Questions raised about savings and loan scheme promising 50% interest rate

Reserve Bank of Vanuatu building, Port Vila. Photo: © Vanuatu Digest

Vanuatu’s financial regulator (the Reserve Bank) may finally be looking into the affairs of APMA Financial Investment Centre (AFIC) savings and loan scheme which owns numerous premises in Pentecost and over which questions have been being asked by Pentecost people for a long time. AFIC claims to be a savings and loans cooperative. It is managed by Barnabas Tabi. There are supposed to be 25,000 fully vested depositors and another 30,000 partially vested. However, there are no deposits with any of the country’s commercial banks. Of four commercial banks, three deny having any business with AFIC. Daily Post has been investigating. There are many unanswered questions.

The Ambae volcano is having its rating lowered from level 4 to level 3. Eruptions remain stable and are confined to Lake Voui. Small explosions and ejection of hot rocks from vents of the new small island in the lake continue.There is also a small lava flow from the island into the lake. The Vanuatu Meteorology and Geo-hazards Department continues to monitor activity associated with the volcano.

The Ambae Port Vila Disaster Committee has been instrumental in collecting a large quantity of much-needed essentials for the Ambae communities dispersed throughout northern islands. Cash, water, rice, shelter materials, clothes and bedding, toiletries and kitchenware are amongst the items collected for distribution to evacuees.

After a lot of discussion about when the new salary scales for teachers will be effective, it has been announced that this will be from the start of 2018. In other education news, 21 retired teachers have received recognition for 35 years of service. They have been presented with medals by President Moses Tallis.