ENB client gives timely tips for PBF unit holders

 IT is important for children to know what their parents are doing, especially when it concerned financial matters.

That was the advice Arnold Tokau (pictured)  of East New Britain wanted to share with fellow Papua New Guineans.

He was lucky that an organisation – Melanesian Trustee Services Ltd — fund managers of Pacific Balanced Fund – eventually “located” him so he would enjoy the fruits from his departed parents’ investment with the fund.

MTSL has been trying to locate the early investors in the PBF to update their records.

Tokau said his parents invested their money with PBF, which later grew through share income.

Tokau said he could recall that as a Grade 4 child at Kabaleo Primary School in 1976, he would see his parents Sylvester and Magdelene receiving cheques from the then Investment Corporation of PNG (ICPNG).

He said his parents were not educated but they made it their business to let him know what they were trying find ways to earn extra for their young household.

Having completed his education, he went to get a job with the then PNG Banking Corporation and stayed withthe bank until 1993.

“It was during these days when the cheques stopped arriving and I thought that was it. The money must have been exhausted.

“I got that idea because PNG is known for corruption.”

Then double tragedy struck when both his parents died in 2000.

Tokau’s recollection of his parents receiving those cheques remained fresh in his mind and he would sometimes wonder what had really happened to that investment.

However, good luck was on his side last year when Arnold read about MTSL’s road show and decided to check the details of his parents’ death with the Kokopo police station.

The roadshow aimed to inform early PBF investors that MTSL was updating investors’ record with the fund.

“A friendly policewoman assisted me do a search on my late parents’ names.

“Fortunately for me, their case file was still intact, so with policewoman’s advice, I filled up the required forms to be reregistered with PBF.”

“Now, I am receiving benefits from my parent’s investments,” Tokau said.

He praised MTSL for recognising him as the rightful next of kin, saying the fund could be trusted to look after the people’s money.