WPIC now operates legally under accountability framework
By ULUTAH GINA
Solomon Star, Gizo
The Western Provincial Investment Corporation (WPIC), the commercial arm of the Western Provincial Government, is now operating under improved accountability and legal frameworks after years of challenges linked to political involvement.
Premier Billy Veo, who also serves as Chairman of WPIC, acknowledged that the corporation had gone through difficult times in the past.
However, he said significant steps have been taken to restore its operations and improve transparency.
Among key developments, the Premier highlighted the rehabilitation of 10 WPIC-owned houses in Noro that had previously fallen into disrepair.
“Since taking office, we have focused on restoring these properties. Ten houses were successfully completed in 2024,” he told the last day sitting of the Assembly meeting during his Motion of Sine Die Speech on Friday in Gizo.
Premier Veo also addressed public concerns regarding the use of WPIC funds by Members of the Provincial Assembly (MPAs).
He admitted that under previous arrangements, all 26 MPAs had benefited from the corporation in the past and up to date.
“For the public to understand, all 26 MPAs have received support from WPIC in the past,” he stated.
However, he emphasized that reforms have now been introduced to formalize and regulate such practices.
“What used to happen under the old system is now made legal. We have put in place proper processes to ensure accountability and transparency,” he said.
The Premier further revealed that WPIC now operates under an approved budget endorsed by the provincial executive something that was previously lacking.
“In the past, there was no approved budget, which led to misuse of funds. Now, everything is guided by an approved budget,” he added.
He also noted that most WPIC properties have now been improved as part of ongoing efforts to strengthen the corporation’s performance.
The reforms are part of broader measures to rebuild public confidence and ensure that WPIC delivers sustainable benefits to the people of Western Province.
WPIC’s property portfolio comprises 58 houses, including Noro Lodge and Baru Girls Hostel, with a reported book value exceeding SBD 51 million.
The WPIC maintains a key partnership with Soltuna Company Limited, which leases several of these properties to accommodate its employees in Noro.
Historically, a significant portion of the rental income generated from these assets has been directed toward ongoing maintenance and upkeep.
As a result, net profits have remained relatively limited, according to reports from 2018.
