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Showing posts with the label Auditor-General

JUNE 13TH 2016, MARK THAT DATE ON YOUR CALENDAR

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byGOVERNMENT INSIDER

The Swiss bank UBS struck a massively controversial deal to land the PNG government with a 10 per cent stake in ASX and PNG-listed company Oil Search. 

The shares as you all know costed PNG A$1.2 billion, a staggering 8 per cent of our GDP. UBS insiders describe this deal as one of the "most amazing deals" the bank has ever done due to the staggering 12.3% interest they are earning from us. 

This rate is well above an average commercial banks interest rate. Others, however, say the amazing part is that the bank was able to get away with it. This lucrative deal, the PM has coerced The National Petroleum Company Board to sign on an Irrevocable Escrow Agreement to keep our 19.4% LNG revenue in a Singapore Bank account as a collateral to the collar Loan, managed/Controlled by UBS According to the Clause 14. 

Of the UBS Collar Loan Agreement dated 12 March 2014, UBS AG Australia Branch will appoint a Receiver Manager to sell the Oil Search Shares and Manag…

Instituting performance audits

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PUBLIC, private and non-governmental institutions tasked with delivering public services and those in receipt of public funds have to improve their governance performances for Papua New Guinea to achieve its strategic targets set out in Vision 2050 and the 2030 development strategic plan.

Service delivery institutions, over the last 35 years, have not been adequately equipped to meet the development challenges of a developing nation to improve the lives of the rural masses. Hence, the ongoing calls for more funding towards service delivery will not achieve much; rather, such resources would only be captured by conduits.

Speaking at the annual Certified Practicing Accountants of Papua New Guinea (CPAPNG) conference in Lae, Morobe, last Thursday, University of Papua New Guinea academic and Vision 2050 national strategic plan task force chairman Prof David Kavanamur highlighted the need for service delivery institutions to be adequately geared for the implementation of the government’s Vis…

Instituting performance audits

Image
PUBLIC, private and non-governmental institutions tasked with delivering public services and those in receipt of public funds have to improve their governance performances for Papua New Guinea to achieve its strategic targets set out in Vision 2050 and the 2030 development strategic plan.

Service delivery institutions, over the last 35 years, have not been adequately equipped to meet the development challenges of a developing nation to improve the lives of the rural masses. Hence, the ongoing calls for more funding towards service delivery will not achieve much; rather, such resources would only be captured by conduits.

Speaking at the annual Certified Practicing Accountants of Papua New Guinea (CPAPNG) conference in Lae, Morobe, last Thursday, University of Papua New Guinea academic and Vision 2050 national strategic plan task force chairman Prof David Kavanamur highlighted the need for service delivery institutions to be adequately geared for the implementation of the government’s Vis…