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Duma scheming again to buy 53% share own by MVIL in Pac Re Limited and Koki Property

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by MICHAEL PASSINGAN Minister Duma is scheming again to buy more assets own by MVIL after the much publicised Manumanu land purchase issue has been subsided. Pac Re Limited is a Re- Insurance company based in Port Moresby. Motor Vehicle Insurance Limited is a major shareholder owning 53 percent of the shares. The balance of the shares is shared between Tower Insurance and QBE Insurance. MVIL also owns the land and the houses at Koki in Port Moresby next to the Koki Primary School. The value of the property is estimated to be around K14 million. The Minister is now working around the clock to buy MVIL shares in Pac Re Limited and the Koki properties deceptively through the normal company asset disposal plan. However, it is not easy to get the asset disposal factored into the MVIL annual plan at the management level and obtain final approval at the Board level with the current Chairman ofMVIL Dr. Ken Ngangan and the Management. The Minister has to remove the head of the Managem