BPOPF clarifies legal matter, Morupisi issue.
It has not escaped our attention that since the beginning of the legal case between BPOPF and CMB there has been a number of articles in the press most of which are attributable to court papers relating to the case.
The purpose of this media briefing is to confirm that indeed BPOPF has a pending matter before the courts in regards to its business relations with CMB.
Furthermore, that BPOPF has terminated its dealings with CMB.
There have also been allegations on the chairman's working relationships with the board of trustees of BPOPF.
The latest such allegations appeared in the 25/2/18 edition of the Sunday Standard newspaper in a front page article entitled 'DCEC Probes Morupisi.'
Contrary to what is stated in the article, the chairman of the board, Mr Carter Morupisi did in fact recuse himself at the board meeting held on 22/2/18 when the matter of his alleged interest in CMB Capital was discussed.
The chairman agreed to recuse himself from the meeting, notwithstanding the fact that he had also provided the board with a statement affirming that he has no material interest in CBM Capital.
It may be further noted that Mr Morupisi has never refused to step down as BPOPF board chairperson or attempted to have the CEO fired.
The article's allegations are therefore without merit. We are concerned that the continued unfounded allegations against the chairman of the board and the BPOPF have the potential to negatively affect the business of the fund and cause reputational damage.
It should also be noted that the hiring and firing of the CEO is the prerogative of the board and not of one trustee.
Having said that, and in conclusion, we would like to inform our valued members that we have had some data challenges that have led to a delay in announcing the interest rate for active and deferred members and an increase for pensioners.
Once more, the board is giving the matter its full attention and we hope to have resolved the issue before the beginning of the next financial year.