A-G Clears The Air On FNPF Investments In Fiji Airways

Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum, has cleared the air on the government’s investments in Fiji Airways.

While debating the Review Report of the FNPF 2019-2021 Annual Reports in parliament, Mr Sayed-Khaiyum said investments by FNPF into Fiji Airways were smart investments.

“I will tell you why, because the share price which they have paid for at $4.22.”

Before COVID-19, the share price in 2019 in Fiji Airways was $16 a share,” Mr Sayed-Khaiyum said.

“They have now bought it at $4.22 a share. With Fiji Airways flying the way it is with the borders being reopened within two years they will be able to double or triple the share value,” he said.

“That is what you call a smart investment. They did not do it as some willy-nilly investment and in the same way they made some smart investment in EFL.”

He said it was in the same way the Prime Minister highlighted the relationship with Health Care (Fiji) Limited.

“Sir, Health Care (Fiji) Limited will provide open heart surgeries,” he said.

“Bulk of the FNPF members who faced medical problems, those procedures cannot be provided in Fiji, take out their funds and go to India or those who can afford it to Australia and New Zealand.”

“If those procedures are going to be available in Fiji what is wrong with that.”

In fact it is a benefit to members. They will be able to actually access those services here.

“Money does not leave the country and when Health Care (Fiji) Limited makes money that money goes as an interest payment to their accounts.”

“Again they do not think.”

He added that Fiji Airways was 51 per cent owned by the Fijian Government, FNPF owns 30 per cent, Unit Trust of Fiji (UTOF) owns 1.58 per cent, Qantas owns 16.45 per cent, Air New Zealand 0.68 per cent, Kiribati 0.1 per cent, Tonga 0.1 per cent, Samoa 0.043 per cent and even Nauru owns 0.031 per cent.

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