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Showing posts with the label Peter Botten

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…

Part 2 – Sweetheart deals cost taxpayers and landowners

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THE TRUE STORY OF THE UBS LOAN AND OTHER DEALS BETWEEN THE O’NEILL GOVERNMENT AND OIL SEARCH Part 2 – Sweetheart  deals cost taxpayers and landowners
BY A SPECIAL CORRESPONDENT IN SINGAPORE Comments by Oil Search executives and directors at the company’s annual general meeting earlier this year raise serious concerns about its knowledge of many specific instances of corruption in Papua New Guinea relating to its business, and its corporate behaviour. These instances are separate to the illegal UBS Loan which Oil Search helped to arrange, as detailed in Part 1How Peter O’Neill and Peter Botten cost Papua New Guinea at least K1 billion. Some of these issues were the subject of questions in in the Australian Senate, but no satisfactory answers were provided by the Australian officials responsible. For example landowners in the PNG LNG project are owed hundreds of millions of kina in royalty payments and other entitlements, much of which is paid to the Government by Oil Search and its partners.…

EXCLUSIVE: THE TRUE STORY OF THE UBS LOAN: How Peter O’Neill and Peter Botten cost Papua New Guinea at least K1 billion

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BY A SPECIAL CORRESPONDENT IN SINGAPORE Part 1 – How Peter O’Neill and Peter Botten cost Papua New Guinea at least K1 billion The Oil Search Annual General Meeting in Port Moresby earlier this year confirmed that the company is acutely aware of the extent of corruption in the Papua New Guinea government of Peter O’Neill.
Oil Search executives privately commented to attendees after the AGM closed that "... everything here in PNG is corrupt …" “… the government is so corrupt …”, "… PNG has a lot of corruption issues …" and others in similar vein. The cost of O’Neill Government corruption is high, estimated to be several billion kina a year. Now the contribution of Oil Search’s own questionable dealings with the O’Neill Government has come under public scrutiny. Late last month stockmarket trading announcements revealed that the nation has lost at least K1 billion in an illegal sweetheart deal organised in secret between Prime Minister O’Neill and Oil Search Managing Direc…

THE ILLEGAL UBS LOAN MATURES ON 13 JUNE 2016

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THE LNG LANDOWNERS OPPORTUNITY TO BUY 4.22 % EQUITY FROM THE STATE ENDS ON 30 JUNE 2016;
WILL PETER O’NEILL FIND THE MONEY TO MEET THE OBLIGATIONS?
by ANDRE BILAK STEVEN

PNG is already having a serious cash flow problem, and nothing can be more evidenced than the Minister for Finance James Marape’s statement few weeks ago that all MPs (who supposed to receive K15m DSIP funds) will receive K1 million each for this year. The cash flow crisis is affecting business houses, government departments and households like never before. The Bank of Papua New Guinea has about less than US$1.4 billion in reserves against pending foreign exchange orders of around K4 billion plus and the situation is not improving any sooner. The endless cue for sending funds overseas is unbearable and killing many import reliant businesses in this import-reliant economy. Many learned experts in economic management have advised O’Neill, since early signs of doom emerged, to take remedial actions immediately includ…

PNG LOSES 1.5 BILLION KINA IN ILLEGAL UBS-OSL LOAN REFINANCING

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PM’S ILLEGAL UBS-OIL SEARCH SCAM COSTS PNG A BILLION KINA

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by MARK AMBANE
Prime Minister Peter O’Neill’s illegal and corrupt deal with UBS to buy 10 percent of Oil Search is now a full-scale disaster.
It is threatening the viability of the 2016 Budget and could further undermine Government finances, which are already at crisis point.
The State’s 150 million shares were bought in March 2014 for $8.20 each.
That is a total $A1.2 billion, or about K3 billion at the exchange rate early that month.
A few days later, on 14 March 2014, the Prime Minister boasted that the country had already made a profit on the shares of $A75 million (about K170 million).
Today, the losses on the purchase are stupendous.
Those 159 million shares were worth slightly less than $A5.70 today. That is a loss of $A400 million. At today’s exchange rate that is about K850 million.
Peter O’Neill, Peter Botton of Oil Search and UBS have cost Papua New Guineans almost a billion kina.
Worse still, the disastrous slide in the value of Oil Search shares may cost Papua New Guinea even more.