You may ask where they got the funding for aircraft...........in such "tough times", check out the pension fund.....The staff are shares holders and they don't even know it...
That's stretching it a bit...
In order to sustain returns to members, FNPF is no different to any other pension fund in the world, they invest member's funds in a variety of enterprises which like all investments carry a degree of risk. Like many other pension funds FNPF has made some poor investments e.g. Natadola but at the same time the fund needed significant reform. Last year FNPF posted $242m surplus which is a big turn around from previous years.
I understand that the FNPF investment in Air Pacific is secured by a lien over assets and only for around 20% of the total costs for the three A330's whilst other European financial institutions have lent the rest. I would think that European institutions would be conservative over investments and have done their homework.
No the staff are not shareholders by any stretch of the imagination unless they own shares in Qantas, not that those shares would by you a Fiji Bitter any more...nor are they shareholders in FNPF and its investments. They are only members of a pension fund.
Impressive turn around in Air Pacific given existing aviation climate and impressive turn around in FNPF. Maybe it's a good investment and that's it?
Em tasol