NASFUND to pay 7.25 percent to members

NASFUND Board Chairman, Hulala Tokome, announced today that a crediting rate of 7.25 per cent equating to K265.5 million will be paid to members accounts following a successful 2016 financial year.

The announcement follows on the back of a 87 per cent increase in Net Profit from K150.9 million in 2015 to 283.47 per cent in 2016.

NASFUND also announced a Gross Asset Value of K4.34 billion in2016 representing a 7.2 per cent increase from K4.05 billion in 2015, as well as a 7.4 per cent increase in Net Asset Value from K3.93 billion in 2015 to K4.22 billion in 2016.

NASFUND announces new management appointees

They are Mrs Seema Das- Raju, an auditor and formerly of KPMG who has been appointed Chief Risk & Compliance Officer, Vincent Lialu, a HR practitioner formerly of Puma Energy who has been appointed Head of Human Capital and Charlie Gilichibi, formerly of Nambawan Super who has been appointed Chief Officer Member Services and Allan Sayers, formerly of News Corporation also joined NASFUND as project manager for its funds management transition exercise.


NASFUND announces Tokome as new Board chairman

After serving as deputy chairman for the last two years Tokome succeeded Mr William Lamur, who remains on the board as an ordinary director for a year.

Tokome has been on the NASFUND Board for the last Sseven years as an independent director and also served as Chairman of the Board’s Investment Committee.

Tokome, a certified practicing accountant, is currently the General Manager of Puma Energy – Down Stream and also sits on the Boards of Mainland Holdings, NASFUND Contributors Savings & Loan Society and local Puma subsidiary companies.  

Kina wins Nasfund funds administration mandate

NASFUND has total assets of over K4.09 billion (A$1.66 billion) and manages the superannuation savings of more than 543,000 members and is PNG’s largest superannuation Fund by membership size.

NASFUND’s membership is mainly workers from private sector companies, government-owned corporations, statutory authorities and self-employed individuals.

The NASFUND mandate consolidates Kina’s position as PNG’s largest superannuation administrator.

Nasfund members to benefit from K144m dividend payments

However, due to the fund’s member administration system’s upgrading, members have been advised that they will access their dividend on March 1, tomorrow.

A Nasfund officer told Loop PNG this morning they are migrating data to a new system which currently put a hold on the payments.

This process will involve various reconciliation activities and members are urged to be patient.

The fund has approved a crediting rate of 4 % equating to over K144 million to be paid to members’ accounts for the 2015 Financial year.

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Nasfund to pay K144m dividend to members

Nasfund to pay K144m dividend to members

The Board has also agreed to hold reserves of K 75 million or 1.9 percent  of members funds as a matter of prudency.

Looking ahead in 2016, Chairman William Lamur reminded members that their NASFUND savings were for the long term.

“What is happening now is a timely reminder of the importance of having an appropriate strategic asset allocation and risk management plan in place to mitigate short term shocks.”


Nasfund profit down from 2014

Chairman William Lamur said the results were positive in yet another challenging year.

He said external factors such as slowdown of the global economy and significant fall of commodity prices impacted revenue streams of PNG based companies in which the Fund had investments in.

Lamur further added that, aside from the effect of El Nino and limited access to foreign currency, surplus of quality property buildings and the lack of a secondary market for fixed interest securities trades, resulted in valuation losses in Equities and bonds.


Nasfund office closure riles members

By 8.30am a huge crowd had gathered only to be told by a nasfund worker that the office would not be open. 

The Nasfund workers informed the members that there was not fuel to run the generator and therefore they  would not  be able to open the office to service the members.

The officer said until fuel arrived,  the office will remain closed.

A female  Nasfund member who fronted the Nasfund office at 7am and was still waiting at 9.30am was frustrated saying; “This is not a good excuse."


Accused in dead man’s saving theft case

David Ila of Alukuni village in the Rigo district of Central Province was committed to stand trial at the National Court after the Committal Court found sufficient evidence against him.

He has since filed a section 96 statement through his lawyers from the Public Solicitors office. This is a statement where the accused is allowed to say his side of things at the committal court stage.

This was indicated in court today (Oct 23) when Ila returned before Magistrate Cosmos Bidar.

The matter has since been adjourned to Oct 28.