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PETER O’NEILL PLANNING TO RIP OFF PNG LNG LANDOWNERS - NOTHING COMING UNTIL 2019 - LEAKED SUBMISSION INSIDE

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by JACK TOAPELIS Prime Minister Peter O’Neill has broken his promise to PNG LNG landowners to support their purchase of 4.27% equity in the project. A leaked policy submission by the Prime Minister, Treasurer Patrick Pruaitch and Finance Minister Jame Marape says landowners will have to go it alone and raise their own funds to buy the equity. The Prime Minister had previously agreed to debt financing by NPCP/Kumul Petroleum for the landowners so they could pay for their equity. This promise was effected in NEC decision 208 of 2015 – now the Prime Minister wants to rescind that decision through his new policy submission. Virtually all the recommendations in the Prime Minister’s submission are in breach of the 2009 Kokopo Umbrella Benefit-Sharing Agreement. Indeed the O’Neill Government has always been in breach of the Kokopo UBSA, notably in making agreed payments to the UBSA participants. As Sir Michael Somare said in a statement late last year:  “This g

All Out PNG Social Media War Against Corruption

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Witch Hunts To Expose Anonymous Whistleblowers Against Corruption, the Growing Impact of PNG Courts of Public Opinion, And Illustrative Cases of Sonja Barry Ramoi, Susan Merrell and American Actor Bill Cosby by A Retired PC Journalist Brief History of Anonymous Political Free Speech Anonymous free speech was only able to start after people moved to big cities where no one hardly knew anyone in those large populations.  This environment created the possibility for anonymous speech that living in the countryside did not.  Early effective anonymous political postings occurred in Rome at several ‘talking statues’ over 500 years ago  ( https://en.wikipedia.org/wiki/Talking_statues_of_Rome ).    Rome’s Pasquino ‘talking’ statue.  Anonymous political comments have been posted for more than 500 years at the base of this and several other statues around Rome.    Forming the constitution of the USA involved 3 founding fathers going underground and anonymously posting and publ

NBC STAFF DIDN’T GET THEIR PAY THIS PAY WEEK, IS THIS SIGN OF NATIONAL CASHFLOW PROBLEM

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NATIONAL BROADCASTING CORPORATION (NBC) STAFF DIDN’T GET THEIR PAY THIS PAY WEEK, IS THIS SIGN OF NATIONAL CASH FLOW PROBLEM OR INTERNAL MANAGEMENT PROBLEM? by MKALG WALGHE Another government organization that is facing financial problem in paying its staff this fortnight is the NATIONAL BROADCASTING CORPORATION (NBC). The staff of this once iconic government radio broadcasting organisation did not get their pay this week, which they normally get on Tuesday of the “lus wik”, as is known in the PNG parlance. As of 4.06pm today (Friday 17th June 2017), the NBC staff did not receive their pay and they are now made to face the grim reality and difficult task of looking for other means to sustain their families over the weekend. They do not even know if they will get their pay next week, the same week (government pay week) when other government organisations will also be getting their pay. The situation faced by NBC could be the same for other government organisat

CHINESE BANKS TO BAIL OUT PNG GOVERNMENT?

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FINANCE ASIA The Independent State of Papua New Guinea (PNG) is set to embark on international roadshows next week for what it hopes will be its debut international bond deal.  The B2/B+ rated nation has hired ANZ, Bank of China, JP Morgan and Societe Generale for a dollar-denominated transaction.  Central bank governor Loi Bakani and Department of Treasury secretary Dairi Vele will lead presentations in London on June 21, followed by Boston on June 22 and New York on June 23. The prospective deal comes at a critical time for the country, which is running short of US dollars and wants to raise funds to manage government finances, which are under pressure as a result of low oil prices. PNG will be hoping it is third time lucky given it has made at least two active attempts to raise dollar bonds over the past decade-and-a-half, both of which failed. Has it got the ingredients right to serve up a successful deal this time round? One new addition to the mix is the presence o