The Central Bank has denied recent allegations levelled against Kina Securities Limited that it has been operating illegal superannuation in the country.
Allegations published by a group ‘Masalai I Tokaut’ (www.masalai-i-tokaut-.com) that was doing its rounds in the social media and private WhatsApp groups regarding alleged Illegal Superannuation operations by Kina Securities Limited.
The publication dated May 7, 2006 alleged Kina Securities Limited has not registered with the Bank of Papua New Guinea and does not hold a license to operate financial business or superannuation business in PNG.
Bank of PNG as the regulator of all financial and superannuation establishments when asked regarding the allegations, Governor Loi Bakani told PNG Bulletin it was not true.
“The allegations on social media are baseless and not true. You can pose the question to Kina Securities too,” Bakani said.
Kina Securities former Chief Executive Syd Yates who was reached for comments said he would not comment on mere allegations.