OPPOSITION MP Parveen Bala has raised serious concerns over escalating costs, delays and governance issues surrounding the Fiji National Provident Fund’s Westin Denarau redevelopment project, calling for greater transparency and accountability from the fund’s board and management.
Speaking during debate on the 2025 FNPF Annual Report in Parliament, he said the fund remained one of Fiji’s most important financial institutions, managing the retirement savings of more than 436,000 members and assets worth $12.1 billion.
While acknowledging FNPF’s strong financial performance, including revenue growth to $1.1 billion and an 8.75 per cent interest payout, he warned that several issues identified in the committee report required urgent attention.
Among the most concerning, he said, was the Westin redevelopment project.
“The committee was assured of the completion by April 2026. However, the report reveals a troubling gap,” Mr Bala said.
He told Parliament that during committee hearings he questioned FNPF management about the project’s original cost.
According to Mr Bala, the initial figure publicly discussed was about $90 million, but later reports suggested costs had risen dramatically.
“The last time we were told, the cost had increased to $230 million. That is a $156 million increase from the original public figure.”
Mr Bala added that uncertainty remained over the final project cost, claiming even questions about specific purchases could not be fully answered during committee discussions.
“A fiberglass swimming pool was purchased. It may not be used, but the CEO could not answer on the day.”
He warned that continued delays and rising costs would ultimately affect FNPF members through reduced returns and delayed dividends.
“Delayed revenue from the hotel means delayed dividends to the members. Cost overruns reduce overall returns, and the lack of transparency damages public confidence.”
He also raised concerns about governance within the fund, noting reports of tensions between board members and management, as well as the recent removal of a board member.
“We also hear that there are a lot of differences between the board members and the management level. It is a serious issue and I request the line minister to address this,” he said.
He further claimed that multiple project managers had been replaced during the redevelopment.
“I am also reliably told that within the shortest period of time, three to four project managers have been changed. What is going on? I mean, what is wrong?” he asked.
Mr Bala said repeated changes to project timelines were another warning sign.
While the board had reportedly assured Parliament the hotel would be completed by April 2026, he noted that deadline had already passed.
He said the Opposition was not calling for “heads to roll”, but for “answers, audits and accountability”.
The Opposition MP also questioned why the Reserve Bank of Fiji continued limiting offshore investment transfers by FNPF despite strong returns from investments such as BSP-PNG.
He argued that with 91 per cent of the fund’s portfolio still invested domestically, greater diversification was necessary to reduce long-term risks.
Despite his criticism, he stressed that the Opposition was not attempting to undermine the fund.
“We are not all here to destroy the FNPF. We are here to protect it from itself.
“The fund is too big to fail. It holds the life savings of every Fijian who works for a wage.”
He concluded by demanding full disclosure of the Westin project’s approved budget, actual expenditure, contractor payments and variation costs, saying Parliament owed contributors complete transparency over how their retirement savings were being spent.
