State still owes NSL millions

INTERESTING to read about the huge increase in the Nambawan Super Limited (NSL) net profit.
This is great news for all its contributors, certainly for most anyway, as many contributors cannot cash-out as there are still millions in unpaid contributions by the State.
Notably the board and senior management has changed, so perhaps this is a reflection on the players of the past.
One question which I am sure many have is: When will these superannuation funds be properly audited by the relevant State authorities?
Over the years, stories have suggested many a deal done between board members and the senior management for loans, contracts and appreciation payments (or commissions).
One particular deal comes up often, and that is about a huge amount of money being pumped into renovating and expanding an island resort which is sitting on an unsecured land lease, which is being contested.
One wonders why Nambawan Super Limited had found it necessary to fund such a high-risk investment unless, of course, it was all about a little bit of money to fund a lifestyle in Australia for a few.
Previous boards have crowed about huge investment returns on real estate ventures which would carry the contributors’ fund for many years.
One such claim was a 35 per cent return over 25 years; more pie-in-the-sky claims for those that have to justify huge investments in hotels and apartment projects.
Contributors are yet to see the real net profit even after five years.
So, do we go back to the overdue audits?
While the eyes and stories of corruption are focused on the State, politicians and public servants, it is time to start looking at all those who are living in Australia, using the patriot card to deflect any scrutiny and others who have conveniently slithered out through the back door.

Askim Sol
Boroko, NCD