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Showing posts with the label MRDC

HOW 25% OF PORGERA WAS MERGED WITH A K2 COMPANY

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By Sam Kaupa WE HAD 25% OF PORGERA IN THE 90s. WE MERGED IT WITH A K2 COMPANY WHICH CREATED PNG FOCUSED AUSTRALIAN OIL AND GAS COMPANY,  OIL SEARCH LTD– AND NOW WE WANT PORGERA BACK AT COST – A TALE SHROUDED IN HIGH LEVEL CORRUPTION AND CONTROVERSY MASTERMINDED BY GREEDY POLITICIANS AND THEIR COHORTS. When our forefathers gained independence in 1975 they established the Mineral Resources Development Company Limited (MRDC) which was 100% owned by the Government of Papua New Guinea. MRDC was incorporated on 27th May 1975 under the Companies Ordinance 1966.  It was not until 1981 that it became fully functional as a company entrusted with the duty to manage mining and petroleum resource equity interests on behalf of the State and Landowners.  It was the ultimate State Nominee to acquire the State and Landowner equity interests in mining and petroleum projects and to manage the equity funds for landowner companies from the major resource development areas of PNG. In 1996 during Sir Julius

MRDC'S SOUTH PACIFIC PEARL RESORT IN FIJI IN FINANCIAL TROUBLE

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MRDC is the Trustee of funds belonging to Landowners of major resource projects in the country. It makes "investments" on behalf of the landowners. Peter O'Neil in his capacity as PM owns the shares of MRDC and Chief Secretary Isaac Lupari is the Chairman of the Board. In 2012 CEO Augustine Mano and the MRDC board bought the fledgeling Resort in Fiji with much fanfare. The resort boasts an 18 hole golf course and numerous swimming pools. This transaction was rushed despite opposition from landowners and against the advice of experts in the hospitality industry in Fiji. MRDC not only purchased the resort but it also invested heavily in the construction of a new wing. It appears that the resort is now in serious financial strife with very low occupancy rates and dwindling income. Rooms are believed to be offered now for as low as K120 as no one is going there. The financial status of the resort and all other MRDC investments cannot be confirmed as the financial statem

MRDC BOSS SANGA MANO ANOTHER TAX FRAUDSTER PAYS ZERO TAX OWES OVER 600K

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by PNGI CENTRAL The Mineral Resource Development Company (MRDC) is a State owned entity that manages landowner equity interests in mining and petroleum projects on behalf of landowner companies. Augustine Mano has been the Managing Director since March 2008. In his report for 2009 , the Auditor General recorded his concern that Augustine Mano was avoiding paying tax on K600,000 a year, 80% of his total remuneration: I noted that a “Professional Services Agreement” was signed on the 15th of May, 2008 between MRDC and the Managing Director as the “Incumbent Professional” of SMA Investment Limited “the company.” SMA Investment Limited is a Papua New Guinea registered company owned by Augustine Mano as the sole shareholder. The Auditor General’s report continues: Section 4 of the contract states that MRDC will pay the Managing Director and SMA Investments Limited a monthly fee of K62,500 (K750,000 annually, GST excl.) based on an invoice pr

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

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Former Prime Minister Sir Mekere Morauta said reported attempts by the Prime Minister to secretly sell valuable public assets to foreign interests, if true, are a sign of his desperation for cash to save his sinking ship. “Ad hoc decision-making like this, not as part of a comprehensive package of rescue measures, will make the nation’s problems worse and reduce the options for properly considered reconstruction in the future.” “We are virtually in the caretaker government period, at which point no significant decisions should be made, especially decisions that rob shareholders and landowners of their rights and the general public of their assets.” Sir Mekere said he had been given reliable information on three asset sales that are allegedly being negotiated behind closed doors – of the State’s 67% share in Ok Tedi Mining Ltd, the State’s 20% share in the Star Mountains Plaza hotel and 100% of APEC Haus. These sales involve very valuable assets, and the risk of selling them

FRAUD CHARGE DEPUTY SECRETARY OF TREASURY OVER LR GENERATORS.

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by BRYAN KRAMER Deputy Secretary of Treasury Mr. Aloysius Hamou was formally charged by Fraud Squad yesterday (28/1/16) for allegedly approving and facilitating the unlawful procurement of K50 million to purchase two turbine generators. The funds were drawn from the Department of Treasury back in December 2013 at the direction of Secretary of Treasury, Dairi Vele acting on the instructions of Prime Minister Peter O'Neill. Hamou w as charged under Section 91(1)(b) of Criminal Code, (False Claims by Officials). The provision states that a person employed in the Public Service who makes a return or statement touching any such matter that is, to his knowledge, false in any material particular, is guilty of a misdemeanour. Penalty: Imprisonment for a term not exceeding three years. Current Secretary of Treasury Dairi Vele is also facing criminal charges in relation to the same matter after the District Court issued a warrant for his arrest in July 2015. To-date V

WHERE ARE LANDOWNERS, LLGS AND PGS LNG EQUITY FUNDS KEPT?

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By Nemo Yalo: Principal of Nemo Lawyers   former Acting National Court Judge former Chief Legal Counsel for Ombudsman Commission There is in an ongoing public debate between the Government and the Opposition in Parliament regarding the receipt and application of the proceeds from the sale of the LNG. In its 2015 first half Environmental and Social Report, Exxon Mobil states that its US$19billion project loaded the 100th LNG shipment on LNG carrier Methane Spirit on 15 June 2015. The first LNG cargo was shipped on 25 May 2014 destined for Tokyo Electric Power Co. Inc. (TEPCO) in Japan delivered on 2 June 2014. The LNG Project is expected to produce nine (9) trillion cubic feet of gas over 30 years. It has the capacity to produce 6.9 million tonnes per year. The report reads in part: “The Papua, the first custom-built LNG carrier for EMPNG, arrived at the LNG Plant Marine Terminal on 22 February 2014 to begin loading its first cargo. The 172,000-cubic metre, 290-metre-long

PETER O'NIELL AND CO IN ANOTHER MASSIVE K1 BILLION DIRTY DEAL

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by JACKSON LEVONGO Papua New Guinea will have one of the best world's renowned  hotels. The Mineral Resource Development Company is proud to bring to Port Moresby, the first ever HILTON HOTEL. The Management agreement signed early last month between MRDC and Hilton World Wide will see the construction of a 5 star 212 premium room hotels in Port Moresby. The Hilton hotel is part of MRDC group subsidiaries latest development project, the STAR Mountain Plaza to be launched today. Under the agreement, Hilton will manage the Hotel and a convention centre within the Star Mountain Plaza. Papua New Guinea will have one of the best world's renowned    Western Province people are so na├»ve & gullible and gutless and continue to be fooled when their compensation monies from the Ok Tedi Mine pollution continue to be misapplied and siphoned out by use of various methods that seem legitimate with the impression of associations with world renowned company but in f