Tuesday, September 8, 2009

Need to review/ audit SINPF

hello frens,

Am sure most of us are financial members of SINPF and are concerned one way or another on its affairs, especially in the manner in which the Fund invests and expends its finances. Indirectly, as contributors of the Fund we are its owners and so we are entitled to know whats going on in there.

Over the years, we have learnt through the media and through the Fund's reports that there have been massive investments, both locally and offshore by the Fund. One of the recent local investments by the Fund is its shareholding arrangement with South Pacific Oil. SINPF owns more than 50% of the company's shares.

Hence, I personally believe that the recent media revelation that the Company's (South Pacific Oil)Managing Director is living with a S100 000 monthly salary calls for an inquiry into the affairs of SINPF. I think we as members should be demanding that the Fund's financial dealings and spendings are audited so that we are aware of its activities. I think it is time that as members we are provided with independent information, rather than inside information that will always speak for the Fund and its Board and Management, such as the Fund's financial reports which are produced and published by the Fund.

If an independent financial audit is undertaken I am sure that many more irregularities and suspicious activities could be discovered. The $10 000 monthly salary of Mr Mike Hemmer, who also happens to be the Chairman of SICCI, is only a tip of the iceberg.

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