PM ORDERS MRDC PROBE

Prime Minister Peter O’Neill has directed Attorney-General and Justice Minister Dr Allan Marat to institute a special investigation into the alleged squandering of millions of kina of landowner monies by the Mineral Resources Development Company (MRDC), one of which is the defunct multi-million kina Casino Hotel development.

The directive stems from serious allegations of schemes devised to squander landowners’ monies in lieu of investments, royalties and equities from resource projects.

The Prime Minister noted that there were also allegations of inflated payments towards the acquisition of properties which do not have clear titles. Similarly, the purchase of 50 percent stake in a helicopter company which appears to have a book value of K30 million (which equates to K15 million) was allegedly purchased and acquired at the cost of K70 million by MRDC.

“It is now becoming a concern and we must act fast and address those issues without any further delay. I am aware that these allegations are serious in nature and will warrant an investigation,” Mr O’Neill wrote in his letter to Dr Marat on August 22.

Chairman of the powerful Namo’Aporo Landowners Association in Kutubu, Mark Sakai had written to the Prime Minister on August 8 seeking government intervention into the alleged corrupt practices within MRDC. Some of the issues highlighted were serious and would require proper investigations to confirm.

Landowners claimed that investments undertaken by landowner companies under the MRDC management were now thrown into limbo, one of which is the Four Mile Casino Hotel development undertaken by CMSS (PNG) Ltd.

“The MRDC is an important company but to date it may have lost its focus. It is now my fear that the company which was established to provide prudent business and financial advice is being used as a vehicle to acquire companies and assets against proper scrutiny and due diligence. Therefore, as a shareholder, I am now directing you to consider these issues very urgently and sanction a special investigation to verify these allegations,” Mr O’Neill wrote.

MRDC Managing Director Augustine is reportedly out of town and could not be contacted yesterday but in a recent interview, he had told the Post Courier that in his tenure in the last 9 years, he had turned the company around with its book value tripled. He had also defended the purchase of the helicopter company.

POST COURIER

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