SINPF confirms new deal for Tavanipu - Solomon Star News

SINPF confirms new deal for Tavanipu
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15 February 2021
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THE Solomon Islands National Provident Fund (SINPF) has confirmed it is considering a management proposal it has received for the Tavanipupu Island Resort (TIR).

The confirmation which came in the form of a letter, published yesterday by Solomon Star, however, did not come from the Management. Instead, it came from “SINPF Media”. 

It was in response to an article published by Solomon Star two days earlier, suggesting the Fund’s Investment Committee is assessing a new management proposal for the Tavanipupu Island Resort. 

According to the Solomon Star article, the new management proposal is set to go before the SINPF Board when it meets later this month.

“It is a common procedure to advise potential new customers who make proposals to the Board to lease any of the Fund assets that their requests will go through a process before being informed of a decision, but not to the media.

“That is what the Fund is doing on interests it receives for Tavanipupu Island Resort,” the letter said.   

In 2012 a management deal involving foreign businesswoman Pamela Kimberly and John Sullivan QC and a $15 million SINPF loan came to grief only two years later when the SINPF terminated the management arrangement.

The SINPF Media also responded to a report on the purchase of a 94-hectare land at Panatina, where the Fund plans to develop a housing estate for government workers.

“The SINPF Land Bank at Panatina is a registered title bought after all due diligence is made and is registered in the name of the SINPF Board in 2016,” the letter said.   

“The process to identify the land for the land bank is through a public tender when all bona fide title owners made submissions to the Board according to our tender requirements.  

“At a competitive price offer, the Panatina land meets the Fund’s requirement for our (to be developed) future member home ownership scheme. Currently, a third party is challenging the title with the 3rd party previously coming out in the media on their claim,” the letter said. 

The new SINPF Board investment for DFAT housing is well released to the media last year through the Solomon Star and Island Sun and construction should commence this year.  

“Basically these are not NPF’s new deal or deals,” the SINPF Media letter said.

 

By ALFRED SASAKO
Newsroom, Honiara

 

 

 

 

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