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Showing posts with the label PNGBC

How Peter O’Neill Mismanaged PNG's Economy.

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by HARINI MATABI ALUMALE

PNGeans, we seem to FORGET things very easily and blow with the wind of PROPAGANDA to believe falsified make-believe social media posts, controlled mainstream media headlines (controlled by conglomerate Foreign companies & Former regime), and gossips on the streets.
Those of you praising your Master on Media and Facebook forums must read this carefully and this are few but I will post in details from time to time .

Peter O’Neill|KING wiru Mari | Leadership

1. The K37 billion loan (dinau) incurred by former Prime Minister Peter O'Neill that you and me and our children will have to 'repay' in the years to come.

2. The inflated contracts in billions of Kina by Peter O'Neill that was swept under the carpet in the name of "Infrastructure". The 10% cuts and excessive overpriced costs for all infrastructures are something that PNGeans must know.

For example, the back road from 9mile to Gerehu/Baruni costed almost to a billion Kina when it shou…

SYMBOLIC SLEEZEBAG OF THE CORRUPT PETER O'NEILL REGIME - RIMBINK PATO OF WAPENAMANDA

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by SAMSON LENKI WALO

The recently published photo of "The Duck" at Jackson's airport, in all his glorious obesity, doing some kind of deal on his mobile phone, may go down in history as a classic, symbolic picture of what Peter O'Neill's government has come to be known for: corruption sleeze and greed.
It's not just The Duck's image of uncontrollable gluttony. Examine his history and you will discover that even the harshest interpretations of what that big fat belly represents behind the scenes are no exaggeration.
The story of Rimbink Pato is a story that covers more than 20 years. It intertwines in an intriguing way with other notables, including Paul Paraka and former MP Peter Yama of Madang.

INTRIGUING INTERRELATED TECHNIQUES OF PATO, YAMA AND PARAKA

Let's start with the basics. Rimbink Pato is a lawyer. Not a particularly good lawyer, but one who was determined to get rich.
The way Pato got rich, and the way Madang …

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…

PM MISLEADING AGAIN WITH RESPONDS TO COURT RULING

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by BRYAN KRAMER

The Prime Minister's office released a media statement " Prime Minister Hon. Peter O'Neill Highlights the Importance of Political Stability - Notes Supreme Court Decision on Constitutional Amendments"

Author of the press statement said the Prime Minister has received the Supreme Court ruling and parties respected the decision but it is important that the reasons behind the amendments are understood as it is an issue that will likely return again in the future. "This legislation was designed to further enhance the stability in the Government of the nation,” Prime Minister Hon. Peter O’Neill said.

“This was for current and future Governments. “It should be noted that since the passing of the integrity law that came into effect in 2002, and these further amendments in 2012 and 2013, the country has enjoyed sustained economic growth averaging 8 per cent. “This is largely because of the political stability that is in our country. "As responsible …

PSHOP Money Trail Leads to Prime Minister Peter O'Niell

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by PAUL J REINBARA

The Prime Minister was quoted in the Post Courier of 21st August 2012 as announcing the National Executive Council decision to terminate the K31.52 million Public Service Home Ownership Program (PSHOP) contract and the contractor, Australasia Pacific Panel Limited (AUSPAC), has offered to repay the money in full. Mr O’Neill said significant increases in property development and building costs over the last five years had made it impossible for the contractor to deliver fully serviced land and 200 houses at Eight Mile in the National Capital District.

Mr O’Neill commended Australasia Pacific Panel Limited for its offer to repay monies it had received from the State for the PSHOP project. “The vast majority of cancelled contracts with the State end up costing the State millions of Kina. It is to the credit of the contractor and its executives and affiliates that the monies advanced by the State are being repaid in full,” he said

Although the announcement to repay was …