Mitchell: K125m bills parked with Nasfund

NATIONAL Superannuation Fund (Nasfund) chief executive officer Rod Mitchell yesterday confirmed the controversial K125 million so­vereign community infrastructure treasury bills (SCITB) have been parked with Nasfund.
“Nasfund is holding onto 125 million treasury notes issued under the Treasury Bill Act (2002). The notes won’t be released until the state clears its side,” Mitchell said.

He said that Nasfund had followed legal procedures but the state had not and must find a way correct that.
He said this following media reports yesterday where Minister for Communication Patrick Tammur announced that the K125 million was with Nasfund.

Mitchell argued that the information that came out in the media, including findings from the study conducted by National Research Institute which categorised the treasury bills as illegal, were incorrect.

In its report released last month, the NRI said the deal was done without the approval of parliament as required by the PNG Constitution sections 13 and 14, was not in line with the Public Finance Management Act and Bank of PNG Act, which limits government borrowing.

“The Public Management Act and Finance Act do not apply to treasury bills. This is different and as far as I know Nasfund has gone through legal process and I have all the legal documents with me to prove that,” Mitchell said.
“The purchase of 125 million treasury notes was guaranteed by the state.
“Nasfund has invested based on that fact and plays no part in how the funds are to be used and for what purpose since the bill was issued for and on behalf of the state.”
In a press statement, the Nasfund board has sworn to no secrecy when arguing and justifying the legitimacy of the deal.

Treasury bills, the board argued, was issued under the Treasury Bill Act by signature and authority of the Treasurer and Minister for Finance Patrick Pruaitch, co-signed by the Minister for National Planning and Development Paul Tiensten with the sponsorship of Tammur.

The board, which includes John Jeffery, Reginald McAlister, Dr John Nonggorr, Lady Wilhemina Siaguru, Hulala Tokome, Graham Ainui and Murray Woo, said the superannuation fund’s contribution in the treasury bill “will yield 7.05 % if rolled annually”.

“All indications from the state are that the treasury note will be rolled over through the Central Bank which is normal for such instruments.
“This has been confirmed in recent NEC deliberations,” the statement read.
The board and Mitchell assured contributors that all was okay and that reports in the media were incorrect and lacked accuracy.

-The National

Comments

Post a Comment

Please free to leave comments.

Popular posts from this blog

HIGHLANDS FRAUD F*CKS RUNNING GOVERNMENT AGENCY,,,

Image
A Fraudster and unqualified person has been shortlisted for NEC submission for the position of CEPA Managing Director. The candidate in question is Jude Tukulyia. His academic credentials are subject to scrutiny. Further investigation is required to verify the authenticity and legitimacy of his qualifications, particularly the reported diploma in accounting, Bachelor of Laws, MBA from Divine Word and UPNG respectively. It is very suspicious and unprofessional  when the Minister for Environment Conservation and Climate Change, Hon Simo Kilepa, wrote to UPNG Vice Chancellor asking to confirm Jude’s questioned education qualifications. This very due diligence work is the core responsibility of the Public Service Commission and Department of Personnel Management. What authority does the portfolio minister have to write to the Universities? Dumbfounding indeed if one asks. Ulterior motives written all over the letter. This amounts to  Questionable Academic Qualifications of Mr Tukulyia.    
Read more

PNG, VERY RICH YET STILL A VERY VERY POOR COUNTRY

Image
by GARY MONDULAME Papua New Guinea (PNG), a nation blessed with abundant natural resources, continues to grapple with economic challenges that belie its potential wealth. The nation's economic narrative is a paradox—rich in resources yet burdened by poverty. The explanation for this paradox lies not only in economic mismanagement but also in deep-seated corruption that has permeated the political landscape since independence in 1975. Following its independence from Australia, PNG was entrusted to leaders who lacked a vision for a holistic national development. This absence of foresight is evident from the lack of long-term development plans that could have distributed the country’s wealth fairly across all regions and communities. Successive governments failed to establish foundational strategies such as building satellite townships or creating robust rural housing schemes. Instead, they resorted to short-term, reactive measures that did not foster sustainable growth. The nascent l
Read more

