This statement can be attributed to Nambawan Super Limited CEO Mr. Paul Sayer
By the end of June 2023, the State’s rental arrears will reach a total of over K108 million owed to the Members of Nambawan Super.
This is comprised of K50 million in outstanding rental payments for February, March, April, May and June this year, and another K58 million in arrears from several years prior to 2023.
Last year, Nambawan Super Limited (NSL) and the State reached an agreement whereby the State would settle the remaining balance of its rental arrears in K10 million monthly installments.
The installments include K5 million per month to clear the outstanding arrears accrued from prior years and K5 million to pay its current monthly rent. The State met the January 2023 installment but has since not made any further payments.
NSL has continued to consult with all levels of the State on the issue of outstanding rentals throughout Quarters 1 and 2 of this year with little success.
NSL is now calling on the State to honour its agreement and settle its long outstanding rental arrears, to ensure that Nambawan Super’s 220,000 Members don’t suffer any further losses to their returns.
Each month these arrears remain unpaid our Members lose returns on their investments. The income received from these properties is used to maintain the buildings to ensure that they can continue generating profits for Members over the long-term, however, as the arrears go unpaid the Fund absorbs this cost, resulting in reduced profit for Members.
In addition, NSL is not able to reinvest these earnings into new projects and ventures. This results not only in less returns for Members but also limits the Fund’s ability to make further investments into the PNG economy creating jobs and redistributing wealth to everyday hard-working Papua New Guineans.
The Members of Nambawan Super and all hardworking Papua New Guineans will ultimately be the ones affected if the State does not honour its commitment as a tenant of the Fund’s properties.
