By RANOBA BAOA
The sudden exit of the Fiji National Provident Fund from the bemobile deal in Papua New Guinea was due to critical conditions not met to support ‘business plan projections’.
What would have been a telecommunications deal increasing competition, reducing rates and improving service for Papua New Guinea and the Solomon Islands has now come to an end.
In a release yesterday, Fiji National Provident Fund chairman, Ajith Kodagoda confirmed: “The bemobile share subscription was not completed as certain conditions critical to the achievement of the business plan projection were not met.”
The statement goes on to say: “… as custodians of members’ funds, the Board is mindful of its fiduciary duties to protect and grow members’ savings and will always act in their best interest at all times.”
On an optimistic note, Mr Kodagoda stated, the fund remained positive that parties involved would explore all alternative structures going forward.
Mr Kodagoda also confirmed that FNPF has recommenced talks with the Independent Public Business Corporation (IPBC) of PNG.
Yates on benefits
An interview with bemobile chairman Syd Yates in Radio Australia, in April, quoted him saying that the deal was set to bring down the price of phone calls and data.
“One of the main reasons that the deal was constructed was to be able to be an effective competitor to Digicel, and …give better service, more coverage and competition throughout Papua New Guinea and the mobile phone network,” Mr Yates said.