Mr Paul Sayer - NSL CEO

Written: 9 March 2022

Nambawan Super Limited (NSL) commends the Australian and PNG Governments on continuing to maintain a strong bilateral relationship as seen in the recent loan from Australia of AUD650 million (approx. PGK1.7 billion) to meet the 2021 Budget financing shortfall and ensure the stability of the PNG economy during this tough economic climate.

We anticipate that with this Budget support, the State is now in a much better position to quickly resolve the issue of the outstanding rental arrears owed to Nambawan Super and our members.

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

It was then agreed that the State would settle the total amount owed to the Fund with payment done through three separate installments, to ensure the least amount of strain on the State’s cash flow management.

Since then, Nambawan Super has not received any of the installments and the outstanding balance has now grown to K140 million with the addition of outstanding rent for January and February this year.

We understand that the State is continuing to manage economic pressures brought on by the Coronavirus Pandemic and as such we are open continue discussions to determine a payment schedule for the ongoing lease charges that is mutually satisfying.

NSL remains committed to generating wealth and building better futures for our over 208,000 members whilst also delivering investments to boost the growth of the PNG economy.

As a key Investment Partner of the Fund, we look forward to continue partnering with the various State departments and agencies on future projects for the benefit of our members and the economy.

The payment of these rental arrears will mark a major milestone in the investment partnership between NSL and the State as it will aid in the continued maintenance of those properties to enhance tenant experience and provide a consistent revenue stream which the Fund can use to reinvest and grow for our members.

We call on the State to set the example for all investors entering the PNG market as well as for everyday hard-working Papua new Guineans, by meeting their financial commitments as a matter of priority, to encourage aspirations of professionalism and investment security in the market.

NSL is the longest serving and largest PNG Superannuation Fund with 60 years of service to our members and over K8.8 billion in Funds Under Management. We are committed to protecting and growing the retirement savings of the Teachers, Doctors, Nurses, Police Officers, Corrective Services Officers, Firefighters and Private Sector Employees that make up our membership.

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).

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