Recently Mr. Willie Confiat went on SBC to announce to the Public and workers that the Seychelles Pension Scheme is embarking on an array of different investment projects on behalf of workers who rely on the Pension Fund for a secure retirement.
Most of the projects involve investing in commercial and semi industrial real estate development mainly geared at the small entrepreneur, which we also know is an endangered species today under SPPF.
These projects were promised by President James Michel. Because the Government is broke, the SPPF is now raiding the Pension Fund to help them keep their promises.
Mr. Confait claims that these investments will bring a return of 12% to 25%, a handsome return. He is happy with that. But faced with the reality of Devaluation of 88% today, Mr. Confait’s real Return on Investment is -66% not +25%. The whole effort is futile and a waste of Pensioners money.
Mr. Confait’s investment proposal has no teeth, only mouth. It is presented to fool the Public.
What should Mr. Confait do with Pension Fund money? He should invest it wisely to maximize Returns on Investment in order that the People who have invested in the Fund can hedge or offset the negative effects on Devaluation which is putting Seychellois into a state of shock today.
Example, instead of Government of Seychelles handing Mr. Savy and company huge parts of
As the sale of the villas nets hard currency cash for the Pensioners, in three (3) years time, Pensioners will not be worried about if their Rupees are worth anything, they will be worried about whether or not to increase their credit limits on their Gold Euro Cards. Mr. Confait will not have to invest our money in