MVIL praised after paying K20mil to KCH

National

THE Motor Vehicle Insurance Ltd (MVIL) has paid K20 million to the Kumul Consolidated Holdings as its dividend for 2019.
State Enterprises Minister Sasindran Muthuvel said the state-owned enterprise had always performed well and honoured budget appropriations every year.
“The MVIL has always has a record of performing because in a way, (they) have that kind of monopoly in this business,” Muthuvel said.
“They are also part shareholder for BSP (Bank South Pacific), and have constantly honoured whatever the budget appropriation from the national budget every year.
“They are expected to pay the dividend of K20 million to K30 million. This K20 million is related to the 2019 budget appropriation of a dividend commitment to KCH.”
Muthuvel said the dividend payment was timely as it would go towards supporting other state-owned enterprises such as Air Niugini.
“In fact, we desperately needed the funds to support Air Niugini (which) has been badly affected since January by the Covid-19 with restrictions on international flights.”
He said until recently, domestic flights too had been restricted.
“(Air Niugini) needs support and I’m thankful to MVIL for this K20 million.”
Muthuvel said the fund would be paid to Air Niugini on a short-term lending basis.

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