Superfund covered up K2.5bn govt debt: MP

 OPPOSITION leader Don Polye yesterday accused the Nambawan Super Fund board of covering up the Government’s failure – of owing K2.5 billion of the members’ share.

“The board did not reveal in its annual report of the vast size of the O’Neill Government’s debt,” Polye said. The auditor, Price WaterhouseCooper Report, chose not to report a debt of K2.5 billion. 

“Instead, the board of directors took paid advertisement in the newspapers to reveal that the Government owes them K2.5 billion.

“They did water it down in the 2014 annual report, stating that the fund had no significant concentration of credit risk with the exception of the PNG Government. 

“Chief executive officer Garry Tunstall reported the Government’s failure to make full payment. But they did not reveal the vast extent of it of being owed – K2.5 billion. 

“I called the Public Employees Association to raise the issues as it affects its members.”

Polye said that his alternative government would give people priority. 

“What belongs to the people must be given. I will remove a total of K200 million that Treasury Secretary Dairy Vele has parked under his miscellaneous funds he released under O’Neill’s direction.

“I will remove K100 million parked under the Prime Minister’s Department.  I will also take out money from unnecessary expenditure projects like the Western University project in Pangia and remove K70 million parked in that project. 

“I will go through the list and make cuts to come up with the K1 billion.”