Comrade Trustee announces 6.5pc interest for members

THE Comrade Trustee Services Ltd (CTSL) has declared a 6.5 per cent interest for its members.
CTSL is the trustee for the Defence Force retirement benefit fund.
Chief executive Charlie Gilichibi said this was about one per cent more than the previous year’s result.
“In 2018, we paid 5.1 per cent,” he said.
“In 2019, it was 6.5 per cent. That’s quite a remarkable achievement.”
Gilichibi thanked statutory manager Sitiveni Weleilakeba for the achievement.
“Once the funds are credited to members’ accounts, we will update members,” he said.
“We will go to all your locations (four in Port Moresby and one each in Lae, Wewak and Lorengau).
“We will give the heads up to members on what was achieved in 2019, what we are doing in 2020 and what we expect to do for members in the years ahead.”
Weleilakeba said the fund had to do a lot of cleaning up to ensure better results were delivered to the members in 2020.
Defence Force Commander Brig-Gen Gilbert Toropo welcomed the achievement.
Brig-Gen Toropo said Weleilakeba and Gilichibi were “excited and aggressive and want to see the fund grow”.
“I was not sure in the leadership that they had provided in my interactions with them because the bank (Central Bank) had intervened,” he said.
“And when the bank intervened, there were uncertainties in the outcome, but sitting here today, and hearing the announcement about the 6.5 per cent interest to the members, it is a great outcome.”