FNPF clarifies its investment in Natadola

The Fiji National Provident Fund confirms that its consolidated financial statements for 2007 did not include the accounts of its subsidiary companies, Natadola Land Holdings Limited and Yatule Beach Resort Limited. Fund Chairman Mr Parmesh Chand said the non-inclusion of the 2007 subsidiary accounts was due to the withholding of the financial documents by the former project managers of the Natadola hotel development, Asia Pacific Resorts International Limited (APRIL).

Mr Chand clarified that the un-audited Natadola Bay Resort Limited(NBRL)accounts formed part of the audited consolidated accounts of the Fund.

“FNPF has taken all necessary actions in an effort to retrieving the accounts of the companies, including NBRL, to comply with the Fiji Accounting Standards. These include filing a High Court action against APRIL in September, 2007, seeking the Court’s intervention in retrieving all documents in relation to these companies.”

He assured that once these documents were received it would be presented to the auditors for verifications and qualifications.

“The Fund’s investment on the Natadola project pre-2007 and post- 2007 has and will be consolidated to the FNPF’s accounts, contrary to media report that claims the non-inclusion of the total project cost,” Mr Chand.

Furthermore, Mr Chand added that the Fund has made relevant disclosures in its 2007 annual report on the basis of the qualifications of its accounts in a transparent manner.

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