Vanuatu National Provident Fund

Achary was found guilty of five counts of indecency without consent and five counts of breach of the Leadership Code Act.

He pleaded not guilty in the trial, but the Supreme Court found him guilty of all charges.

Achary resigned ahead of a decision from the Fund's board.

He confirmed his resignation to the Daily Post.

"I resigned to protect the name of the institution. The institution is more important to me than myself.

"I have worked very hard to build the institution since I came to Vanuatu," he told the newspaper.

According to UTOF Chief Executive Officer, Vilash Chand, the accumulative dividend payment is for the years 2020, 2021 and half of this year (January to June 2022).

Minister Koanapo who is currently in Fiji, commended UTOF for the outstanding performance and dividends paid to VNPF and definitely will contribute to the income earnings of VNPF for the direct benefit of Ni-Vanutuans.

UTOF is one of VNPF’s offshore investments.

VNPF invested around VT200 million (US$1.6 million) in UTOF in 2018 and has been receiving dividends since then.

Over 1,000 students are studying under the Members Education Support Scheme.

VNPF General Manager, Parmod Archary said monitoring results and the types and costs of accommodation for students abroad are issues which need to be addressed.

“The problem we had is that, there has been no monitoring of students’ results and we are not sure of where they were staying, whether the accommodations are safe and not overcrowded.”

JICA signed a new agreement for tenancy with VNPF after the previous agreement expired.

JICA has been occupying office space in the former Air Vanuatu Building next to the National Bank of Vanuatu in the centre of town for a long time.

The building is one of the properties of VNPF which generates monthly profits.

VNPF General Manager, Parmod Achary said JICA has been paying rent of more than Vt2 million every three months in advance.

The VNPF Board has agreed for contractors to make their bid through the tender process for the building’s renovation works.

The government said the students had failed all or most of their courses and would no longer be supported by the state.

The students undertook studies under the Members Education Support Scheme (MESS) of the Vanuatu National Provident Fund (VNPF) last year.

The Daily Post newspaper reported that the Fund's general manager, Parmod Achary, had said there was no alternative but to bring the students home because they had been excluded from the university.

A Share Certificate confirming the new 56.03 per cent shareholding in NBV was presented to the provident fund at a ceremony recently.

The Government’s representative and VNPF’s Board Chairman. August Letlet described the development as a very important milestone for Government and both institutions.

Mr Letlet said since NBV’s restructure, the Government has a vision to ensure that NBV must reach out to its people.

In a statement, VNPF General Manager Parmod Achary, said the Members Insurance Support Scheme is an in initiative that will be managed and implemented by VNPF with support from the Board.

VNPF is introducing this scheme to provide assistance for all members to access quality health service through the introduction of a Member Insurance Support Scheme for all Vanuatu citizens.

VNPF’s purpose of having the member insurance scheme, is to provide the best health service locally via private hospitals established to improve health care for VNPF members across the country.

He made the comment at the groundbreaking ceremony for the new sub-centre.

Mr Archary thanked the landowners and partners including National Bank of Vanuatu (NBV) and Government officials present yesterday (Thursday)

He also acknowledged the former Chairmen and GMs of the fund for their contribution.

During the ceremony, an agreement was signed between Rainbow Estate (representing land owners) and VNPF to enable the transfer of the land asset.

The superannuation fund intends to support the Government’s policy on Education as it falls in line with VNPF’s Vision under its Strategic Plan 2018-2022; ‘Honestly Serving our Members throughout their lifetime and when needed’.

Under the terms of the MOU, a Members’ Education Support Scheme (MESS) will be set up and administered by a dedicated team of VNPF staff, in collaboration with the MOET.

The MOU is not binding, rather it is an understanding for the two parties to work together to ensure the smooth running of the loan scheme.

The government announced in May that people on Ambae could claim some of their savings in the super fund to help with rebuilding their lives at new locations.

But the Fund has only now completed the paper work to allow this to happen.

Mr Achary said they first had to make sure the procedures were in order.

He said he knows that these sorts of privileges can be abused by members, but says he has a powerful team in place to make sure it doesn't happen.