Many retirees who opted for a lumpsum payout from FNPF are crying foul over FNPF’s delaying tactics and excuses of soughts not to release their money.
Some members, whom our sources spoke to, complain that their lump-sum payout requests lodged many months ago are still pending with the FNPF now trying to convince them to take partial withdrawal only.
The regime’s decision to drop the retiring age from 65 to 55 is putting lots of stress on FNPF’s ability to payout lumpsum withdrawals to its retiring members.
Monthly FNPF contribution receipts is below what they are required to pay-out to their members while many of FNPF’s investment fail to deliver a reasonable rate of return to finance their young retiring 55 years old members.
Fiji’s private sector are also complaining about FNPF’s delayed payment for products and services rendered to them, a far-cry from the FNPF’s prompt payer reputation of yesteryears.
fnpfreporter
Thursday, August 20, 2009
Merchant Finance CEO, Freddie Keshwan on his way out
Sources have reported that Freddie Keshwan, Merchant Finance CEO, has been given the order to go home by Sereana Qoro and Colonel Aziz Mohammed.
The duo are said to have picked on Freddie as the scapegoat they can easily sacrifice to hide their filth at Merchant Finance.
Both Sereana Qoro and Aziz Mohammed have long outstanding vehicle and home loans with Merchant Finance.
Aziz Mohammed, who recently purchased two residential properties, used Merchant Finance to finance him, while Sereana Qoro purchased a Prado four-wheel-drive for her husband and a sedan for her daughter via a motor vehicle loan from Merchant Finance.
Merchant Finance was showing clear signs of cashflow problems with their staff not been paid on time while there was an ongoing heavy TV commercial blitz to attract depositors their way after there was a major run in deposit holders and clients soon after the Pramesh-led management team were ousted by Sereana Qoro and Colonel Aziz Mohammed.
The one time cash-cow of FHL is now a skinny gawky looking beast that has all the hallmarks of a sick entity – thanks mostly to its over-rated Chairman Colonel Aziz Mohammed and its Deputy Chairwoman, Sereana Qoro’s ineptness.
The duo are said to have picked on Freddie as the scapegoat they can easily sacrifice to hide their filth at Merchant Finance.
Both Sereana Qoro and Aziz Mohammed have long outstanding vehicle and home loans with Merchant Finance.
Aziz Mohammed, who recently purchased two residential properties, used Merchant Finance to finance him, while Sereana Qoro purchased a Prado four-wheel-drive for her husband and a sedan for her daughter via a motor vehicle loan from Merchant Finance.
Merchant Finance was showing clear signs of cashflow problems with their staff not been paid on time while there was an ongoing heavy TV commercial blitz to attract depositors their way after there was a major run in deposit holders and clients soon after the Pramesh-led management team were ousted by Sereana Qoro and Colonel Aziz Mohammed.
The one time cash-cow of FHL is now a skinny gawky looking beast that has all the hallmarks of a sick entity – thanks mostly to its over-rated Chairman Colonel Aziz Mohammed and its Deputy Chairwoman, Sereana Qoro’s ineptness.
Tuesday, June 30, 2009
FNPF investment arm to be scrapped
There are indications today that the FNPF investment arm, led by one Semi Leiwere, will be scrapped.
This is the unit that manages all the resort investments FNPF committed itself to like the Natadola Intercontinental Resort, the failed Momi Bay Resort, the yet-to-be-seen derelic Grand Pacific Hotel in Suva, and others.
Sources say an expatriate staff hired by FNPF to provide investment advise to their rotten investment portfolio sort an audience with Frank Bainimarama not so long ago.
It is understood he recommended that FNPF’s investment unit be removed and for FNPF to work towards liquidating all their non-performing assets.
This is the unit that manages all the resort investments FNPF committed itself to like the Natadola Intercontinental Resort, the failed Momi Bay Resort, the yet-to-be-seen derelic Grand Pacific Hotel in Suva, and others.
Sources say an expatriate staff hired by FNPF to provide investment advise to their rotten investment portfolio sort an audience with Frank Bainimarama not so long ago.
It is understood he recommended that FNPF’s investment unit be removed and for FNPF to work towards liquidating all their non-performing assets.
Subscribe to:
Posts (Atom)