THE Pacific Balanced Fund Limited last year audited all its 2014 accounts and was finalisng the 2015 accounts, according to chief executive officer Kennedy Wemin.
“The 2014 accounts have been audited, the 2015 valuation and management accounts are being finalized, and an announcement will be made shortly to release the annual reports,” Wemin, pictured, told The National.
“MTSL (Melanesia Trustee Services Limited), the fund’s trust managers have been working to update the funds financial records.
“In fact, we have finalised accounts from 2002 and have focused on getting to our current position with the audit and verification exercise running hand in hand.
“We are aware of new legislation and are aligning our processes and procedures so we are not in default or breaking laws.”
Wemin made the statement following a call by Trade Commerce and Industry Minister Richard Maru, for the MTSL management to produce audit results of the fund.
Wemin said: “While the audit exercise has been ongoing, the fund has been diligently managed with results indicating the fund continues to enjoy relative growth in the last couple of years and is sitting in a very healthy position.
“We are a private equity fund, we are vigilant and strategic in our investment decisions, investments that can yield a dividend back to the fund is a major focus in the investment decisions we make.
“Unlike super funds and other trusts, we do not receive regular deposits from contributors such as the corporate or government organisations.
“We are mostly reliant on dividends. “We derive from our investments.”
The Pacific Balanced Fund Limited is a private equity fund whose primary stakeholders unit holders. The regulator is the Securities Commission in Papua New Guinea under the Trade, Commerce and Industry ministry.