FNPF undertakes major reforms

The Fiji National Provident Fund (FNPF) has embarked on major reforms which include the appointment of a new Board of Directors and divesting its interests in non-performing assets and investments, and re-shaping its loan book.

The Fund's New Board of Directors, to be headed by Group Chairman of FNPF John Prasad will assume group focus instead of the individual subsidiary company focus that has been in place since 2005.

All the FNPF's fully owned subsidiaries have been abolished and these subsidiaries including FNPF Investments Limited, will now report directly to the FNPF Board.

There will also be a review of the FNPF's current Withdrawal Policy and organizational structure to ensure that the Fund's business objectives are fully achieved.

The FNPF will also review all its investment policies to ensure sound management and so that prudent investment decisions are made to maximize returns to member's funds.

As revealed earlier by Fijivillage, the auctioning of the Momi Bay project has been deferred for a month and will now be held on August 25th.

FNPF said publicity for the auction has attracted worldwide attention and interest that has resulted in the deferment as the Fund prepares the site for auction.

Regarding the Grand Pacific Hotel Project, FNPF is currently progressing its divestment discussions with some serious potential developers, which will determine the future of the project.

The Fund is also undertaking a foreclosure process of the Savusavu Harbour side project and further announcements on the matter are expected in due course.