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Showing posts with the label Kumul Consolidated Holdings

Where is the PNG LNG money? Did PM skim K6Billion and gave K21Billion to PNG?

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by GREG KONDE

THE first liquefied natural gas cargo of the PNG LNG project was loaded onto the Spirit of Hela ship on May 14, 2014.  The three markets for the PNG liquified natural gas are Japan,  China and Taiwan (primarily Japan).  The project sends 6.9 million tons of LNG to the three Asian markets per year.
Founding father of the nation Sir Michael Somare said in the July 22, 2016 Post Courier that he “cannot understand how our economy is managed. Despite 250 shipments of Oil and Gas so far, there is nothing to show for (it).” He said one shipment is around USD$220 million and questioned why the government keep borrowing.  He stated that Prime Minister Peter O'Neill should tell the people the truth about the economic situation affecting the country.
Exxon Mobil receives the largest portion of the income – that is to be expected as they invested far more than anyone else, an amount of $US20B (K50B).

Through Kumul Petroleum Holding Limited, Papua New Guinea holds a …

REVEALING ANOTHER SERIAL LIAR & FRAUDSTER, MAHESH PATEL.

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UNDECLARED DIVIDENDS OF K20 MILLION PAID TO KUMUL CONSOLIDATED HOLDINGS LTD AND SALE OF TELIKOM ASSETS; LANDS AND BUILDINGS

The current interim Chairman of TPNG Mr Mahesh Patel’s National News Paper publication dated 6th February 2017 page 25, saying that Telikom PNG paid a K20m dividend to Kumul Consolidated Holdings Ltd is yet another lie from Mahesh Patel to justify his existence in Telikom PNG. According to Telikom PNG Monthly Management Accounts as at June 2016, Telikom PNG actually made a loss of K3.7m earnings before tax.

Therefore, this K20m is an undeclared dividend payment. This ‘money was drawn from either; the cash savings from Telikom staff prematurely retrenched through the illegal Spill and Fill exercise carried out in 2015 or from unused capital works/project funds. The withdrawal of funds was most probably charged to the Government Capital Grants Accounts or the Owner’s Equity Account.

If it was a dividend declared profit, then Chairman should have properly declared a…

EXCLUSIVE TO PNGBLOGS: O'NEILL PAYS K2.3 MILLION TO JOHN MANGOS TO SELL TELIKOM TO DIGICEL AND REMINGTON

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by MICHAEL PASSINGAN

PNG BLOGS has learnt that Prime Minister PETER O'NEILL has directed Kumul Consolidated Holding  (KCH) Chairman and O'Neill rubber stamp PAUL NERAU to engage the services former Digicel PNG CEO, JOHN MANGOS as a super consultant to the Public company in a bid to sell off TELIKOM and its subsidiaries to DIGICEL and you guessed it REMINGTON Group of Companies.

PNGBLOGS broke a story today about the recent engagement of Mangos in a plot to sell off three of PNG's State owned Telcos Telikom PNG, B-Mobile and DataCo. Telikom has a good track record of being independent unlike Air Niugini or PNG Power, they have diversified their business into the areas of television (EMTV) and retail (DATEC).

JOHN MANGOS is Peter O'Neill's puppet and a Digicel plant to take over the Communications Industry in PNG through the sale of TELIKOM PNG and its subsidiaries.
He has been around Papua New Guinea after he was promised the role to sell off Telikom and make Peter O…

EXCLUSIVE: O'NEILL'S PLAN TO PRIVATISE AND TAKE OVER TELIKOM PNG THROUGH DIGICEL REVEALED.

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by JACKSON PUNDU

Kumul Consolidated Holdings (KCH) has become a safe haven for thieves and robbers, both Papua New Guineans and foreigners. Unfortunately some leaders are allowing this to happen and are nurturing it, to be blunt. They know millions of Kina floats around KCH and they want to get in there and have a slice of it. This is squandering what is rightfully our people's money and assets. If you have noticed, there have been countless restructures in the recent past, all in the name of better alignment and efficiency but these are hog-washed tactics to cover up hidden selfish motives. KCH's recent changes to include Kumul Communications with its expanded vertical structure is nothing more than an attempt to wrestle the state telecommunication entities (Telikom, Bmobile and DataCo) out of the hands of the Government into private hands. This is the big picture at play, directly under the watchful eye of the Prime Minister Peter O'Neill. They always come u…

FEATHERS OF BRIBERY FLOCK TOGETHER IN PNG - HOW PNG MINISTERS AND TOP PUBLIC SERVANTS ARE CASHING IN ON THE RAMU 2 DEAL

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BAD GOVERNMENT LOANS MADE PNGBC OBSOLETE, BSP ON THE VERGE OF REPEATING HISTORY

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by MICHAEL J PASSINGAN

Bank South Pacific is increasingly propping up the corrupt and financially compromised O’Neill Regime, exposing itself to higher and higher risk and putting itself outside its prudential guidelines.

Prime Minister Peter O’Neill, who as head of PNG Banking Corporation drove the bank into bankruptcy, forcing its merger with BSP, has been pressuring BSP to lend more and more money to his Government and his failing SOEs.

Since Mr O’Neill took Government midway through 2011, BSP’s lending to the Government and Public Authorities has exploded.

At the same time corruption, waste and mismanagement within Government – especially in SOEs under Minister Ben Micah – reached record levels. And it continues to increase.

In 2010 BSP;’s accounts showed it had a negligible K116 million in loans to Government and Public Authorities, or 3% of its portfolio.

As at 31 December 2014 (the latest full-year BSP accounts available) the bank had K1.12 billion in loans to Government and Pu…