DUMA BUYS WATERFRONT PROPERTY IN BRISBANE WITH STOLEN CASH

AFR
A Brisbane house and three Australian banks are now at the centre of a money laundering probe into a $US10.3 million payment made by the ASX-listed Horizon Oil to a company linked to a senior minister in Papua New Guinea.

The Australian Financial Review has been told Westpac Banking Corp, the Commonwealth Bank of Australia and Macquarie Group have all lodged Suspicious Matter Reports (SMRs) with the regulator, AUSTRAC, in recent weeks.
William Duma's family lived in the Glencairn Avenue house while his children were at school in Brisbane.

The payment, made in 2011, is being re-examined following an investigation by the Financial Review which found that $US10.3 million was transferred to a shell company controlled by the former personal lawyer of William Duma, PNG's then petroleum minister.

Mr Duma, currently PNG's Minister for Commerce and Industry, is facing a corruption investigation by authorities in Port Moresby, while the Australian Federal Police are also looking into the matter.
Horizon Oil terminated its chief executive Michael Sheridan on February 28, saying his position was "untenable". The oil company has also written down the value of its PNG assets and is conducting its own investigation into the payment.

Since the Financial Review's investigation was published all three banks have re-examined their records and reported the suspicious transactions to AUSTRAC, according to sources with direct knowledge of the matter.
A Brisbane house previously occupied by William Duma's family is now at the centre of a corruption inquiry. 
They have also linked part of the $US10.3 million payment to the purchase of a $1.5 million house in the Brisbane riverside suburb of Indooroopilly.
Mr Duma's family lived in the house soon after it was purchased, while his two sons attended the nearby St Peter's Lutheran College, a private school which now charges up to $66,287 a year for full fee-paying international boarders in years 11 and 12. Mr Duma's family no longer occupies the house.
One source, after being shown a photograph of Mr Duma, said Mr Duma was among those who inspected the Glencairn Avenue house with two other men.
The house was bought in November 2011 just a month after Horizon Oil made its final payment to a PNG shell company, Elevala Energy Limited, which was controlled by Mr Duma's former personal lawyer, Simon Ketan.
The house was purchased in the name of Baccarat Investments Solutions, a company controlled by Darrell Seeto, a former Macquarie Group private banker.
Horizon Oil chief executive Michael Sheridan was suspended on Wednesday.

Mr Seeto is known to be close to the Duma family and was involved in the same deal which saw Horizon Oil granted a lucrative petroleum licence in PNG by Mr Duma's department.
Mr Duma has repeatedly denied any wrongdoing and said no laws were broken in the granting of the licence. He declined to comment for this article.
Mr Seeto, who now works at stockbroker Shaw & Partners, advised Kina Petroleum on its ASX listing while at Macquarie. This followed Kina being granted a 20 per cent interest in the license know as PRL21. Mr Seeto declined to comment.
Multiple funds transfers
Horizon Oil was issued a 70 per cent interest in the same license. The other 10 per cent was granted to the shell company Elevala Energy, which sold its interest nine weeks later to Horizon Oil for $US10.3 million (about $16.2 million), despite lawyers on the deal raising concerns over corruption.
The sole shareholder and director of Elevala Energy was Mr Ketan, who worked with Mr Duma and has previously acted as his personal lawyer.
It is understood the money was paid by Horizon to a Westpac bank account in Port Moresby, before a portion of it was transferred to accounts at Macquarie and the Commonwealth Bank in Australia.
A company controlled by Darrell Seeto owns the Brisbane house where Mr Duma's family lived. Louie Douvis
In January 2019, Mr Duma appointed Mr Seeto as deputy chairman of the National Development Bank, which is charged with providing credit to small and medium-sized businesses in PNG.
Mr Seeto lists the Sydney suburb of Killara as his address.
Any suggestion of the house purchase being tainted could see it targeted by the Criminal Assets Confiscation Taskforce (CACT), which is run by the Australian Federal Police.
Westpac, Macquarie and CBA declined to comment.

https://www.afr.com/companies/mining/brisbane-riverfront-house-at-centre-of-png-corruption-probe-20200225-p5442d?fbclid=IwAR31vucUS1l26PoVgvDWnpYTkaiTr-rcW_6f5kFa9oeosYF7BEHW_vV0-Yw

Comments

  1. PNG Not Cheap Anymore!April 16, 2020 at 4:54 AM

    PNG Politicians still haven't learnt what it means to be one. PMJM, isn't these allegations reasons enough to sideline Duma whilst investigation are carried out?

    ReplyDelete
  2. Peter Albert AloApril 16, 2020 at 10:05 AM

    Can this be shared in social media and right appropriate authority like Ombudsman commission and fraud squad for investigation?

    ReplyDelete
  3. UnknownApril 19, 2020 at 7:26 PM

    please just get the Police minister BK..To deal with those who walk away with( PNG BENEFITS)enough is enough let the law deal with him UNTIL proven guilty. 😕😕

    ReplyDelete
  4. UnknownApril 21, 2020 at 11:55 PM

    The sun will slowly find its way in...

    ReplyDelete

Post a Comment

Please free to leave comments.

