Nasfund

Chairman William Lamur said the results were positive in yet another challenging year.

He said external factors such as slowdown of the global economy and significant fall of commodity prices impacted revenue streams of PNG based companies in which the Fund had investments in.

Lamur further added that, aside from the effect of El Nino and limited access to foreign currency, surplus of quality property buildings and the lack of a secondary market for fixed interest securities trades, resulted in valuation losses in Equities and bonds.

By 8.30am a huge crowd had gathered only to be told by a nasfund worker that the office would not be open. 

The Nasfund workers informed the members that there was not fuel to run the generator and therefore they  would not  be able to open the office to service the members.

The officer said until fuel arrived,  the office will remain closed.

A female  Nasfund member who fronted the Nasfund office at 7am and was still waiting at 9.30am was frustrated saying; “This is not a good excuse."

David Ila of Alukuni village in the Rigo district of Central Province was committed to stand trial at the National Court after the Committal Court found sufficient evidence against him.

He has since filed a section 96 statement through his lawyers from the Public Solicitors office. This is a statement where the accused is allowed to say his side of things at the committal court stage.

This was indicated in court today (Oct 23) when Ila returned before Magistrate Cosmos Bidar.

The matter has since been adjourned to Oct 28.