The Solomon Islands National Provident Fund (SINPF) says having the Tavanipupu Island Resort Limited (TIRL) title for the next two years will improve NPF’s ability to recover its investment in the resort and open new investment landscape and options.
Tavanipupu Island Resort Chairman, Gideon Zoloveke says SINPF now plans to take control over TIRL company management including appointing a new board fully controlled by NPF appointed directors.
Mr. Zoloveke explains, John Sullivan QC who represents the existing shareholders of TIRL will remain as the director until September 2016.
He says if the current shareholders do not exercise their ‘buy back option’ before September 2016, SINPF will take one hundred percent ownership of the company.
Mr. Zoloveke says the original $15 million in loan to TIRL plus accrued interests, penalties and recoveries plus net assets in NPF’s books will be treated like any other property investment.
Mr. Zoloveke assures NPF members that it will ensure its decisions and actions will improve the value of its members assets to be distributed to members through their annual crediting after September 2016 or during the financial year ending 30th June 2017.