New Zealand fund loses NZ$242mn as a result of overseas investment strategy

The New Zealand government Superannution Fund, which pays the pensions of retired government employees, including MPs and judges, and which was widely criticised in June for losing NZ$12.1mn (US$5.88mn) ( WIR 6 July) playing the currency market, has revealed it has in fact lost twenty times that amount, NZ$242mn.