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Showing posts with the label Government Bankrupt

KUMUL PETROLEUM’S DEALINGS: BANKRUPTED A NATION AND BROUGHT DOWN A PRIME MINISTER

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by REGINALD HAUREVA

Reference a recent letter to the Editor of the Post Courier under the  caption “Kumul Petroleum,  Petronas in the making” published on June 12,  2019, authored by one “ BUSH COMMERCIAL LAWYER OF PORT MORESBY”.

The timing of this letter is quite uncanny. It was obviously timed to pre-empt and cuff the hand of Hon. James Marape MP, the new Prime Minister, who is the trustee shareholder of Kumul Petroleum Holdings Limited and associated companies (“Kumul”). However, its timing betrays a tinge of fear
our bush lawyer obviously harbours in the new government having its own ideas of just what role, if any,  Kumul Board and its current CEO, Mr Wapu Sonk could play, in the greater campaign to take back PNG.

For information of the Bush Lawyer, the Kumul Petroleum Trustee has the power to sack any or the entire Board(s) and the CEO, if he pleases. But that is too simplistic. The fact that someone high up in Kumul obviously prompted such a letter to be written is itself somethi…

Simple Facts on the UBS Loan Arrangement

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by DAVID LEPI

Whilst the recent Oil Search share offloading by the government is attracting a vast array of discussions that are now gaining momentum by the day and the Prime Minister said to make public the facts surrounding the share sales perhaps it might be good we go back where all things started and take a look at the chronology of events.

IPIC Loan

It started in 2009 from what is known as the largest investment decision ever made by any PNG government. The Somare led government was investing in the 11 billion Exon-Mobil led LNG project in taking up equity of 16.8 percent by borrowing 1.68 billion Australian dollars from a little-known fund called International Petroleum Investment Company (IPIC) in the Middle Eastern oil state of Abu Dhabi. This took place at a time when the economy was feeling the global credit crunch and a dramatic drop in commodities prices that had made finding funds for new resource projects very uncertain. Arthur Somare, the then state enterprise minister,…

CHECK YOUR SUPERANNUATION - NASFUND INSIDER

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Public Servants should immediately check on the status of their superannuation entitlements if they are thinking of retiring now or in the months ahead.

It is becoming clear that the O’Neill Government has not been paying its contributions to at least some super funds and retiring members have been told that they cannot get their payouts.

Some Defence Force personnel have told PNG Blogs that there is not enough money in the Defence Force Retirement Benefits Fund to meet payouts that members are legally entitled to.

There are fears that State contributions have not been paid to teachers and police, and possibly Nambawan Super as well.

Members who have been told they cannot access their payouts are welcome to email us, pngblogs@gmail.com, or post comments on our web site, www.pngblogs.com.

The non-payment of superannuation contributions is occurring because the O’Neill Government is essentially bankrupt.

Five years of O’Neill Government corruption, waste and economic mismanagement have finall…