefire with Iran on the condition that Iran agree to reopen the ...
4 hours ago
I was invited to travel to New Zealand by the Fiji Sports Council for a grassroots 7s tournament in 2024, I travelled business class but it was ...
33 days ago
