This was revealed by NSL Board Chairman, Anthony Smare, when announcing NSL’s 2016 result.
He says proceedings were filed in late February to recover K130 million that is owed to exited members.
Despite the court action, there are already discussions between NSL over the outstanding amount.
“We’ve also had positive discussions with state looking at a number of different options to address this K130 million they owe our exited members,” Smare said.
“We are optimistic about it, (and) we are hopeful that a resolution can be reached in the next couple of months that will enable us to pay out the K130 million that owed to our exited members and to resolve that and give them some comfort.”
Some of the options, among others include, an agreement for the state to fund the payment of exited members in the short term, which is yet to be finalised.
A long term approach is that the NSL and the state are working to further moderate the unfunded arrears position through a variety of transactions.
Picture credit: Cedric Patjole