Papua New Guinea deputy Prime Minister Belden Namah could be Gold Coast Titans white knight

PAPUA New Guinea's controversial deputy Prime Minister Belden Namah has emerged as a possible white knight in Gold Coast boss Michael Searle's last-ditch plan to save the financially-stricken Titans.

The development comes as Searle broke a two-month silence on the club's fiscal crisis yesterday, apologising to fans and revealing his and the Titans' future may hinge on securing fresh funds from a mystery backer.

Insolvency firm KordaMentha issued a creditors' report on the Titans' property arm on Friday, revealing the company, of which Searle is sole director, has operated at a loss since 2008 with debts as high as $26 million.

The report also questions whether the company traded while insolvent, an assessment Searle vehemently rejected yesterday.

"I would not wish this on my worst enemy," Searle told the Gold Coast Bulletin before he fronted around 800 fans at the annual Titans Charity Ball at Jupiters Casino last night.

"I think there will always be a team here on the Gold Coast. But will I be involved? Will it be the Titans? I don't know.

"I think that's something I'll deal with after we get the solution. That would largely be determined by what my fellow investors want me to do."

Searle would not disclose the identity of any backers, but The Sunday Mail understands leading PNG political powerbroker Namah has been approached to personally fund a Titans rescue package.

The NRL has been notified of the development. Namah is one of PNG's richest individuals, having outlaid 30 million kina ($14.3 million) in his campaign to unseat Peter O'Neill as his country's Prime Minister in upcoming elections.

According to well-placed sources, Namah is considering an initial $2 million investment and could provide as much as $10m to purchase a stake in the Titans.

Namah caused a political stir when he was ejected from Sydney's Star City Casino on April 16 last year after being accused of sexually harassing a male blackjack dealer in the high-rollers room.

Namah has vigorously denied any wrongdoing, with his lawyer Greg Sheppard saying the reports were "mistaken".

Searle opened up about his personal despair, saying he had endured some sleepless nights in his attempt to save the Titans from going broke.

He also revealed plans to implement an independent board if he could wipe out the Titans' estimated $25m debts.

"Sometimes you feel very lonely," he said.

"There's a broad principle accepted by all of us involved that when the new investors come in, that there will be a new independent board established that will represent the interests of the club.

"I'd rather do than talk about doing. If I got bogged down in trying to manage blow by blow every story, we'd be gone by now.

"I just do what I know what's best and I've got to get out there and sell the club and get a capital-raise."


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Comments

  1. Kumul ForbesMay 21, 2012 at 6:06 PM

    PNG's 5 Richest Politicians. Listed according to their millions and assets, owned both in PNG and outside PNG:
    5. GC Somare
    4. Sir Mekere Morauta
    3. Peter O'Neill
    2. Belden Nama
    1. Jeffrey Nape

    ReplyDelete
    Replies
    1. AnonymousMay 21, 2012 at 7:27 PM

      Leave Belden alone. He was already a multimillionare before he entered politics.

      Delete
  2. AnonymousMay 22, 2012 at 6:58 AM

    Namah's backyard garden in Bewani produced the 30 million Kina man. Has anyone talked to the poor people of Bewani to find out if their millions reach them or they get deposited in the backyard garden of their leader? Aren't leaders supposed to help their people first before trying to be a Titan!

    ReplyDelete
    Replies
    1. AnonymousMay 22, 2012 at 11:02 AM

      You are trying to put the public office and personal wealth together. If he uses public funds to fund the Titans then its deplorable. Thats his personal money, he can use it when ever he pleases...we should be mindful of that.

      Delete
  3. AnonymousMay 23, 2012 at 6:56 AM

    Leaders r 2 serve people, no wonder the gap between poor n rich,previlgd n non prev.widens,we hev atitude problm at all level

    ReplyDelete
  4. AnonymousMay 23, 2012 at 6:56 AM

    Leaders r 2 serve people, no wonder the gap between poor n rich,previlgd n non prev.widens,we hev atitude problm at all level

    ReplyDelete
  5. AnonymousMay 24, 2012 at 9:37 AM

    Why rescue the Titans when there's literally no basic health services, infrastructure, other social services, etc is not immenent in Bewani, Amamab, Imonda and other outskirts of Vanimo Green Electorate. You keep preaching about your wealth and buying jet planes but the very people that cast their votes and mandated you to be their kingpin are suffering. Why can't the tycoon spend that gains in his electorate or the least help me to get my trade store filled with goods? Then to save a developed country's financial crippled sporting entity. Sooner or later we will preach about saving the Euro.

    ReplyDelete

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