Fiji Trades Union Congress national secretary Felix Anthony described Fiji National Provident Fund’s purchase of 30.02 per cent of Fiji Airways as “simply shocking and unanticipated”.
In a statement issued yesterday, he said there was no word from the FNPF Board on the decision to purchase shares “nor has there been any information forthcoming on whose shares have been purchased”.
Mr Anthony also said there has been no word on whether Fiji Airways debt to FNPF has been converted to shares “to make the Fiji Airways books look good”.
“All these deals appear to have been made in secrecy without proper due diligence and the fact that workers’ money is being expended to save the airline,” he said.
“We have not heard of any workers’ superannuation scheme investing in airlines – more particularly at a time like this.
“This is further compounded by the fact that some aircraft operated by Fiji Airways is not owned by Fiji Airways but by Waqavuka Financing Ltd based in Ireland.
“No one appears to know who the directors of that company are.
“This is no surprise when the entire board of FNPF are representatives of the Government. “They clearly do not recognise that it is workers’ funds that they are trustees of and not an extension of the Ministry of Economy.
“It is time that FNPF comes out and demonstrates greater transparency and accountability to its members.”
