PNGBLOGS

by PNGI CENTRAL The Mineral Resource Development Company (MRDC) is a State owned entity that manages landowner equity interests in mining and petroleum projects on behalf of landowner companies. Augustine Mano has been the Managing Director since March 2008. In his report for 2009 , the Auditor General recorded his concern that Augustine Mano was avoiding paying tax on K600,000 a year, 80% of his total remuneration: I noted that a “Professional Services Agreement” was signed on the 15th of May, 2008 between MRDC and the Managing Director as the “Incumbent Professional” of SMA Investment Limited “the company.” SMA Investment Limited is a Papua New Guinea registered company owned by Augustine Mano as the sole shareholder. The Auditor General’s report continues: Section 4 of the contract states that MRDC will pay the Managing Director and SMA Investments Limited a monthly fee of K62,500 (K750,000 annually, GST excl.) based on an invoice pr