COI & VNPF AUDIT NOT YET RELEASED DESPITE PUBLIC OUTCRY
The Vanuatu National Provident Fund (VNPF) is planning another open forum on Wednesday, the 11th of December, 2019, to provide answers to the public on concerns raised of several investments approved by the VNPF Board and implemented by the VNPF management.
The response by VNPF came amidst rising public outcry over several new investments being approved by the VNPF Board which are deemed unnecessary by VNPF members.
An email from the VNPF GM was leaked to Media this week detailing the VNPF GM warning staff about leaking any information on investments carried out by the VNPF.
The email sent on the 4th of December 2019, by VNPF General manager Parmod Achary, does not deny that the facts appearing on facebook posts are lies.
The email, however, reinstated the fact that the figures on investments by the VNPF are in fact all true.
Mr. Achary said in the email to VNPF Staff “I will stop staff using their personal phones during office hours”
The threats from the GM come after social media started questioning a report by Daily Post Vanuatu on a 1% Interest paid to VNPF members including a VT800 million expenditure to raise VT200 million on interest for 50,000 members.
Achary did not deny anything posted on social media with his email to VNPF staff, however, he listed five (5) different issues which he stated are confidential and are only known by VNPF Staff.
The five listed (5) concerns are (1) Payment of the 1% interest which saw a post come out on social media that though the 1% was declared by the VNPF management, that interest was never paid.
The second (2nd) concern raised is about the Auditing of the Funds Accounts for the year 2019 which through leaked information from VNPF, YTS News understands there is no Audit for this year 2019. There is also concern from members as to why an Audit done by KPMG in 2017 was never made public.
The third issue is the involvement of ITGalax Consultant who works there as an IT even though there are qualified Ni vans for the Job and the VNPF GM also did not make any further comments on that statement as well.
The fourth (4th) listed issue was a VT100 million grant paid following a request by staff. Even when the 1% were not yet paid, the grant of VT100 million was approved and this is also information the VNPF GM says is confidential and only VNPF Staff know this.
The fifth (5th) on the list was a request to VNPF Staff Meresimani Bakeo to tell VNPF members why no payments for interest were paid to members accounts despite the announcement being made.
GM Achary also threatens VNPF Staff via his email that he has approval from the Board to find out who has been leaking information and to terminate them directly.
Despite claims by VNPF GM Achary that the VNPF Staff breached the VNPF Staff Code of Conduct, it was the only means to which information could get out and thanks to the VNPF Staff’s, it has in a way helped to disclose information about how members savings are being spent on the interest of the Board and Management.
The allegations of land bought in Noumea has not been denied by the GM Achary and there concerns over the valuations carried out for that land.
There is growing concern on Investments by GM Achary as he does know there are existing investments in place, investments already forecasted and planned by VNPF, namely, the Bouffa Range Farm, The Subdivision Plots on Santo, the old Club Vanuatu Building, Interchange, and many others.
These are investments that VNPF needs to continue to revive and improve to ensure they generate back VNPF members monies, however, GM Achary in a way ignores them and has also continued to invest member’s savings.
Employers around business houses in Port Vila have not spoken yet but it is a shame to them too for being faithful to pay the VNPF every payday yet get to watch and hear VNPF invests all those monies needlessly.