Bank suspends fund’s board

THE Bank of Papua New Guinea has suspended the entire Comrade Trustee Services Ltd board members except for PNG Defence Force chief of staff Capt Philip Polewara.
According to a statement from the Papua New Guinea Defence Force (PNGDF) advising its members, the Central Bank in accordance with its powers and responsibilities under the Superannuation Fund Act 2000 had suspended the Comrade Trustee Services Ltd (CTSL) board.
The bank said CTSL board had not performed in accordance with the central bank regulations and expectations resulting in the suspension.
The bank appointed Sitiveni Weleilakeba as CTSL statutory manager effective as of July 29, 2019.
The Bank of PNG said the suspension of the board and appointment of a statutory member was to safeguard the interest of both the serving members and the pensioners.
The bank said it was a pre-emptive action by it and the PNG Defence Force as the shareholder to ensure that decisions were made in the best interest of service personnel, who are the contributors.
The bank said Weleilakeba, remaining board member Capt Polewara and the chief executive would oversee the functions of the board until a new board was appointed.