NAMAH OWNS 80% OF FAILED CASINO ILLEGALLY
From the reliable sources, it is confirmed that Opposition leader and MP for Vanimo Green MP, Hon. Belden Namah was caught being 80% shareholder of failed Casino land at 4mile, Port Moresby. Authorities responsible will need to refer him to Ombudsman Commission and Fraud Squad now.
1. CMSS PNG Ltd owns 80% of failed Casino land at 4 mile. Other shareholders are Petroleum Resources Gobe (10%) and Petroleum Resources MORAN (10%).
2. CMSS PNG Ltd is 100% owned by another Company called AUSPNG Holdings Ltd
3. AUSPNG Holdings Ltd is 100% owned by the third Company called SINIWOK LTD
4. SINIWOK LTD is 100% owned by Opposition leader Hon. Belden Norman Namah, Vanimo Green MP.
Find attached are screenshots of the Investment Promotion Authority (IPA) Records..
The former Petroleum Resources Gobe Chairman, Mr. Philip Kende, played the key role in facilitating the whole CMSS transaction. Initially the Trade and Commerce Department through
Gabriel Kapris who was the Minister at that time gave the casino license to CMSS the Korean company.
In 2007, Mr Kende, forced the Mineral Resources Development Company (MRDC) management that time to allow PRG and PRM to invest around K22m.
This transaction happened when Mr. Namah was Deputy Prime Minister and when he was Acting Prime Minister he pushed this deal through by force, similar to him forcing Telikom PNG Ltd. to sell the land at 5 mile to Chinese interest for just K4m all around the same time. An interesting thing to note also is Mr. Namah and Mr. Kende were best buddies during military days.
No proper due diligence were done. A Korean person by the name of Mr Jimmy Kimm representing CMSS Casino was the one go between Kende and the MRDC group. The management that came later protest against the decision but Kende used threat and intimidation to have his way. From the beginning the Koreans have always owned 80% and in that way they were always in control because of Kende’s modus operation.
The MRDC management did not want to get involved with the CMSS Casino and this is the reason why nothing has happened compared to other major project development which started later such as the Pearl and Star Mountain plaza have successfully delivered.
Hopefully with Kende now out of PRG, MRDC should use every evening available means to recoup the landowners investment, which include addressing the illegal acquisition by opposition leader Hon Belden Norman Namah's AUSPNG LTD.
Mr Namah did a deal with the Korean owner of CMSS without the knowledge of PRG and PRM and acquired the shares through his company AUS PNG LTD. There is no record showing how much he paid for 80% acquisition of CMSS.
What makes it more interesting is that PRG and PRM who were foundation shareholders were the only ones who put the actual cash for the project but never excersie their preemptive rights nor were informed on this major transaction and shareholder transfer.
Even stamp duties were not paid and records were changed in IPA and there is no eveidence to justify the transaction. To put blankly the whole transaction is fraudulent in nature and should be referred to the Fraud Squard and Ombudsman Commision