NASFUND CEO, Ian Tarutia, says the K125 million Sovereign Community Infrastructure Treasure Bill (SCITB) remains in court.
Speaking at the recent 2019 Employers Conference, Tarutia said while the fund recouped some of the money, there is still a legal battle.
“We recovered K56 million of the unspent portion of the K125 million investment and we are now in court versus the state to recover the balance,” said Tarutia.
The SCITB agreement was made between the fund and the state in 2011.
The SCITB was to be used for financing infrastructural developments in Kokopo, East New Britain Province.
However, the SCITB caused much controversy after the Central Bank claimed the agreement was illegal.
“It became politicized and it ended up in the courts and that’s where we are at this point in time.”
Tarutia assured members of the fund’s confidence in recovering the funds.
“We are confident in our legal position but we are just dependent on the legal process that our country has,” he said.
(Filepic: NASFUND CEO, Ian Tarutia)