The Fiji National Provident Fund (FNPF) has written off $327M worth of its assets in order to reflect the true value of member's accounts.
Attorney General and Minister for Commerce Aiyaz Sayed-Khaiyum made the revelation yesterday afternoon saying that since 2005, no action has ever taken place to find the true value of member’s assets.
Sayed-Khaiyum said that the writing off of the assets now enables FNPF to take steps to protect member’s funds.
Fiji National Provident Fund chief executive Aisake Taito said however member’s funds are safe.
Sayed-Khaiyum stressed that the current amount in the individual member’s funds remains the same and the amount in the accounts will not be reduced.
He stressed that based on recommendations since 2005, the true value of assets of FNPF had to be ascertained to ensure that the actual and true value of assets of FNPF is in the books.
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