Press Release 6
This press release is issued to clarify and add factual information for fund members and the general public concerning VNPF Investments. Under my leadership and from day 1 of my appointment I have practiced and shown commitments to share information whenever we can within the confines of the Law.
Members should understand and appreciate that we can not divulge into responding to every detail of an investment made-as in most cases-not just VNPF but also the client’s interests must be protected. In our recent Press Release issued on 9th December 2019, we have clearly stated that the posts on Facebook are misleading.
I joined the Fund in September 2017. When I took over the management, there are a number of existing Investments which are Not-Performing and some of which are brought up in the recent posts in social media such as the Equity Shareholding at Interchange Cable Limited, Bouffa Ltd, Club Vanuatu Building, Beleru/Milae Farm etc. These Investments were done by the past fund Managers and the past Board. I developed strategies and implantation plans to revive these investments because disposing or offloading these investments will incur massive losses, which VNPF will not be able to sustain.
Currently the salvaging plans/ strategies and commitments are turning these non-performing investments to performing. Some of the actions we have and are taking are as follows:
- The Ex-club Vanuatu Building, which has been Non-performing since its acquisition in 2013, are being renovated for the new tenants. This investment will now give members substantial returns for long term
- Bouffa Farm Ltd and Beleru Farm are another example of Non-performing investments since acquisition in 2009 and 2012 respectively, now I confirm to members that both farms are generating income for the Fund.
- For Interchange cable Limited, we are currently pursuing a strategy to make sure this investment generates income into member’s savings.
We have a lot of pride, confidence, dedications and hard work to turn around the non-performing Investments. Members’ have to give us time to allow these to materialize. Proper planning and prioritizing our investments is what we will be placing our major focus on now and into the future and ensuring that any new Investment conducted is align to our new Investment framework.
I wish to inform members that the new Investments conducted under my Leadership and the current Board are all performing, generating returns to the fund. These include the following:
- the Conquistador Property at Pango,
- Additional Shares at UNELCO,
- Unit Trust of Fiji (UTOF) Investment,
- TVL Ex-Post Office Building,
- Air Vanuatu Loan, TVL Loan
- and the recent New Caledonia Consulate Property.
As most of you will know, the current Board and its management Team has introduced a comprehensive 5 year (i.e. 2018 – 2022) strategic plan with the main vision of “Honestly serving our Members throughout their lifetime and when needed” and our mission is “To ensure the financial and economic security of the members of VNPF through professional and ethical leadership”.
Our Board, Management and our valuable staff are working tirelessly to ensure that we uphold this vision and bring the fund to a stage where it will perform better and better to generate higher returns for our members.
VNPF is destined to change whether we want it or no. The Technology, Culture, Structure and processes and the management and staff must embrace these changes. With the changes, I expected there would be a lot of resistance to change the staff. As such I am regularly abused in the Facebook page of YTS.
Finally, 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. As usual, I kindly ask that you use your VNPF ID whenever you correspond with me.