MARAPE & PAITA ABOUT TO SIGN AWAY PNG GOLD
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 Gold Corporation whilst Papua New Guinea through its nominee owns 30%. Refinery Holdings will be the Chairman and have more than 5 directors out of the proposed 8 directors to control the National Gold Corporation and its subsidiaries.
This is stated in Section 30 (2)(3)(4)(5) – COMPOSITION OF BOARD of the National Gold Corporation Bill. Giving ultimate control to REFINERY HOLDINGS to manage all of Papua New Guinea’s gold outputs. REFINERY HOLDINGS PTE LTD. is a 100% foreign shelving company registered in Singapore on 25th January 2013.
Refinery Holdings have only 2 Directors in Mr. James George Scobie and Mr. Michael Dennis Boyd. https://www.facebook.com/227315057734434/posts/1258882954577634/?d=n
There are 16 Shareholders of Refinery Holdings PTE LTD and all 14 of these shareholders are from Australians and 2 from Singapore. There is a list of all these Shareholders in the picture attached to this article.
The Board of Refinery Holding which basically controls all affairs of National Gold Corporation, the National Gold Bank National Gold, National Mint, etc will be controlled by Australians who act as Chairman and other 5 directors of National Gold Corporation by them being shareholders of Refinery Holdings PTE LTD.
Seems like history is repeating itself and Papua New Guineans are left holding the end of the stick. We owned the National Gold Corporation, but we have NO CONTROL over the Management of the National Gold Corporation at the BOARD level. Marape and Paita have SOLD the BIRTHRIGHT of every Papua New Guineans to these Australians!
When signing the agreement between PNG Government and Refinery Holding PTE LTD, Marape says that PNG Government will own 50% and Refinery Holdings will own 50% in National Gold Corporation. Information is scarce on the details of the steal but it seems that it is 70/30 with PNG owning 30% and not 50% announced by Marape. Another lie!
As the Agreement shows, Refinery Holdings has had EXCLUSIVITY over Papua New Guinea for 60 years and will further extend for another 30 years at their own discretion. This monopoly to give 70% of Papua New Guinea’s Gold rights to Australians is a daylight robbery and it was in the making by Marape since 2013.
This Refinery Holdings PTE LTD since its registration in 2013 has seen NO activities, only once had filed an annual return in 2015 and has been lying dormant in Singapore waiting for the right moment for Marape to give it life. Its paid-up capital was only AUD 220,662.00 as reflected in the documents lodged with ACRA in Singapore.
How can Marape and Paita betray Papua New Guinea by giving 70% of all Papua New Guinea’s GOLD which will be worth 100’s of billions of dollars to an unknown self-company? Has Marape and Paita lost their marbles? Is this what ‘TAKE BACK PNG’ looks like? Or is this another ploy for Pangu to secure its treasure chest before the 2022 National Election?
Whatever it is, Papua New Guineans need a response from this Prime Minister! He needs to clarify why 70% was given to Refinery Holdings of which Papua New Guinea has NO CONTROL over!
Please honorable MPs, do the honorable thing and say NO to this legislation!