4 Oct 2012

Legality of Solomons NPF loans questioned

4:19 pm on 4 October 2012

The legality of loans by foreign investors from the Solomon Islands National Provident Fund has been questioned.

The Malaita Ma'asina Forum claims the NPF board overstepped the NPF Act by accepting loans under the name of investments from Tri-Marine, Sasape International Slipway, Solomon Taiyo and Tavanipupu Resort.

The Forum is also is questioning the relationship between the NPF Board with the directors of the Tavanipupu Resort.

This came after the NPF granted a more than two-million US dollar loan to Tavanipupu Resort in February this year.

The Forum alleges the NPF Board's decision was influenced from outside.

The group also questions the inclusion of Tavanipupu resort during the Duke and Duchess of Cambridge's visit, saying it was only to increase the marketability of the foreign-owned resort as it goes on sale on the web.

The resort is being sold for 12 million US dollars on the internet.