A load of bull: failed VNPF investments to be probed by official inquiry

A bull at Milai Vanuatu Limited's Belmol cattle farm on Espiritu Santo. Photo: Bkj1000/Wikimedia Commons

A bull at Milai Vanuatu Limited’s Belmol cattle farm on Espiritu Santo, one of a number of VNPF’s failed investments. Photo: Bkj1000/Wikimedia Commons

The Government has set up an inquiry to look into various failed investments made by the Vanuatu National Provident Fund. It covers assets purchased between 2007 and 2014 which have not made money. Minister of Justice Warsal and Minister of Finance Pikioune launched the Commission of Inquiry yesterday afternoon. It is headed by Anita Jowitt. Tony Nalipus is the assessor, Andrew Kausiama is secretary and members are John William Timakata and Cathy Abel-Nako. The Commission is required to make its investigations over the next two months. (Radio Vanuatu)

High profile VNPF failed investments include Bouffa Plantation, Milai Farm, Stella Marae, Nasama Resort, Club Vanuatu premises, and Wilco. There were other less recognisable properties also on their list. Today’s Daily Post tells us that these VNPF failures are valued at Vt4.5 billion. (Daily Post)

A Tax Review Committee has been set up by government to look into the complete system of taxation used by Government. There are many Government representatives and one from the private sector. The business community has said that it wants a more ‘independent’ committee with better representation from the business and commercial interests of Vanuatu to give its views on the topic. (Radio Vanuatu)

On its 45th birthday, the Vanua’aku Pati announced that the next VP Congress will be held at Hog Harbour and other Santo villages will jointly host the meeting from 4–7 September. The Interim President, Joe Natuman, confirmed that this is in line with decisions of the last Congress. (Radio Vanuatu)

The Department of Livestock has this week established a breeding centre for the redistribution of the most successful breeds of pigs throughout northern region. This is with a view to improving the overall quality and quantity of such stock. The pigs bred in the Luganville Centre will go to small- and medium-holder farmers in the north. Various aid agencies have assisted. (Radio Vanuatu)