PNG super company owed millions by govt

7:46 am on 9 March 2015

The Papua New Guinea government owes one of the country's key superannuation funds more than 800 million US dollars in outstanding contributions.

The chief executive of Nambawan Super, Garry Tunstall, told the newspaper The National that the State stopped paying members' contributions about eight to nine years ago, for a number of years.

He says members' contributions are deducted from their pay, in this case by the State, which then failed to send the money onto the Fund.

Mr Tunstall says it is an historical debt with current payments up to date because they are now done electronically and come through on a regular basis.

He says they are able to, and have been claiming the outstanding money back from the government as workers retire and are paid in full, but this becomes problematic when a lot of people retire at the same time.

Mr Tunstall also says 99 companies have debts to Nambawan Super.

Members of the Papua New Guinea government, including Treasurer Patrick Pruaitch (centre) and Prime Minister Peter O'Neill (right)

Members of the Papua New Guinea government, including Treasurer Patrick Pruaitch (centre) and Prime Minister Peter O'Neill (right) Photo: RNZ / Johnny Blades