At present, the total rental arrears owed by the State to the Members of Nambawan Super stands at about one-hundred and eight million kina.
This was affirmed by the Nambawan Super Limited Chief Executive Officer, Paul Sayer.
The CEO stressed that the continued payment of these arrears is crucial as it enables the Fund to continue reinvesting its Members’ savings so that it can keep generating strong returns for them over the long-term.
He said following an agreement with the fund last year, the State committed to settling the remaining balance of its rental arrears in K10 million monthly installments.
The installments include K5 million for clearing the balance of the arrears previously accrued and K5 million to pay its current rental invoices.
However, the CEO expressed that for this year, the State has only paid K20 million for the months of January and February installments. The state has yet to pay the remaining installments of K50 million for March, April, May, June and July.
The CEO strongly urged the State to honor its commitment to settle these arrears to avoid further negative impacts on its Members’ returns, many of whom are hard-working public servants that tirelessly support the development of this Country.
He said that further delays to the agreed payment schedule will force the Fund to consider taking necessary actions to protect its Members’ commercial interests from undue losses.
