News

Tuesday 07 April, 2015

Tarutia urges caution on Fund transactions

Tarutia urges caution on Fund transactions

By Roselyn Evara ( Post Courier – Business Editor)

NASFUND assured employers who are contributors to the superfund that stringent measures have been undertaken to ensure that all member contributions are safeguarded.

Chief executive officer (CEO) Ian Tarutia gave the assurance during the fund’s annual Employers Conference in Port Moresby yesterday.

The conference heard a total of 37 fraudulent cases of withdrawal amounting to just under K1.6 million had been recorded to date. The executives attributed this largely due to failure on the part of employers in providing proper documentation resulting in people falsifying and colluding with people, including workers, to get money not belonging to them.

“ The Fund has put in place the necessary checks and balances to ensure to mitigate risks, “ he said.

He urged that employers ensure documentation is done properly adding this would also ensure that these risks are mitigated and further reduce the turnaround time on application being processed.

The latter he had highlighted to be a “pain spot” for many contributors also.

Mr Tarutia had stated that given these experiences, fund is supportive of the Governments National Identification Initiative as this would also help in minimizing these risks.

Nasfund’s Chief operating officer Warrick Vele added that 37 cases of fraud are only those that had been registered by the fund, but there are cases of interception stressing yet again that these have been brought about by deficiencies with documentation. He had urged that officers responsible, especially from the Human Resources Division, ensure the right yet basic questions are asked of workers who are new to their respective organizations.

Photo caption: showing 304 employer representatives from 190 Employers listening to the presentations done by the Fund’s management team.

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