MMF still not convinced with NPF explanations - Solomon Star News

MMF still not convinced with NPF explanations

26 May 2014

Malaita Ma’asina Forum (MMF) says explanations made by the Solomon Islands National Provident Fund (SINPF) regarding its two investments, the 360 Discovery and Tavanipupu island resort are not convincing enough.

Forum’s technical head Martin Housanau said the NPF board cannot lie to members about their lending tactics.

“How can you say these are investments when the nature of the transaction you did is actually a lending out of money to the two business operators? Who are you to blind? What is so difficult about telling the truth to members?” Housanau questioned.

He said NPF is breaching its own regulations and must be properly investigated and hold accountable.

Adding; “NPF is not a lending institution and yet lends money.”

Housanao questioned why the finance minister sees fit to allow NPF to lend money to 360 Discovery and Tavanipupu.

The board must be investigated for their decisions which raised more question than answers in the public eye.

“Whilst members of the fund are finding it hard to get loans and take out their contribution at any given time, foreigners are seen to be the beneficiary of people’s hard earned money through such loan in the name of investment,” Housanau added.

By Daniel Namosuaia