Popular posts from this blog

HIGHLANDS FRAUD F*CKS RUNNING GOVERNMENT AGENCY,,,

Image
A Fraudster and unqualified person has been shortlisted for NEC submission for the position of CEPA Managing Director. The candidate in question is Jude Tukulyia. His academic credentials are subject to scrutiny. Further investigation is required to verify the authenticity and legitimacy of his qualifications, particularly the reported diploma in accounting, Bachelor of Laws, MBA from Divine Word and UPNG respectively. It is very suspicious and unprofessional  when the Minister for Environment Conservation and Climate Change, Hon Simo Kilepa, wrote to UPNG Vice Chancellor asking to confirm Jude’s questioned education qualifications. This very due diligence work is the core responsibility of the Public Service Commission and Department of Personnel Management. What authority does the portfolio minister have to write to the Universities? Dumbfounding indeed if one asks. Ulterior motives written all over the letter. This amounts to  Questionable Academic Qualifications of Mr Tukulyia.    
Read more

MARAPE & PAITA ABOUT TO SIGN AWAY PNG GOLD

Image
By: Andrew Arthur Prime Minister Hon. James Marape and his planning minister Reinbo Paita are the parties behind the theft of all Papua New Guinea’s gold for the next 100 years! They have given approval for the STATE of Papua New Guinea to sign away all gold rights to an Australian paper company in Refinery Holdings PTE LTD. First, they have done the deal with a paper company even before there is a LAW that says they have the right to do the deal. We see how the real manipulation works out. Marape and Paita now need to get the law passed by Parliament. The law is before the Parliament to set up Papua New Guinea’s first National Gold Corporation. The National Gold Corporation Bill first surfaced in 2012 but successive Government of Sir Michael Somare and Hon. Peter O’Neill, in their wisdom, had refused to pass this Bill as there have been some sinister motives and constitutional issues associated with the Bill. The new bill will allow Refinery Holdings LTD PTE to own 70% of the National
Read more

AUGUSTINE MANO PNG'S PREMIER CORPORATE CROOK

Image
by  MICHAEL J. PASSINGAN In a significant setback for Mineral Resources Development Corporation (MRDC), the Supreme Court of Papua New Guinea has dismissed the company's appeal to stop criminal investigations into its dealings with landowner funds held in the Pacific Balance Fund (PBF). The court ruled that MRDC's appeal was an "abuse of process" and ordered the company to pay costs of the proceedings. MRDC, a unit holder in PBF, had taken legal action against the National Court's decision to dismiss its case, arguing that the court had no jurisdiction to hear the matter. However, the Supreme Court disagreed and held that MRDC's appeal was nothing more than an attempt to interfere with the police's criminal investigative process. The court found that MRDC had no authority to conducted its own investigation into the activities of the Melanesian Trustee Services Limited (MTSL), the fund manager of PBF, and that its actions were in violation of the Trust Deed
Read more

PNG, VERY RICH YET STILL A VERY VERY POOR COUNTRY

Image
by GARY MONDULAME Papua New Guinea (PNG), a nation blessed with abundant natural resources, continues to grapple with economic challenges that belie its potential wealth. The nation's economic narrative is a paradox—rich in resources yet burdened by poverty. The explanation for this paradox lies not only in economic mismanagement but also in deep-seated corruption that has permeated the political landscape since independence in 1975. Following its independence from Australia, PNG was entrusted to leaders who lacked a vision for a holistic national development. This absence of foresight is evident from the lack of long-term development plans that could have distributed the country’s wealth fairly across all regions and communities. Successive governments failed to establish foundational strategies such as building satellite townships or creating robust rural housing schemes. Instead, they resorted to short-term, reactive measures that did not foster sustainable growth. The nascent l
Read more

James Marape: A Complex Political Trajectory

Image
Early Years and Education James Marape was born on April 24, 1971, in Tari, Hela Province (formerly part of Southern Highlands Province), Papua New Guinea. His educational journey took him through Minj Primary School and Kabiufa Adventist Secondary School in the PNG highlands. He later graduated with a Bachelor of Arts degree from the University of Papua New Guinea in 1993 and obtained a postgraduate Honours Degree in Environmental Science in 2000 ¹. Ministerial Roles Marape's political career has been marked by significant ministerial roles: 1. Minister of Education (2008–2011):  During this period, he contributed to shaping education policies and programs in Papua New Guinea.  His tenure focused on improving access to quality education for all citizens. 2. Minister of Finance (2012–2019):    - Marape's time as Finance Minister was notable for its duration.    - However, it became infamous when he resigned, alleging corruption within the O'Neill government.    - His resign
Read more

James Marape's Missteps Openly Exposed at Australian Forum

Image
by  MICHAEL J. PASSINGAN  In a recent event that highlighted the complexities of international diplomacy and governance, Papua New Guinea's Prime Minister, James Marape, faced a challenging situation during his appearance at the Lowy Institute in Sydney, Australia. The Lowy Institute, known for its role as an independent think tank focusing on international policy, particularly in the Asia-Pacific region, provided a platform for a candid assessment of Marape's governance. Following his formal address, Marape engaged in a dialogue with Dr. Michael Fullilove AM, the Executive Director of the Institute. Dr. Fullilove, a respected figure in public and international policy, scrutinized Marape's past promises and statements, contrasting them with the current state of affairs in Papua New Guinea (PNG). The discussion took a critical turn as Dr. Fullilove revisited Marape's 2019 speech at the same venue, where Marape had outlined his vision for PNG in a speech titled “A New Boo
Read more

A Call for Local Ownership and Fairness

Image
by JUSTIN PARKER In recent discussions surrounding the establishment of a gold refinery in Papua New Guinea (PNG), concerns have been raised regarding various aspects of the proposed project. Spearheaded by foreign investors, the initiative has sparked debates over ownership, exclusivity, tax concessions, underwriting, management rights, control over currency, legal protections, and historical failures. These concerns, if unaddressed, could potentially undermine the interests of PNG and its people, particularly the hardworking alluvial miners who form the backbone of the nation's mining sector. At the heart of the issue lies the question of ownership. The proposed ownership structure, favoring foreign investors with a substantial 70% stake, raises eyebrows, especially considering PNG's past experiences with failed ventures like seabed mining. Instead of ceding majority control to foreign entities, many argue that PNG should assert full ownership over the refinery. With the coun
Read more