Friday, 3 July 2009 4:04 AM

NPF Dividend Useless

As a financial member living in Suva, I was very angry, sad and dissappointed of the announcement by Mr Rini of only 2.7% dividend for the financial year ending yesterday. For us members because NPF does not provide other services like housing loans, school fees or furniture loan or even scholarships like what Fiji NPF does. Our main hope is the dividends paid to us.

The main reason given is the current financial crisis, mind you sir, the so much talk about financial crisis is not centred in Honiara, and I'm surprised that NPF have used it to confuse members. Tell me NPF board and management, how much of the total liquidity held by NPF is invested abroad and in what countries are they invested in?

Members this dividend is unimaginable,are we in the ethnic tension period again? If I may ask. To me I'm not aiming my frustration at the minister but to the board of directors as well as the top management. This is because Politicians are only talkers, the doer's are the board and management, I know some politicians even themselves are questiong this dividend as it is too small, for example if your total share is $10,000 the dividend you're share will be $270 dollars only what an uneconomical investment indeed.

Infact NPF have tried to play psychology in the media by announcing a big broad statement of 20 million dollars paid out in dividends to make members feel ease abit, but I have to say sorry these days we have Solomon Islanders who now understands how financial systems work, be it domestic or international finance, before I finish I challenge the NPF board and management to explain in detail on why they arrive at only 2.7%, If NPF does not reply then I strongly urge the Minister of Finance to remove some of them.

Disclaimer: The views and opinions expressed in this letter/article are those of Andrew Taumako and do not necessarily reflect the official policy or position of Solomon Times Online.

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