BLIND LEADING THE BLIND, WHY THE PNG ECONOMY STILL SUCKS

Image
Elizabeth Genia, Acting Governor Bank of PNG (BPNG) by MICHAEL JOSEPH PASSINGAN The economy of Papua New Guinea (PNG) is at a crucial juncture. Despite some signs of recovery, the country faces several structural challenges that continue to impede its economic progress. The March 2024 Monetary Policy Statement from the Bank of Papua New Guinea sheds light on these issues, providing a comprehensive overview of the economic landscape and the policy responses being implemented to navigate through these turbulent times. In 2023, PNG's economy grew by a modest 1.4%, a significant slowdown from the 5.2% growth witnessed in 2022. This tepid growth is largely attributed to delays in major projects and ongoing economic issues that have not been fully resolved. The anticipated growth for 2024 is around 3.0%, buoyed by the resumption of production at the Porgera gold mine. While this marks an improvement, it remains subdued compared to the potential of this resource-rich nation. One of the mo
Read more

AUGUSTINE MANO PNG'S PREMIER CORPORATE CROOK

Image
by  MICHAEL J. PASSINGAN In a significant setback for Mineral Resources Development Corporation (MRDC), the Supreme Court of Papua New Guinea has dismissed the company's appeal to stop criminal investigations into its dealings with landowner funds held in the Pacific Balance Fund (PBF). The court ruled that MRDC's appeal was an "abuse of process" and ordered the company to pay costs of the proceedings. MRDC, a unit holder in PBF, had taken legal action against the National Court's decision to dismiss its case, arguing that the court had no jurisdiction to hear the matter. However, the Supreme Court disagreed and held that MRDC's appeal was nothing more than an attempt to interfere with the police's criminal investigative process. The court found that MRDC had no authority to conducted its own investigation into the activities of the Melanesian Trustee Services Limited (MTSL), the fund manager of PBF, and that its actions were in violation of the Trust Deed
Read more

James Marape's Missteps Openly Exposed at Australian Forum

Image
by  MICHAEL J. PASSINGAN  In a recent event that highlighted the complexities of international diplomacy and governance, Papua New Guinea's Prime Minister, James Marape, faced a challenging situation during his appearance at the Lowy Institute in Sydney, Australia. The Lowy Institute, known for its role as an independent think tank focusing on international policy, particularly in the Asia-Pacific region, provided a platform for a candid assessment of Marape's governance. Following his formal address, Marape engaged in a dialogue with Dr. Michael Fullilove AM, the Executive Director of the Institute. Dr. Fullilove, a respected figure in public and international policy, scrutinized Marape's past promises and statements, contrasting them with the current state of affairs in Papua New Guinea (PNG). The discussion took a critical turn as Dr. Fullilove revisited Marape's 2019 speech at the same venue, where Marape had outlined his vision for PNG in a speech titled “A New Boo
Read more

PNG GOVERNMENT MINISTER IN PORN VIDEO

Image
WEWAK MP AND CORRECTIONAL SERVICE MINISTER JIM SIMATAB ANOTHER PUPPET WHO NEEDS TO BE VOTED OUT Wewak Open Electorate and the people of East Sepik Province are suffering from lack of development and delivery of basic services. Meanwhile, their MP, Jim Simatab, who is also Correctional Services Minister seems to be very busy having extra marital affairs with young Tolai girls who are young enough to be his child or grandchild. He is a typical puppet in the coalition of the corrupt who needs to be voted out in 2017. WARNING NUDITY AND SEX SCENE VIDEO LINK
Read more

MARAPE & PAITA ABOUT TO SIGN AWAY PNG GOLD

Image
By: Andrew Arthur Prime Minister Hon. James Marape and his planning minister Reinbo Paita are the parties behind the theft of all Papua New Guinea’s gold for the next 100 years! They have given approval for the STATE of Papua New Guinea to sign away all gold rights to an Australian paper company in Refinery Holdings PTE LTD. First, they have done the deal with a paper company even before there is a LAW that says they have the right to do the deal. We see how the real manipulation works out. Marape and Paita now need to get the law passed by Parliament. The law is before the Parliament to set up Papua New Guinea’s first National Gold Corporation. The National Gold Corporation Bill first surfaced in 2012 but successive Government of Sir Michael Somare and Hon. Peter O’Neill, in their wisdom, had refused to pass this Bill as there have been some sinister motives and constitutional issues associated with the Bill. The new bill will allow Refinery Holdings LTD PTE to own 70% of the National
Read more