ASFPNG CONDEMNS LOOTING, BURNING AND DESTRUCTION OF BUSINESS PROPERTIES

The Association of Superannuation Funds of Papua New Guinea (ASFPNG) has condemned the frenzy of looting, burning and destruction of business properties and assets in Port Moresby on Wednesday, 10 January 2024.

ASFPNG President Paul Sayer said the city-wide mayhem has crippled major retail and wholesale outlets and affected the business community, workers and the general public at large.

“ASFPNG is gravely concerned that this unfortunate incident, which has never been seen before in PNG, will have far-reaching and significant effects, especially in the nation’s capital,” Sayer said.

“We condemn the massive destruction and damages caused to properties and assets owned by major retail and wholesale businesses throughout NCD, especially City Pharmacy Limited (CPL) Group and Brian Bell Group.”

Mr Sayer said the mayhem will have an impact on the superannuation funds and the members as well.

“Our major superfunds, Nasfund and Nambawan Super, are shareholders of Brian Bell and CPL. Nasfund holds 20.30% in Brian Bell and 16.70% in CPL while Nambawan Super holds 11% in CPL. “Therefore, we are gravely concerned that millions of kina worth of property damages and stock losses will greatly affect their financial performance and profitability this year. Any financial losses incurred by these companies will affect Nasfund’s and Nambawan Super’s shareholder dividend payments and ultimately affect their ability to pass on additional benefits to contributors.

“Brian Bell and CPL employ thousands of workers in NCD who are members of our superfunds. Employers of other affected businesses, including Desh Besh, Papindo, Big Rooster and Pypon, are also superfund contributors.

“ASFPNG is also concerned that many employees who are superfund contributors will be without jobs as a result of the destruction of their workplaces. The affected workers and their families will suffer the consequences of this tragedy.”

ASFPNG is calling on the government to assist the companies and employees affected by this tragedy.

“We call on the Government to provide financial relief assistance to CPL, Brian Bell and other affected companies to help rebuild their damaged properties and restore their businesses. Government relief assistance must also be provided to employees who will be laid off work or retrenched,” Mr Sayer said.