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[New post] VNPF oversight of Wilco and Bouffa investments highly irregular, inquiry hears

WordPress.com bobmakin posted: " The trust that the Vanuatu public have in the Vanuatu National Providential Fund, the news today shows, has been frequently abused in a series of large investments by the fund. In the case of the purchase of the Wilco properties, there was a conflict " Respond to this post by replying above this line New post on Vanuatu Daily Digest VNPF oversight of Wilco and Bouffa investments highly irregular, inquiry hears by bobmakin The trust that the Vanuatu public have in the Vanuatu National Providential Fund, the news today shows, has been frequently abused in a series of large investments by the fund. In the case of the purchase of the Wilco properties, there was a conflict of interest for the CEO of Wilco, Tukana Bovoro, to also be on the Board of the VNPF while the board was negotiating to buy Wilco Hardware Holdings Limited. Bovoro declared his conflict of interest, yet the VNPF management at the time did not see fit to step in, despite the VNPF Act requiring those with conflicts of interest to absent themselves from deliberations over matters relating to their interests, and the investment was given the go-ahead. The issue was hotly debated in the media at the time, but incredibly, the VNPF Board accepted the vendor's own valuation, VNPF Board Member Ephraim Kalsakau said. He went on: the Board did not require an independent valuer to value the two properties and "did not request the audited financial investments Read more of this post bobmakin | December 23, 2016 at 4:06 pm | Tags: politics, Vanuatu, VNPF | Categories: The Daily Digest | URL: http://wp.me/p2A4RK-1uA Comment    See all comments Unsubscribe to no longer receive posts from Vanuatu Daily Digest. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: http://ift.tt/2hYKV07 Thanks for flying with WordPress.com

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