FNPF loan seals Hideaway Resort deal

March 28, 2009 06:23:35 PM

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The Fiji Teachers Union’s (FTU) commercial arm, FTU Co-operative Thrift and Credit Society Limited (FTUCTCSL), loaned $12 million from the Fiji National Provident Fund (FNPF) to seal its acquisition deal of the Hideaway Resort, it has been confirmed.

FTU general secretary Agni Deo Singh confirmed this to FijiLive saying that FTUCTUCSL acquired the resort in November last year.

Not revealing the amount of the acquisition, he said the loan from the FNPF was needed to seal the deal of the resort, and a portion allocated for renovation works on the property.

“I do not know what the big deal is. This is an investment that we have made and this is for the good of our members,” Singh said.

“We will be making a public announcement on the matter and we are thinking of doing it in June after the Natadola opening,” he said.

Singh declined to comment further on the matter.

Several attempts to obtain comments from FNPF chief executive Aisake Taito were unsuccessful.

Hideaway Resort general manager Chris Blackburn confirmed the acquisition by FTU.

He would not reveal any amount as well, and referred all questions to the FTU.

The superannuation fund has been the subject of strong criticisms recently following its announcement of tightened withdrawal policies, including the proposed $20 application fee, all to become effective on April 6.

Fijian Teachers Association (FTA) president Tevita Koroi said the association was aware that FTU had acquired a property in the Coral Coast.

He said they were not aware however, of the magnitude of the investment.

“We welcome the investment but the FNPF should come out clear to the public about their borrowing policies to the members, the general public,” Koroi said.

“This is an issue that needs to be looked at. After all it is the public’s money that is being used,” he said.