National Superannuation Fund (NASFUND) CEO, Ian Tarutia, said the during Annual Regional Employer Conference yesterday in Port Moresby.
Tarutia said following severe financial losses by NASFUNDS predecessor NPF in the 1990’s member accounts had to be written-off. This meant that those funds were gone.
“You will remember that back in 2000, when the predecessor NPF, there was a commission of inquiry as a consequence of imbalance in the balance sheet, as a consequence previously of poor decision making by former boards and former management, and there was a write-down.