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Showing posts with the label KUTUBU

Desperate PM looking for cash by selling Ok Tedi, Star Mountains Plaza and Apec Haus to foreigners

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SEE WHAT THE GOVERNMENT IS DOING IN THE NAME OF FOREIGN INVESTMENT?

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by TERRY SEMBO

STEP BACK MENTALLY AND CONSIDER FOR A MOMENT WHAT OUR GOVERNMENT IS DOING IN THE NAME OF FOREIGN INVESTMENT: They have opened the door to every Tom, Dick and Harry foreign invader to come into the country. Too many are worthless carpetbaggers smelling the prospects of big profits for their pockets and not giving a damn about PNG or its peoples. The reason why we attract so many unscrupulous investors is because our country is, overall, a poor investment prospect in terms of high risk. Yes, high profits, but only if you get around all the risks.

The government acts like the Supreme Pamuk in dealing with foreign investment and foreign investments. There is a story from the early 2000s when InterOil came sniffing around PNG and had a meeting with Mining and Petroleum Engineer department top cats. The InterOil representatives apparently were neither polite nor tolerant of melanesian niceties. They got straight to the point and said, you either do things the InterOil way an…

WHY THE LNG RESOURCE OWNERS SHOULD BE CONCERNED WITH TRUST FUNDS HOLDING THEIR ROYALTY MONEY

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by KARK SEMANU

WHAT ARE TRUST FUNDS
Outside of PNG trust funds are normally established as either medium term holding accounts whose contents at a specified date are turned over to a beneficiary, or to an account maintained in perpetuity, where the principal is never touched and only the earned interest monies are ever withdrawn.

CORRUPT USAGE OF TRUST FUNDS:

1. LEAVING THE PRINCIPAL BUT STEALING THE EARNED INTEREST
In PNG, the trust account concept has been corrupted in many directions. The most common reason for a politican or a government bureaucrat to want control of a trust account is to steal the interest monies accrued. That is a corruption of the traditional trust account in that they have no authorisation to do this. The interest monies earned belong to the government. The corrupt government official's actions escape the government's attention in many cases in this way: A government disbursement of a quite large amount of money is secured, let's say K20 million. Tha…