State pays fund K10mil

NAMBAWAN Super Ltd (NSL) received K10 million yesterday from the State as part payment for rental arrears, according to chief executive officer Paul Sayer.
“We sincerely thank the State, through the departments of Finance and Treasury for the payment of these outstanding funds,” he said.
Sayer said the total rental arrears owed by the State was K108 million.
“This is comprised of K50 million accrued in 2023, and K58 million outstanding prior to 2023,” he said.
He added that the continued payments of the arrears were crucial for the fund to continue reinvesting in its members’ savings to generate strong returns for them over the long-term.
Sayer said through an agreement with the NSL last year, the State agreed to settle the balance of its rental arrears in K10 million monthly instalments.
“The instalments included K5 million for clearing the balance of the arrears previously accrued and K5 million to pay its current rental invoices,” he said.
“However, in 2023, the State only paid K20 million for the January and February instalments, and yet to pay the K50 million for March, April, May, June and July.”
Sayer said the State needed to honour its commitment to settle the arrears to avoid further negative impacts on the fund’s membership.
He said any further delays to the agreed payment schedule would force the fund to take necessary action to protect its members’ commercial interests from undue losses.
State departments currently rent NSL’s Revenue Haus, Vulupindi Haus, Eda Tano Haus, Aopi Centre and Treasury Building in Port Moresby and NSL Haus in Lae.