CARGO CLUT MOROBE -100 BILLION US DOLLAR PROJECTS FOR MOROBE BY A K2 COMPANY


by Spot Check Investigation

“Morobe Set to Embrace US$100 Billion” was the catchy headline splashed across the front pages of Post Courier’s 8th October 2018 coverage. The prominently featured story claimed that Morobe Province was set to embrace a US$100 billion in provincial developments covering more than 60 projects.

The projects are to be delivered by a company called “MPM Mining & Industrial Development Corporation Limited”, based in the Philippines with partners in the USA, and is claimed to have business investment operations in mining and financial services as well.

Post Courier reported that “MPM Mining & Industrial Development Corporation co chairman Romeo Villarosa Sr said his company is ready to execute and deliver identified development projects for Morobe as soon as possible depending on how soon and ready are the plans in place for the province are put forward to them. He said Morobe is an ideal location in PNG to invest in and the company is ready to fund it to start works on the identified development projects as soon as possible. “Not only infrastructure but other development agendas that are listed will be fully funded and developed.””

Click Link: https://postcourier.com.pg/morobe-set-embrace-us100-billio…/
A follow up article was run on Wednesday’s (10 October) Post Courier (at p.5) reassuring that the projects will commence once the Morobe Provincial Government approves and the company will complete delivery between five to ten years. This article refers to a vague arrangement with Treasury Bank of United States to be advised on certain project funding they will be undertaking.

See Link: https://postcourier.com.pg/technical-aspects-billion-dolla…/
This is the single biggest development project any provincial government, let alone the national government, had ever undertaken in the short history of PNG. It is a massive K334 billion worth of projects, about 22 times the size of the national budget.
The proposed magnitude of this project generated some interest, as it should, and Spot Check Investigation conducted a quick online background check using the google search engine. The following is what was uncovered.

According to our google search of the name “MPM Mining & Industrial Development Corporation”, there is no exact match. If it is a big company that is based in Philippines and has agents in the US with such amounts of money at its disposal, a basic website and multiple links is obviously expected but none. The only links attributed to this company name are the Post Courier articles published this week. There is no other reference to this company. See Screenshot below.

When the names of the three senior executives of this company (Romeo Villarosa Sr and Randy Ysalina and Anthony Astridge) were entered in the google search bar, startling results were generated. The only link matching this query is the online post courier article published three days ago and a PNG facebook link; Nothing else! See the Screenshot below.

There is no bank with the name “Treasury Bank of United States”. See the screenshot below.
We conducted an online search of the company register at Investment Promotion Authority and found that a local company with the name “MPM MINING AND INDUSTRIAL DEVELOPMENT CORPORATION LIMITED (1-119650)” was incorporated on 11 September 2018, barely a month before the signing of the said Memorandum of Agreement. The sole director and shareholder of this company is an individual named Kau KASUP of Jt Maman Anda Building, 4th Street, Lae, Morobe Province, Papua New Guinea. This newly formed company does not have any filings –not even a company constitution. Its registered business activity is listed as “mining”.

May be the overseas company that signed the MoA with the Morobe Provincial Government is different. Whether it is an overseas company doing business through an agent or branch in PNG, or an overseas company venturing into an unincorporated joint venture with a local company, the registrar of companies has to issue a certificate. We are unable to establish whether such a certificate was granted. We are also unable to establish whether this company has partnered with the local company owned by Kasup.

If the local company registered by one Kau Kasup of Morobe is the company that signed the MoA with the MPG to deliver the K334 Billion projects within five to ten years, more questions remain are unsettled. One such question is "Is it not a K2 company promising 100 billion dollars projects for Morobe Province?



Comments

  1. UnknownOctober 11, 2018 at 9:50 AM

    Could the relevant authorities do their due diligence in investigating such "so called" billion dollar companies?

    ReplyDelete

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