AFIC Administrator’s Appointment Extended to 2021
August 17, 2020 10:32 pm | Posted in Business News | Share now TwitterFacebook
By Royson Willie
The Instrument of Appointment of the Administrator of Apma Financial Investment Centre Co-operative Saving and Loan Limited (AFIC) has been amended to reach January next year.
Registrar of Cooperative Societies, Ridley Joseph, signed the amended instrument on August 4.
The amendment sees the appointment of the Administrator extended from July 2020 to January 2021.
Early this year on January, the Administrator was appointed to manage assets and affairs of AFIC as well as carry out other duties for six months at a package salary of Vt3 million.
The administrator appointed was Hillary Waqanitoga, who was appointed by the Registrar of Cooperative Societies.
Under the appointment instrument that was gazetted on February 14, this appointment was effective on January 5 and will end on July 5 this year.
Other duties of the administrator include providing a monthly progressive report; implement the Court Order of the Civil Case No. 931 of 2018; carry out the decision of the Council of Ministers No. 839 of 2019; and to perform any other duties as required by the registrar.
The Administrator is based at the AFIC branch in Port Vila but may be required from time to time to work in any other branches.
Cooperative Department had to appoint an Administrator after an audit report in 2018 had reportedly identified that Vt320 million was misused by the former management of AFIC.
In April last year, assets belonging to AFIC were surrendered to the State by founder and managing director. The surrender of assets was done through a memorandum.
