PM using DSIP to feed pet MPs





 By JOHN PASSINGAN

The rich and greedy, not the poor and needy, are benefitting from the Prime Minister’s latest corrupt financial deal.

He is giving a K415 million dividend from the National Petroleum Company direct to his pet MPs through the DSIP slush fund.

Mr O’Neill’s personal bag man, Finance Secretary Ken Ngangan, made this known on Friday.

The DSIP slush fund is used by the Prime Minister to buy support from politicians, who in turn steal it to buy alcohol, prostitutes, luxury cars and high-priced real estate (often overseas), stay in expensive hotels, bribe public officials and corporate sector executives.

They grow fat and greasy while their constituents - who are the ones who should benefit from this money -  live in poverty and hardship.

Dr Ngangan also stated that the Government has been facing “revenue shortfalls” while the Prime Minister and the Finance Minister, Mr Marape, have said there is no revenue shortfall.

So who is lying? Mr Ngangan said the “revenue shortfalls” had forced the NPCP to pay the dividend, so obviously it is the Prime Minister and Finance Minister who are lying - again.

There is a most serious financial crisis developing unless the National Government cuts spending and takes other remedial action to rescue the disastrous 2015 Budget.

Handing out taxpayers’ money to the most corrupt, inefficient and greedy group of people in the nation through a slush fund is the opposite of what should be happening.

The timing of the payment to the DSIP is also highly suspicious - the Prime Minister’s Leadership Tribunal process has begun, adding to political uncertainty and necessitating bribery on a grand scale even by O’Neill standards.

For these reasons and others the processes followed by NCPC for declaring and paying the dividend need to be made public.

NPCP is a wholly owned subsidiary of the Independent Public Business Corporation, and therefore under PNG law any dividend must be paid to IPBC in the first instance, and then a dividend declared from IPBC to the State.

In other words, there would need to be board decisions from both NPCP and IPBC approving any dividend.

The Prime Minister and Minister responsible, Ben Micah, must reveal whether the dividend was declared and paid first to IPBC, and whether the IPBC board met and approved the dividend to the State.

Also, under the IPBC Act, dividends have to be paid into Consolidated Revenue. Mr O’Neill and Mr Micah must reassure concerned citizens that the money did go to Consolidated Revenue, and not to some other destination where it could be shared out between the PM and his puppets in secret.

And as NCPC states on its web site, while it operates under the laws of PNG its direct interest in the PNG LNG project determines its operation on the global petroleum market and therefore makes it subject to foreign laws and jurisdictions.

Any failure to follow due process - especially the type of corrupt, illegal or doubtful process usually dictated by the Prime Minister - would be a very serious matter with international consequences.

Not only must the Prime Minister and Minister Micah answer the concerns of PNG people, they must reassure international partners Exxon-Mobil and Oil Search Ltd, as well as the US and Australian Governments, that due process has been followed.

NPCP and IPBC individually  must also provide details of the declaration of the dividend and the payment such as a copy of their board minutes?

Other elements of this scandal are questionable:

    Landowners in the LNG project in effect own approximately 25% of NPCP by virtue of their 4% equity in the project. Are they getting their share of the dividend?

    A payment to the State of K415 million implies a total dividend of K553 million. Have landowners been paid their K138 million?

    If not why not?

Mr Ngangan also described the dividend as a “special dividend”. What is special about it?  What was the reason for declaring it?

    Did the board declare the dividend because it was instructed to do so by the Prime Minister, Minister Marape or Minister Micah?   


This is looks like yet another corrupt deal organised for corrupt political purposes by the Prime Minister.

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