Insights in the MRDC Saga - Investigation should cover all fronts
I refer to the on-going public media releases by the Managing Director of MRDC, Mr Augustin Mano. It is clear that he is using resources of the landowners to defend himself from all accusations leveled against him. I have been interested as a landowner in following his media releases and public information through MRDC websites and prints.
There is only two points he seems to say in all of these media releases. First that he followed proper financial management procedure for all the landowner investments and secondly, he has improved the value of shareholders asserts since taking office as the Managing Director.
While this may be true, he should wait patiently for normal investigation which has already been ordered to prove himself rather than constantly defending himself over the media. This investigation will confirm whether or not proper financial management procedure was followed. The Terms of Reference (TOR) should also find out if any ‘kick backs’ or bribes (as we commonly know in PNG) were involved during the transactions in purchases of shares Airlines PNG, Hevilift, Danaya House, 4 mile Casino, Port Moresby Specialist Private Hospital and purchase of Hohola land, etc.
The investigation will verify if a fare market value was paid for in purchasing these investments as well as determining if there were any conflict of interest situation existed that involved his immediate family and friends in these transactions. The TOR should allow investigation into management of these investments to further ascertain if the MD or his immediate family are benefiting from management fees.
Many landowners will be happy if terms of reference will also cover his investments in Fiji and Australia. At this day and age of computerization, it is not hard to track transactions made to purchase these properties. Where did the money used to purchase these properties come from? Is there any evidence of transfer of money out of PNG? Did this money come from outside PNG through transactions involving, for example, purchases of Helicopter Company? Does his yearly salary packages enough to afford all these purchases? Who is benefiting from management fees paid by these overseas investments?
Mr Mano did not have a private company in the beginning. The company he started, Bogasi Investments Ltd belongs to Imawe Bogasi Clan of Gobe-Samberigi. He was in the village as he could not find a job as a University Graduate when the illiterate villagers gave him the blessing to run their newly formed company. The subsidiary companies of Bogasi Investment Ltd include CivPac and Inspac.
He was the sole decision maker authorising financial transactions from CivPAC and BIA. His company Directors were all illiterate who did not know their rights as directors of the company. The directors did not control the company and did not make decisions on financial transactions. He controlled the Board members.
He continues to pay the directors allowance more than enough for illiterates and pays money to the most vocal landowners to keep them quiet. He gives extra favor to those who try to complaint about his style of management and company finances. Resolutions made at occasional Board meetings have not been followed and hijacked to suit his personal agenda.
Shareholder meetings have not been organised and no financial reports have been given to shareholders since its operation. No dividends have been announced and paid. He has physically assaulted a director who tried once to threaten court action to investigate him.
The MRDC was setup to manage landowners’ money from the resource boom because the Government felt that many landowners were illiterate and incapable of looking after their money.
Mr Mano is in a unique position as a landowner himself managing MRDC as well as Gobe landowner’s Companies. If the Government is serious about corruption, the TOR should include management of Gobe landowners companies including, Inspac, CivPAC,Bogasi Investments and its subsidiary companies under his care.
That is the only way, Mr Mano will truly prove what he continues to portray on the media.
-Concerned Citizen
There is only two points he seems to say in all of these media releases. First that he followed proper financial management procedure for all the landowner investments and secondly, he has improved the value of shareholders asserts since taking office as the Managing Director.
While this may be true, he should wait patiently for normal investigation which has already been ordered to prove himself rather than constantly defending himself over the media. This investigation will confirm whether or not proper financial management procedure was followed. The Terms of Reference (TOR) should also find out if any ‘kick backs’ or bribes (as we commonly know in PNG) were involved during the transactions in purchases of shares Airlines PNG, Hevilift, Danaya House, 4 mile Casino, Port Moresby Specialist Private Hospital and purchase of Hohola land, etc.
The investigation will verify if a fare market value was paid for in purchasing these investments as well as determining if there were any conflict of interest situation existed that involved his immediate family and friends in these transactions. The TOR should allow investigation into management of these investments to further ascertain if the MD or his immediate family are benefiting from management fees.
Many landowners will be happy if terms of reference will also cover his investments in Fiji and Australia. At this day and age of computerization, it is not hard to track transactions made to purchase these properties. Where did the money used to purchase these properties come from? Is there any evidence of transfer of money out of PNG? Did this money come from outside PNG through transactions involving, for example, purchases of Helicopter Company? Does his yearly salary packages enough to afford all these purchases? Who is benefiting from management fees paid by these overseas investments?
Mr Mano did not have a private company in the beginning. The company he started, Bogasi Investments Ltd belongs to Imawe Bogasi Clan of Gobe-Samberigi. He was in the village as he could not find a job as a University Graduate when the illiterate villagers gave him the blessing to run their newly formed company. The subsidiary companies of Bogasi Investment Ltd include CivPac and Inspac.
He was the sole decision maker authorising financial transactions from CivPAC and BIA. His company Directors were all illiterate who did not know their rights as directors of the company. The directors did not control the company and did not make decisions on financial transactions. He controlled the Board members.
He continues to pay the directors allowance more than enough for illiterates and pays money to the most vocal landowners to keep them quiet. He gives extra favor to those who try to complaint about his style of management and company finances. Resolutions made at occasional Board meetings have not been followed and hijacked to suit his personal agenda.
Shareholder meetings have not been organised and no financial reports have been given to shareholders since its operation. No dividends have been announced and paid. He has physically assaulted a director who tried once to threaten court action to investigate him.
The MRDC was setup to manage landowners’ money from the resource boom because the Government felt that many landowners were illiterate and incapable of looking after their money.
Mr Mano is in a unique position as a landowner himself managing MRDC as well as Gobe landowner’s Companies. If the Government is serious about corruption, the TOR should include management of Gobe landowners companies including, Inspac, CivPAC,Bogasi Investments and its subsidiary companies under his care.
That is the only way, Mr Mano will truly prove what he continues to portray on the media.
-Concerned Citizen
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