FNPF takes VCP to court

The Fiji National Provident Fund (FNPF) has today confirmed that it has filed legal action on behalf of FNPF Investments Limited against Venture Capital Partners or VCP and its employee, Dinesh Shankar.

FNPF chief executive officer Aisake Taito said VCP was one of the fund managers appointed by FNPF and the claim is in relation to losses incurred from some of the investments made by VCP.

Taito said they will now await the outcome of the High Court decision before deciding on further action.

FNPF also stated that subject to confirmations, construction of the new Grand Pacific Hotel in Suva is expected to commence in July.

The Fund is now in the final stages of finalizing the joint venture arrangements with its investment partners from Papua New Guinea, the National Superfund and Lamana Development Corporation.

They are now finalizing the hotel design, costing estimates and a detailed feasibility study.

Taito said the Intercontinental Hotel in Natadola is also performing extremely well and since August last year, as owners FNPF has received $6.5 million from the hotel.

He said that they have also commenced the repayment of loans to the Fund.

FNPF said they will soon finalize the capital restructure to ensure that certain portions of the loans are serviced adequately into the future and the balance to be repaid from the residential sales or converted to equity.


Story by: Vijay Narayan