Comrade Trustee Services

Double-Digit Growth: CTSL

The PNG Defence Force has made 112 hectares available at the Igam junction for Toea Homes to start the construction of over 1,300 houses.

CTSL statutory manager, Sitiveni Wileilakeba, said the project will generate K1.5 billion of economic activity.

“And on average, about 1,000 people will be employed in the project per annum for a period of five years,” he stated during the groundbreaking ceremony yesterday.

CTSL announces 6.5% crediting rate

This follows an impressive cash flow reversal for the fund after the CTSL Boards removal mid 2019.

The announcement was made by Statutory Manager, Sitiveni Weleilakeba, CEO Charlie Gilichibi, and PNGDF Commander, Major General Gilbert Toropo.

The announcement comes off the back of a turbulent year in which the entire CTSL Board except PNGDF Chief of Staff, Capt. Philip Poleware, were suspended by the Bank of PNG in July 2019.

The Central Bank was of the view that the then Board did not perform in accordance with the Central Bank regulations and expectations.

Financial assistance for super fund members

The proposed assistance was announced on Tuesday by the ASFs namely, National Superannuation Fund (NASFUND), Nambawan Super, Comrade Trustee Services (CTSL), and Aon Master Trust (AOM).

This follows consultation with Bank of PNG to support the Government’s announcement to enable financial assistance for affected members.

In a joint statement, the ASF’s announced the relief measure for members in the wake of the COVID-19 pandemic.