Cloud hanging over K125m not cleared

Letters, Normal

The National, Tuesday, June 7th 2011

THE cloud hanging over the K125 million loan for development projects in Kokopo has not been cleared.
Contributors are simple people who have suffered a lot previously as a result of unscrupulous and selfish deals conducted during the NPF days.
This organisation was rescued from near bankruptcy and it was taken over by Nasfund.
It has been a successful venture since then and members are happy with the way it conducted its business.
There is no denying PNG is a corrupt country and making things worse is the very high cost of li­ving.
This has made it hard for the people to save for the future.
The only form of savings is either through Nasfund, Nambawan Super or an institution similar in nature.
The government has seen fit to make changes to the laws that govern the operations of superfunds in PNG and many politicians and their cronies are capitalising on the loopholes.
Nasfunds’ members do not want this K125 million loan or in better terms, treasury bills, to be another NPF saga.
Politicians are forever trying to milk this fund and the members will suffer again in the end.
Can the management of Nasfund come clean on this issue and explain to the members?

Worried contributor