fbpx
NSL Chairman Reg Monagi

Written: 26 September 2022

Nambawan Super Limited (NSL) has made a final call on the State to settle its K160 million in rental arrears owed to the Members of Namabwan Super, as it prepares to lock out State tenancies occupying NSL owned properties.

NSL has given notice to all State tenants that it will commence lockouts of their premises from Monday 26 September 2022 but will endeavor to avoid locking out the Department of Health based on humanitarian grounds, recognising the critical nature of the services that it provides.

NSL is aware that the State has allocated K255 million for the reduction of arrears in the Supplementary Budget for this year and now asks that these allocated funds be used to settle their long overdue rental arrears.

We are reluctantly conducting this lock out, especially as the workers impacted by the lockout are our own Members, however we have had to take this action after many broken commitments for settlement of the arrears over several years.

In December last year, the State presented a cheque of K50 million as the first tranche for the agreed payment of the then outstanding K130 million in rental arrears.

It was agreed that the State would later settle the outstanding K80 million owed to the Fund through two further installment payments. These two agreed installment payments were never honoured and as a result the outstanding balance has now grown to K160 million.

NSL owned properties occupied by State tenants include Revenue Haus (Internal Revenue Commission); Vulupindi Haus (Department of Finance and Department of National Planning); Eda Tano Haus (Department of Lands and Physical Planning); AOPI Centre (Department of Health and Department of Higher Education); and NSL Haus in Lae (Ombudsman Commission, Independent Consumer and Competition Commission, and Auditor General’s Office).

Why Superannuation Funds are good for the PNG Economy

Why Superannuation Funds are good for the PNG Economy

Support economic stability The purpose of superannuation funds is to encourage Members to save now so they can enjoy a dignified and comfortable retirement in the future. Every year, Nambawan Super injects a large sum of money into the PNG economy through benefit...

NSL’s prediction for the PNG economy for 2023

NSL’s prediction for the PNG economy for 2023

The PNG Economy is not exempt from the tough global economic conditions as it is primarily an import-dependent Country. As such Nambawan Super Limited (NSL) expects the Country to continue experiencing high levels of inflation which will affect individual households...