5 Apr 2004

New company launched in Vanuatu to invest public funds on behalf of the government

7:24 am on 5 April 2004

Vanuatu's prime minister, Edward Natapei has launched a new private consultancy company to secure, maintain and invest in public funds on behalf of the government.

The company, which is called Vanuatu Holdings, replaces another company by the same name which was set up by the Korman government in 1994.

The prime minister said he had abolished the original company because it had failed to meet government objectives due to political interference.

He said under the new arrangement, Vanuatu Holdings will manage the affairs of the company independently from the government.

Mr Natapei said he hopes that as soon as the company gets stronger the government will reap the dividends at the end of each year.