What is Peter O’Neill hiding at Ok Tedi Mining Ltd?

by FRANK TASO

Since he and his cronies Nigel Parker, Musje Werror, Moi Avei, Daire Vele and Jakob Weiss threw out PNG Sustainable Development, the mine has been on a death spiral.

It has caught O’Neill Disease, the fatal and untreatable parasitical sickness that infects all State Owned Enterprises.

O’Neill and his blood-sucking worms grow fat by siphoning all the goodness out of the host SOE, leaving just a shell requiring regular injections of taxpayer funds medicine to recover, only to be sucked dry all over again.

Now O’Neill and his cronies are lining up for another feast on OTML.

The Prime Minister has ordered CEO Peter Graham to rip as much money out of the business as they can and give it to the Government as soon as possible to help avoid looming bankruptcy.

The OTML board is dominated by O’Neill appointees and cronies including convicted Leadership Code fraudster Moi Avei, , Treasury Secretary and wanted criminal Daire Vele, Western Province Administrator and fraudster Modowa Gumoi, and fraudster and O’Neill/Bank of Papua New Guinea advisor Jakob Weiss.

They will tell Graham to do as he is told.

OTML has already been pillaged numerous times by O’Neill, and now Graham is finding it almost impossible to meet his demands without causing more serious damage to the company.

Graham’s servile compliance with anything Masta Peter asks has already caused it enormous harm.

Graham’s weak-kneed management is to blame for the pit wall collapse last year, which closed the mine, and then the death of a worker sent in to try to clean up the mess in unsafe conditions.

Graham blames the weather for the collapse, but that is just him trying to make excuses and cover OTML’s guilt.

It was the lack of pit monitoring and pit maintenance in an area notorious for instability that caused it.

The closure was public proof that Ok Tedi has become another failed State Owned Enterprise under Peter O’Neill and his 40+ thieves.

The question now, when Graham is having trouble finding cash for Masta Peter, is where have the mine’s immense riches gone.

O’NEILL’S STOOGES HAVE CUT COSTS AND MADE SAVINGS SO THEY CAN STEAL EVEN MORE
The workforce has been decimated and wages and benefits slashed.

Costs have been cut to the bone, including infrastructure and maintenance spending.

Compensation payments and benefits owed by OTML directly and legislated in the Ninth Supplemental Agreement Act of 2001 have been reduced, with pitiful amounts of money going to Western Province communities and organisations.

Dividends have virtually dried up, to K116.5 million in 2014 after years of paying between K500 and K1 billion under PNGSDP ownership.

Approximately K2.5 billion in dividends has not been paid over 2012, 2013, 2014 and 2015.

O’NEILL AND CRONIES GET INFLATED CONTRACTS
Some of the missing money has gone to inflated contracts.

Some of that has gone into the back pocket of O’Neill, internationally recognized as the most corrupt leader in the Pacific – for sure to be transferred into his bank accounts in Australia.

O’Neill’s Black Swan Security suddenly got the mine security job and a company partly owned by landowners was kicked out.

His Wild Cat Developments construction and civil engineering company has been getting corrupt contracts dependent on OTML money in Western Province.

Other contracts have gone to the Prime Minister’s sidekicks, and money has been siphoned off to pet projects elsewhere in the country where other cronies had similarly inflated contracts.

OTML, on the orders of O’Neill, is covering up the extent of corruption that exists at the company by not publishing its financial statements – a typical trick by SOE boards to hide from public scrutiny.

The last quarterly results published, in May 2015, were for the first quarter of 2015.

By now, all quarterly reports for 2015 should have been published.

Likewise, the last Annual Review, for 2014, was published in May 2015. The 2015 Annual Review should have been published last month.

The 2014 Historical Statistics were published in May 2015, and the 2015 version should have been published last month.

These deliberate delays give Graham time to cook the books to protect Masta Peter, another favorite trick of SOEs.

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