Genuine Questions for the NASFUND Board

Nakovis 


  • Why did Nasfund invest in APNG when the numbers did not stack up with K25 million paid out to Mr Wild Senior in Goodwill, and K90 million going to Wild family to retire debt. What were they buying, when they were only buying 40% of company and not even control or management?
  • Why did Nasfund invest knowing there was going to be no cash to run the company or carry out promised expansion program? How was it financially justified and accommodated in the Prospectus how the 2 promised new Boeing 737 s were to be acquired and their operational aspects on the promised new Australian and Asian routes were to be effected?
  • If the Wild family were taking the cash out, why didn't Nasfund ask the hard questions as to where the funding was going to come from?
  • What has the Board of Nasfund done to discipline management staff who invested K23 million in a company that lost 50% of share value on the first week of listing, and has broken its promises of 2 new 737s and new Australian and Asian routes? The management staff should have seen the impossible promises, as that's their job, but why didn't they?
  • Were these all colorful but deceptive promises made by the APNG Board and the Wild family to suck in PNG institutions that they had no intention of keeping? From the numbers in the prospectus, it seems so. Why didn't Nasfund management pick it up? Were there other considerations at play?
  • What actions has Nasfund Board taken against APNG, the Wild family, the Lawyers and accountants who signed off on the prospectus for the lies, the deception and misrepresentation? If not, why not?
  •  How will the Board recover the loss of almost K10 million from the APNG ? This loss was due directly to the lack of diligence of its management. what action will the Board take against the management responsible?
  • If Board members, especially so called Independent Board members, didn't pick this up from the prospectus, resulting in the loss, why should the Board remain? What governance tools does Nasfund have to discipline and correct an errant Board?
  • What independent probity pannel exists for the Fund to review errant recommendations to the Board by management, and discipline errant Boards? If not, is this a confession that Nasfund does not have proper governance provisions?
  • Why has Rod Mitchel and the Board of Nasfund not answered legitimate questions on the way the small people's moneys are being managed by them? There is a big danger in the Board and Management personalizing these legitimate questions as an attack on themselves or attack on the Fund. Far from it, the simple hard working PNGian with his/her small savings needs these questions answered, and go to sleep peacefully knowing there are safety mechanisms in place to secure their nest egg. Right now it seems there are no safety mechanisms and the management seems to wield great financial power and authority to do as it wishes. if the above questions cannot be properly answered, then the public interest in Nasfund is in grave danger.

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