The Fiji National Provident Fund (FNPF) has responded to criticisms directed at its chief investment officer, Naibuka Saune, by anonymous Facebook accounts that have questioned his frequent international travels and the accumulation of substantial per diem allowances, alleging that these expenses come at the cost of member funds.
In a statement released yesterday, FNPF expressed its appreciation for Mr. Saune, emphasizing that his position necessitates regular travel for the fund’s development. They highlighted his significant contributions, which have helped the fund surpass the $10 billion asset portfolio mark in the last financial year, resulting in a declared interest crediting rate of 8% for members, the highest in 25 years.
The statement pointed out that under Mr. Saune’s leadership, the fund has broadened its offshore investments, diversified into more resilient sectors, and established new partnerships. His travels, approved by the fund, are essential for maintaining connections with international markets and seeking new growth opportunities.
FNPF also noted Mr. Saune’s recognized expertise in fund management, private equity, and mergers and acquisitions across Fiji and abroad, which allows the fund to effectively pursue its offshore growth strategy. He has received invitations to speak at notable international forums, such as the IFC Infrastructure and Commonwealth Business Forum, which enhances Fiji’s visibility in global financial and business circles.
In a Facebook post from Fiji Transparency, a page committed to promoting transparency since the 2018 Fijian Elections, Mr. Saune was accused of undertaking frequent, unjustified travel that lacks clear benefits to the fund. The post raised concerns about the proper management of FNPF resources amid high inflation and economic difficulties, urging for greater transparency and accountability regarding these trips.
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