16 Aug 2012

Vanuatu minister assures pension fund deposits are safe

2:12 pm on 16 August 2012

Vanuatu's finance minister, Moana Carcasses, has assured members of the Vanuatu National Provident Fund that their savings are safe.

The Fund reportedly holds 121 million US dollars.

The minister made the assurance personally to about 500 members who questioned him amid claims of mismanagement and nepotism at the Fund.

This week there have been protests outside the Fund's headquarters and calls for the general manager to be removed along with many of her senior staff, who it is alleged are members of her wider family.

The government says seven senior staff, including the general manger, have been suspended while the Auditor General conducts an investigation.