Govt debt of K62m discussed

By GEDION TIMOTHY
THE board of Nambawan Super Ltd has discussed with Prime Minister Peter O’Neill how to settle the K62 million owed by the State to the fund, according to chief executive officer Garry Tunstall.
“The State owes us K62 million plus interest for past retirees to Dec 1, 2015,” Tunstall told The National yesterday. “Since Dec 1, 2015, a total of 1796 public service members have retired and are owed a total of K72.5 million about which has been requested from Treasury in line with legislation.
“We have met with the prime minister and he has outlined his desire to settle the unfunded position.” Chairman Anthony Smare last month said the first half of 2016 results for NSL remained sound, around similar levels to the corresponding period in 2015, before revaluation of properties and unlisted equities had been taken into account.
“Despite challenging economic conditions, Nambawan Super has recorded a half-year gross revenue of K272 million and net profit of K193 million for the first six months of this year to  June 2016, before revaluation of properties and unlisted equities have been taken into account,” Smare said.
“This 2016 half-year result compares favourably to 2015’s full year net profit after tax result of K280 million.
The 2016 half-year results have increased total member funds from K5.2 billion to K5.5 billion as at June 30, 2016 –  an increase of 6 per cent.”
“These positive results are a testament to Nambawan’s prudent and cautious stewardship of investing member funds in very challenging economic conditions.”