State yet to pay NSL K66m

Business

By GEDION TIMOTHY
THE Government is yet to pay the K66 million it owes to Nambawan Super Ltd, according to chief executive officer Garry Tunstall.
He is planning to meet with the Government to discuss the matter.
“The State has yet to pay a K66m debt owed to Nambawan Super Ltd (NSL) for 2015,” Tunstall told The National yesterday.
“Since December 1, 2015 until October 31, 2016, 2155 members have retired from the public sector. The State owes them K88m which is yet to be paid to NSL so that final distribution can be made to the members,” Tunstall said.
Chairman Anthony Smare earlier said the 2016 first-half results for NSL remained sound – around similar levels to the corresponding period in 2015.
“Despite challenging economic conditions, Nambawan Super has recorded a half year gross revenue of K272 million and net profit after tax of K193 million for the first six months to June 2016, before the revaluation of properties and unlisted equities have been taken into account,” he said.
“This 2016 half-year result compares favourably to 2015’s full year net profit after tax of K280 million.
“The 2016 half-year results have increased total member funds from K5.2 billion to K5.5 billion as at 30th June 2016, an increase of 6 percent.
“These positive results are a testament to Nambawan’s prudent and cautious stewardship of investing member funds in very challenging economic conditions.”

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