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Showing posts with the label MRDC

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 statements h…

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 provided by SMA Investment Limited. However, t…

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

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FRAUD CHARGE DEPUTY SECRETARY OF TREASURY OVER LR GENERATORS.

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byBRYAN 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 was 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 Vele has avo…

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 LNG carrier is th…

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

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