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Sports |
Update WMI-BPNG impasse
THIS is an open letter to the
president of the National Doctors and Dentists Association to seek
clarification on the current impasse between Workers Mutual
Insurance (PNG) Pty Ltd (WMI), the Bank of PNG (BPNG) and the
association.
WMI has been placed under liquidation by BPNG or is it under
liquidation?
The association has been unusually quiet on this matter.
At no time did the association send out information through the
media or its newsletter informing members of the latest
developments in regards to the court battle it is pursuing against
the central bank.
Everything seems to be shrouded in secrecy.
The association bought 400 shares in WMI using membership funds.
How much does that translate to and how does the association plan
to recover the money?
We have a right to be concerned as a previous president “invested”
K30,000 of the association’s funds in the U-Vistract scheme. It is
unlikely we will be able to recover the money.
While the matter continues in court, the real losers are the
ordinary doctors and their family members.
Members are to be reimbursed for medical expenses they or their
family members incurred, whether locally or overseas.
Families of members who have passed away have also not been paid
monies promised under the WMI cover policy.
They were entitled to, amongst others, a one-time payment of
K5,000 for funeral expenses and a payment based on the deceased’s
annual salary within three months of death.
Some have waited for years, and others have joined the queue.
As a financial member, I also urge the president and his
executives to stand down and allow the Department of Finance to
audit the association’s records from 1998 onwards. If no wrong is
found, they can resume their positions and complete their term.
Truth Seeker
Madang
 
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