I read your story on Sunday about the Samoa National Provident Fund being quiet on its lending to these foreign companies and foreign businessmen.
I am concerned to read this and even more concerned at the risks associated with these loans.
Can I use this forum to ask some questions to the management of the Fund, especially the C.E.O of the S.N.P.F.
1. Why have we lent to these foreign companies and foreign businessmen when I thought the whole purpose of building this Hotel at Taumeasina was for Lamana to bring in investment as they promised? Why have we lent to them and why so much. I hear it’s in the millions and millions?
2. What returns will we see from these loans to the Lamana Group?
3. What securities do we have over these millions lent?
4. What are the terms and conditions of these millions lent?
5. Why has the S.N.P.F. lent to a foreign Chinese businessmen?
6. What terms and conditions are part of his loan?
7. Is it true that the millions lent to both parties was immediately sent outside of Samoa to foreign bank accounts?
8. What security and background checks did the S.N.P.F. do on these individuals and companies? If any?
These loans are not small amounts and I believe they amount to millions and millions of the people’s monies.
My other concern too after reading the letters about conflicts of interest is the connection between the head of the S.N.P.F and the head of another commercial bank owned by the same Papua New Guinea interests. Is there not a conflict there?
What happens when the S.N.P.F tenders out its deposits to all four Banks for the best interest terms for these deposits? Can you assure me there is no conflict there?
Curious about dealings of