PNG opposition says super fund owed millions by govt

3:26 pm on 15 December 2015

The Papua New Guinea opposition leader says he believes the country's largest superannuation fund, Nambawan Super Ltd, is owed US$825 million in unpaid government contributions.

Papua New Guinea opposition leader and Kandep MP Don Polye.

Papua New Guinea opposition leader and Kandep MP Don Polye. Photo: Papua New Guinea opposition

The former treasurer, Don Polye, says inside sources tell him public servants who try to withdraw their money get only what they have put in - none of the state's share, which is 8.4 per cent plus interest earned.

He says Nambawan Super cannot pay out until the government clears its debt.

Mr Polye says the company has not formally said it has an issue with the government contributions but that is not the information he is getting.

"Some 200,000 contributors throughout the country and I can smell a rat there. I can smell a rat there because it looks somewhat very similar to the National Provident Fund that saw people lose billions of contributions right around the country."