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End of job for SMI workers

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SIX staff of former Solomons Mutual Insurance Limited (SMI) now called Providence Properties Limited (PPL) will lose their jobs with the company tomorrow.

They include four security officers and two senior staff.

This came after Solomon Islands Provident Fund (SINPF) took ownership of the company by retaining its shares of $7,212,639.57 million plus the two sea front properties worth $13 million.

The company was liquidated in July 2012 after other shareholder, Sathasivam Sivakumaran, refused to sell his 10 percent shares to NPF.

Mr Sivakumaran had already received $7,813,117.83 million from his shares this week.

NPF, which owned 75% shares in the company, bought the other 15 percent shares from Workers Mutual Insurance (PNG) Ltd following a negotiation in 2006.

Liquidator, Gideon Zoloveke Junior said it will be up to NPF to recruit the workers.

“I have already told the six workers on Monday about the situation,” he said.

“Payments of redundancy have already been paid to them as well.

“If NPF recruits them, they will have to sign a new contract but this smooth transition is up to the NPF board,” Mr Zoloveke said.

NPF deputy general manager and manager investment, Mike Wate said the board will meet to decide the next development plans for the property.

Mr Wate said currently suggestion and ideas were raised on what to do on this prime site.

By Eddie Osifelo