PNG Power’s 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.
Mr. Bias’ says PPL has sufficient funds to pay its employees coming fortnight and the next.
PPL will be relying on its electricity sale to pay its employees.
He said the figure of negative K48 million usage as the overdraft facility is not exact.
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.
Mr. Bais went on to explain that the K3.5 million cost of staff salaries will be met by the sale of electricity.
He did state that PPL will have to depend on the collection from electricity sales to pay its employees.
The acting CEO went on to say that PPL is not facing any other financial difficulties with contractual payments.
Earlier this week, 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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