PNG Powerโs acting chief executive, Chris Bais today denied recent media reports that PNG Power was in a financial crisis.
His denial comes after State Owned Enterprise Minister, Ben Micah, yesterday told EMTV that he was not aware of any financial issues faced by the company.
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Mr. Biasโ says PPL has sufficient funds to pay its employees coming fortnight and the next.
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PPL will be relying on its electricity sale to pay its employees.
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He said the figure of negative K48 million usage as the overdraft facility is not exact.
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He said the figure of negative K48 million, K8 million more than its approved overdraft facility of K40 million, as reported in the media is incorrect.
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Mr. Bais went on to explain that the K3.5 million cost of staff salaries will be met by the sale of electricity.
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He did state that PPL will have to depend on the collection from electricity sales to pay its employees.
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The acting CEO went on to say that PPL is not facing any other financial difficulties with contractual payments.
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Earlier this week,ย evidence in the form of formal letters addressed to Minister Micah from the board and IPBC revealed that PPL was facing serious financial woes.
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