FNPF Payout for Cyclonic Damage

April 11, 2018, 12:18 p.m.

Residential dwellings, farms, central business districts and commercial properties in parts of the Western division and Northern division were inundated were damaged by cyclonic winds and flood waters early this week as Tropical Cyclone Keni moved through the South West of Viti Levu, the country’s largest island.

This followed similar floods and widespread damage to property from Cyclone Josie last week, over the Easter long weekend.

The Fiji National Provident Fund says it has paid out 701 applications as of March 8 for those affected by Cyclone Josie, before it suspended services as the category-3 TC Keni moved through the Fiji group.

CEO Jaoji Koroi said the pay-outs totalled $572,000, with over 4000 Natural Disaster Assistance forms issued, though more forms are being handed out.

"Our teams are doing their best to provide the necessary assistance to members in the worst affected areas in the Western Division,” he said.

FNPF members have been advised that forms for flood assistance are not issued by any other parties except the FNPF Inspection teams, and hence will not be available at FNPF offices. Applicants will be able to receive a maximum of $1000 from their fund accounts.

Cyclonic damage from TC Keni disrupted telecommunication networks, electricity and water supply to parts of the Western and Northern divisions, with the preceding Cyclone Josie closing schools for two weeks as evacuation centres have been set up in Rakiraki, Ba, Tavua, Lautoka, Nadi, Sigatoka, Labasa and outer islands in Kadavu, Lau and Lomaiviti.

Koroi has recently been appointed CEO for the FNPF, the country’s largest financial institute and main superannuation fund.

He was previously Chief Operating Officer for the past two years, and prior to that, Chief Investment Officer for seven years.

The FNPF says Koroi has more recently led the Fund’s restructure, including the consolidation of member services, realigning contributions collection and compliance, and streamlining support functions and according to the FNPF, led the successful rehabilitation of their non-performing assets with prudence.

“These rehabilitation projects include the rebuilding of the Grand Pacific Hotel, MyFNPF Centre at Greig Street Suva, and the Fiji Marriott Hotel in Momi Bay. He also spearheaded the Fund’s expansionary and diversified investment portfolios, both locally and overseas, optimizing returns on investments for members’ funds.”

His selection as CEO followed a thorough and stringent selection process.

He has consistently displayed strong strategic and change management skills and we have confidence in his ability to lead the organisation into the future, especially in reshaping and transforming the corporate culture of the institution to deliver service excellence and consistent returns to members,” said FNPF Chairman, Ajith Kodagoda.