The Fiji National Provident Fund (FNPF) has responded to criticisms directed at its chief investment officer, Naibuka Saune, by anonymous Facebook accounts questioning his frequent international travel and the per diem expenses associated with these trips, suggesting they are being funded at the expense of member resources.
In a statement released yesterday, FNPF expressed its support for Saune, highlighting the necessity of travel in his position. The Fund noted that Saune has played a crucial role in achieving record investment returns, which helped increase the Fund’s asset portfolio beyond the $10 billion mark in the previous financial year. This accomplishment enabled FNPF to announce an 8% interest crediting rate for its members, marking the highest rate in 25 years.
FNPF emphasized that under Saune’s leadership, the Fund has diversified its offshore investments and established new partnerships, which are essential for exploring growth opportunities. The organization stated that his travel is approved to facilitate the development of relationships and ongoing engagement with international markets.
Additionally, FNPF acknowledged Saune’s extensive expertise in fund management, private equity, and mergers and acquisitions across Fiji, Australia, and other international markets, which enhances the Fund’s growth strategy abroad. His participation as a speaker at notable international conferences, including the IFC Infrastructure and Commonwealth Business Forum, also helps elevate Fiji’s standing in global finance and business.
Despite the organization’s defense, a post on the Facebook page Fiji Transparency described Saune’s travel as frequent and lacking justification, questioning its benefits to the Fund. The page expressed concern regarding the management of FNPF’s resources during economically challenging times, calling for greater transparency and accountability regarding these trips.
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