"Two recent media releases indicate that the FNPF Board and Management are digging the hole deeper for FNPF, with no accountability to the owners of FNPF, and media censorship stopping all public discussions," wrote critic Dr Wadan Narsey on coupfourandahalf.com in October 2011.
This was labelled as "terrible business practice for FNPF" by Narsey, whose opinion was published on coupfourandahalf.com immediately after the official announcement by Air Pacific.
"It should be the other way round: if they were to give a loan at all, FNPF
should wait until the private commercial lending agencies, who are financially far more astute in lending to airlines than FNPF
management and board, have put up their $800 million, on which the FNPF could then piggy-back with $200 million.
to fork out the initial $200 million as deposit or collateral, would suggest that the European credit companies were not prepared to trust Air Pacific's
own financial projections on the viability of their billion-dollar purchase," Narsey
, will effectively in its accounts, give a $16 million subsidy annually to NBRL-some 40 percent of the total value of all the pensions currently being paid annually," wrote Narsey
critique on the decision.
Third, if in future, this [government's] forced takeover of private assets at Natadola
and vested in NBRL
by Military Decree is legally and successfully challenged, then the assets of NBRL
will become logical targets for litigants," Narsey