NPF belongs to members, not the nation: MMF - Solomon Star News


JUser: :_load: Unable to load user with ID: 48

NPF belongs to members, not the nation: MMF

28 July 2014

Malaita Ma’asina Forum has hit back at NPF deputy manager Mike Wate saying NPF is not a national entity but member’s entity.

Deputy Manager of NPF Michael Wate this week explained that NPF is a national entity.

President Charles Dausabea said only one third of the country’s population are fund members therefore it should not be called a national entity but an entity belonging to members.

Mr Dausabea said their fight is not MMF’s but that of the fund members who want to see the funds utulised to benefit members.

 “We continue to maintain our call for the resignation of the chairman and board because what’s been done to members’ contributions is not right,” he said.

“Look at the Tavanipupu loan, the three commercial banks’ loan to NPF at 0.5% interest, the $150m payment to Mike Hemmer and others.”

Mr Dausabea questioned why members cannot get a loan from the fund at low interest rates like what NPF gives to commercial banks.

“But instead NPF will send its members to the commercial banks for the 15-18% interest rates which is stripping off people. How could a man in his right mind see this as fair?” Dausabea questioned.

He said MMF sees this as an injustice to the people who own the funds.

“I am not an economist, but common sense tells me this is no fair and right to members

“Look at the agreement made with Mike Hemmer resulting in him walking away with $150m. He never contributed anything into the fund but yet, he went home a millionaire.

“And this is a lose to the fund including unperformed investments offshore which incurred millions of dollars in lose two years ago. So what does this indicate to members?”

He said MMF’s persistence is for the NPF to do the fair and right thing.

He further questioned why there are same people in the boards of Solomon Telekom and the South Pacific Oil (SPO).

“This is how these people continue to serve their own interests and their foreign allies.

Mr Dausabea said if these boards consist of different people, members will see a big difference and that would be the end of this ‘unfair network’.

“There are many well qualified people who can serve in these different boards, why these same people hold these posts is another question that needs answering.”