FIJI National Provident Fund purchase of 20 per cent shares in Energy Fiji Ltd worth $220 million has been labelled a desperate measure by Government, claims National Federation Party leader Professor Biman Prasad.
Prof Prasad’s comments come after a signing ceremony for the partial investment of shares in EFL was facilitated by Economy Minister Aiyaz Sayed-Khaiyum in Suva on Friday.
Mr Sayed-Khaiyum said this would allow FNPF to sit on the EFL board.
“We trust that we will bring in the value that you expect us to bring in, we will grow EFL to become a true regional model for utility, the minister has emphasised that there are opportunities outside Fiji,” FNPF board chair Ajith Kodagoda said.
Prof Prasad claims FNPF had become a cash cow for the Government.
“It’s taking money from one pocket which is the pocket of employees of this country to the State through the sale of shares within the EFL,” he said.
“We consider this as a very incestuous kind of regime because we believe the FNPF has not operated in an independent manner and in the way it used to operate before in this country.”
He claims the Government was running out of money and was desperate to raise funds.
