12 Mar 2004

Solomons National Provident Fund warns borrowers to meet obligations

9:45 am on 12 March 2004

The Solomon Islands National Provident Fund has warned that it will not tolerate borrowers who fail to comply with their agreement to service their loans with the fund.

The NPF General Manager, Tony Makabo, issued the caution when asked about his Board's decision to sell the former Solomon Island Electricity Authority's head office in Honiara.

Mr Makabo says even with the sale of the SIEA office there are still outstanding loan arrears of about 3-point-6 million US dollars.

He says the sale of the office is the second phase of the exercise against the authority.

The fund last year sold five of the authority's houses, with proceeds going towards their loan.

Mr Makabo says the NPF will deal with other borrowers who fail to service their loans and cited the Malaita and Western Province Governments among others with outstanding loans.