13 Dec 2019

Press Release 3

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As General Manager of VNPF, I am extremely happy to provide audited summary of 2017 Financial Accounts.

I would like to inform Members that 2017 was the year the Commission of Inquiry published its findings and it was on September of that year that I joined the Fund.

2017 audited accounts shows the total return on investment for the Fund is VT686,872 million and the consolidated Return on Investment is VT762,777 million. There was a huge loss of VT835,756 million through impairment loss on Property Valuation during that year.

The expenses on Property maintenance cost the Fund at VT57,218 million in comparison with 2016 figures of VT76,602 million. The total operating expenses for the Fund was VT851,021; the loss in Equity Valuation was VT851,021 million for ICL and Centre Point Properties and which I am not responsible. The Annual interest of 1.5% was declared at a value of VT344,679 million and credited to Members accounts.

The VNPF Net Profit after the Operating Expenses, impairment losses and the annual Interest credited to Members’ accounts had dropped to negative VT1,324,125 billion. This was the highest loss that the Fund has ever experienced. For the Group the consolidated loss recorded was negative at VT733,418 million.

The accumulated Total Assets for the Fund was VT17.3 billion and VT17.99 billion for the Fund and its subsidiaries. The Term Deposits held the highest figure of VT3.7 billion followed by Government Securities and Investment Properties. The Cash held in the Call accounts was VT2.88 billion waiting to be invested.

Employees’ liabilities such as Severance and Annual Leave provision was worth VT76.9 million; which means that staff are serving the Fund for a longer period and Annual Leave are not taken as required by the Employment Act.

I am attaching the audited accounts for 2017 which was approved by the Board. I would like to inform Members who have questions to directly email me on Parmod.Achary@vnpf.com.vu, send their questions via VNPF Voice Facebook Account and/or come directly in VNPF and meet with me for a discussion. I kindly ask that you use your VNPF ID whenever you correspond with me.

Parmod Achary
General Manager

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