News

Wednesday 01 April, 2015

Fund working on growth of Funds

Fund working on growth of Funds

NASFUND has assured its members that it will be working with the Government in making sustainable investments to grow members’ funds.

Despite the setbacks with prior investments, chief executive officer Ian Tarutia said the superfund now has guidelines in place to allow for better investment decisions.

He was responding to concerns raised regarding the Sovereign Community Infrastructure Treasure Bill (SCITB) agreement that was made between the fund and the state in 2011.

The SCITB was to be used for financing infrastructural developments in Kokopo, however it caused much controversy after the Bank of Papua New Guinea claimed the agreement to be illegal.

Tarutia said mediation was held last December through a court alternate dispute resolution (ADR) process in which all parties to the transaction agreed to work together to resolve the issue.

“In essence all parties agreed that the unspent portion, negotiations are continuing with the state on how to accommodate that,” he said.

He added that K56 mil of unspent portions was currently sitting in a Westpac account awaiting a court order for transfer to the fund.

“While the SCITB was made with the best intentions, signed with good faith but because of the politics that got involved we had an issue as a result.”

“But yes, we will still look for investment opportunities to grow your funds because that is our core business”.

“You give us your funds and we will invest it in good growing investments in accordance with our guidelines and at the same time avoiding misunderstandings,” he said.

Photo caption: Overlooking the Harbour city that comprises a number of Investment properties of the National Superannuation Fund Limited.   

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