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FNPF to buy diplomatic missions in 2016

November 9, 2015 6:40 pm

The Fiji National Provident Fund expects to purchase SIX overseas based diplomatic missions in the New Year with the legalities on ownership finalized.

FNPF Board Chairman Ajith Kodagoda says with properties in London and Brussels, at least $30 million is being allocated for this buy-out.

“I think almost 6 properties we can actually purchase so that’s why it’s take time but from FNPF’s end, it’s an opportunity for us to legally own property outside the country, so from a members point of view, people like you should be happy about it because you will actually own a property, a share of property in London."

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Sale of assets is a government initiative that goes back to 2013 when it was first announced in the national budget address.

Last week the Fiji Ports Authority was partially divested earning government more than a $100m with FNPF securing 39% ownership; the government retaining 41% and Sri Lankan company Aitken Spence owning 20%.

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