REVEALING ANOTHER SERIAL LIAR & FRAUDSTER, MAHESH PATEL.
UNDECLARED DIVIDENDS OF K20 MILLION PAID TO KUMUL CONSOLIDATED HOLDINGS LTD AND SALE OF TELIKOM ASSETS; LANDS AND BUILDINGS
The current interim Chairman of TPNG Mr Mahesh Patel’s National News Paper publication dated 6th February 2017 page 25, saying that Telikom PNG paid a K20m dividend to Kumul Consolidated Holdings Ltd is yet another lie from Mahesh Patel to justify his existence in Telikom PNG. According to Telikom PNG Monthly Management Accounts as at June 2016, Telikom PNG actually made a loss of K3.7m earnings before tax.
Therefore, this K20m is an undeclared dividend payment. This ‘money was drawn from either; the cash savings from Telikom staff prematurely retrenched through the illegal Spill and Fill exercise carried out in 2015 or from unused capital works/project funds. The withdrawal of funds was most probably charged to the Government Capital Grants Accounts or the Owner’s Equity Account.
If it was a dividend declared profit, then Chairman should have properly declared at a Telikom PNG Board Meeting in the presence of Chairman of Kumul Consolidated Holdings Limited: – Paul Nerau, Minister for KCHL – Honourable William Duma, CEO of TPNG and press media conference to shareholder and 8.5 million people of PNG. Chairman Mahesh Patel is lying, declaring that TPNG Ltd had made a cash profit of K60m, confusing net cash flow statement with profit and loss statement. This undeclared dividend payment of K20 million to KCHL seems most likely to be part of the ManuManu land deal scandal. Again, Patel wants to justify his existence in Telikom PNG.
PNG Communication Workers Union has evidence that TPNG is faced with huge debts at the moment, and monthly revenue collections is well below projected under Mahesh Patel as Chairman. How can Mahesh Patel boastfully declare dividend payment to KCH Ltd? He should be held accountable for telling lies to the shareholder and people of PNG.
Furthermore, Mahesh Patel has ‘breached Charter of Good Governance’ he signed on 22 May, 2014. His leadership on good governance is very, very, poor; he is not the leader we need in TPNG and must be removed as soon as possible.
It is not fair for other SOE CEOs and Ministers to face suspension whilst Telikom PNG executives go unnoticed and free.
Mahesh Patel has his personal interest in the Land and Properties that belong to TPNG Ltd and has gone out in the last two months advertising the sale of Telikom valuable assets in the local daily newspapers. These assets worth millions of kina and rightfully belong to Telikom PNG and Patel will do anything he can and do it fast to sell and buy these cheaply before change of government in 2017.
Mahesh Patel used TPNG Management to Force retrench some 300 plus well qualified engineers, technical officers, admin and support staff in 2015, 2016 under Spill & Fill he introduced under the pretext of reorganisation. There was no budget to fund this illegal retrenchment exercise.
To recover the cost, Telikom PNG Ltd, is now looking at disposing some of its most valuable assets; such as land and buildings in Kokopo, Lae Training College, and Old Boroko Exchange to raise K23 million. Mahesh Patel is now pushing for this to happen quickly. He will use this situation to further devalue Telikom and recommend to NEC that this SOE is a liability and allow Digicel to take advantage.
The PNGCWU believes that Telikom PNG must stay free from corruption and unscrupulous dealings by its corporate executives and Mahesh Patel must leave Telikom PNG as soon as possible.
Source: PNG Communication Workers Union.