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Showing posts with the label Bank South Pacific

ISAAC LUPARI STILL STEALING AS CHIEF SECRETARY, NOW USING PM's OFFICE TO STEAL EVEN MORE

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by MICHAEL PASSINGAN

The Government’s Chief Secretary Isaac Lupari who heads the Country's Public Service machinery has once again come under the spot light of corrupt activities.

Lupari who not long ago was identified to be at the center of the K3.7 million fraud by the Finance Department Commission of Inquiry. (but was never prosecuted).

This time Lupari has been seen to be using the office of the Prime Minister and his position as the Chief Secretary to steal.

On December 2015 Chief Secretary  Isaac Lupari advised the Prime Minister's Department by writing that the Prime Minister approved K1 million from the PM's Commitment Funds for the Ipatas Foundation Inc in which he is the Executive Chairman.

The Ipatas Foundation Inc is a non-profit organisation established by the Enga Provincial Government. The foundation is registered and certified under the Association Incorporation Act of PNG and is run by a board who are appointed by the Enga Provincial Executive Council.

As …

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…

PNG’s frightening Final Budget Outcome

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by

PNG Treasury released last Thursday an update on what may really have happened with the 2015 budget. Like the mid-year Treasury MYEFO update, this is a frightening document that points to a collapse in government revenues of 20 per cent in 2015 relative to the budget, and reveals 2015 expenditure reductions of 37% in health, 36% in infrastructure and 30% in education, areas the government said would be protected. The combined budget deficits over the last three years of 24% of GDP are the largest for a three year period in PNG’s history.
The Final Budget Outcome (FBO) is one of four key budget documents each year and must be released by 31 March. The 2015 FBO is a comprehensive document that fills in many of the gaps of the 2016 budget, including finally providing detail on where cuts were made in the Supplementary Budget. Key aggregates are shown below.

Table 1: Fiscal aggregates from the 2015 Final Budget Outcome (FBO) Note: These figures are based on the 19…

SHOCKING TRUTH ABOUT BANK SOUTH PACIFIC

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Entrepreneur Link PNG

If you are a BSP customer, you seriously need to read this. This concerns your money in BSP bank.
“When we first wanted to paint the bank green, everyone thought we were crazy” These where the words of former CEO of Bank South Pacific (BSP), Ian Clyne during a media briefing in Port Moresby.
Bank South Pacific has a colorful history in Papua New Guinea (PNG) and its history spans over 58 years of successful operation in PNG soils. The green money machine has seen an aggressive growth and expansion over the years establishing over 44 branches and 44 sub-branches according to the website PNG Facts.
The current CEO of BSP, Robin Fleming has this to say about the presence of BSP in PNG.
“Having such a large physical presence, despite the high cost of maintenance, means that our customers don’t have to travel far when undertaking banking transactions” The site PNG Facts notes that BSP has 1.4 million customers. However, not all BSP’s 1.4 million customers are …

IFC'S US$140M SPLASH IN BSP, IS THERE A CONFLICT OF INTEREST?

By: Dionisia Tabureguci of ISLAND BUSINESS

It wasn’t too long ago that a partnership between the World Bank and its sister organisation the International Finance Corporation (IFC) in the deregulation of the telecommunications sector in some countries in the region was frowned upon. Critics called it a ‘conflict of interest’. Through multi-million dollar loans, the IFC—the World Bank’s private sector financing arm—was funding the Pacific expansion of Irish-owned Digicel. At the same time, the World Bank was offering policy and technical assistance to governments in the region interested in opening up their telecommunications market. Words like “double standard” and “inappropriate” were used to describe their involvement in the Pacific’s telecommunication market. The World Bank’s Country Director for Papua New Guinea, Timor-Leste and the Pacific at the time, Nigel Roberts, had to defend the organisations’ involvements as independent of each other. “The process we’re involved in on the Wor…

IFC'S US$140M SPLASH IN BSP, IS THERE A CONFLICT OF INTEREST?

By: Dionisia Tabureguci of ISLAND BUSINESS

It wasn’t too long ago that a partnership between the World Bank and its sister organisation the International Finance Corporation (IFC) in the deregulation of the telecommunications sector in some countries in the region was frowned upon. Critics called it a ‘conflict of interest’. Through multi-million dollar loans, the IFC—the World Bank’s private sector financing arm—was funding the Pacific expansion of Irish-owned Digicel. At the same time, the World Bank was offering policy and technical assistance to governments in the region interested in opening up their telecommunications market. Words like “double standard” and “inappropriate” were used to describe their involvement in the Pacific’s telecommunication market. The World Bank’s Country Director for Papua New Guinea, Timor-Leste and the Pacific at the time, Nigel Roberts, had to defend the organisations’ involvements as independent of each other. “The process we’re involved in on the Wor…