Infrastructure bill still in court: NASFUND

Speaking at the recent 2019 Employers Conference, Tarutia said while the fund recouped some of the money, there is still a legal battle.

“We recovered K56 million of the unspent portion of the K125 million investment and we are now in court versus the state to recover the balance,” said Tarutia.

The SCITB agreement was made between the fund and the state in 2011.

The SCITB was to be used for financing infrastructural developments in Kokopo, East New Britain Province.

Superannuation legislation to be reviewed

NASFUND CEO, Ian Tarutia, says the review of the legislation is timely as calls for tax on super become prominent.

Tarutia says tax on superannuation will be on aspect of the legislations, which will be forwarded to the task force to be headed by the Bank of PNG in conjunction with the Department of Treasury.

He believes tax on superannuation should be repealed.

“We’ve been calling for a review on our current legislation for a number of years now and we believe that this year is timely,” Tarutia reiterated.

NASFUND pays additional K6m

NASFUND CEO, Ian Tarutia, revealed this during his presentation at the 2017 Annual Certified Practising Accountants Conference.

Tarutia said because they have had to pay out more, they have not made long term investments and are only focusing on the short term.

This means holding more cash so that they are able to pay out as and when members apply.

​Young directors training program to be introduced

The objective of the program is to increase the pool of professional directors in PNG.

PNGID president and NASFUND CEO, Ian Tarutia, announced that the program is a collaborative effort between the PNGID, the Bank of PNG and the University of Papua New Guinea (UPNG).

“So the intent of this pipeline project is to spread the net and increase the pool through a structured process so, what UPNG have done is they’ve introduced a new post-graduate diploma in corporate governance, which runs for 18 months.

Former NPF contributions unrecoverable

National Superannuation Fund (NASFUND) CEO, Ian Tarutia, said the during Annual Regional Employer Conference yesterday in Port Moresby.

Tarutia said following severe financial losses by NASFUNDS predecessor NPF in the 1990’s member accounts had to be written-off. This meant that those funds were gone.

“You will remember that back in 2000, when the predecessor NPF, there was a commission of inquiry as a consequence of imbalance in the balance sheet, as  a consequence previously of poor decision making by former boards and former management, and there was a write-down.