FNPF CIO paid more than CEO
April 11, 2012 1:37 am
The Suva High Court this morning heard that the FNPF Chief Investment officer was paid a base salary of $250,000 per annum, because there was no one in Fiji skilled enough to handle the billion dollar investment.
This was revealed at the second day of the three week trial for former FNPF CEO Olota Rokovunisei.
The base salary was more than $100,000 more than the Chief Executive’s base salary of $150,000.
Former FNPF Board member Himmat Lodhia confirmed that the board was advised by KPMG to look overseas for a suitable candidate.
He confirms while the post was vacant, Rokovunisei was acting in the position for seven months.
Defence lawyer Samanunu Vaniqi asked Lodhia whether he knew about the base salary for the CIO, Lodhia replied he could not recall.
Vaniqi again asked Lodhia that since the post is an executive position, and while his salary was not part of the Higher Salaries Commission it would have gone through the board anyway.
Lodhia again replied he still could not recall.
Samanunu will continue to cross examine Lodhia this afternoon.
Rokovunisei is charged with extortion of funds and abuse of office.