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PNG-OSH-Orogen Bare

  1. 831 Posts.
    Thenew Somare government in PNG have inherited the snis of their predecessors. any company associated with Orogen and the MRDC have very thin ice as their base with the revelations that their trustees and managers have squandered the funds belonging to the company and reported as cash reserves.

    With the commission of inquiry to be launched by the Ombudsman resulting from his investigation into Highlands born lawyer and manager of MRDC Dan Kakaraya, the evidence it revelaed thus far was nothing short of criminal, farcical and shocking.

    The kitty is bare. There is no $115 million as claimed by the board and their statements publicly reporting a full house with rich reserves. It also raises serious questions about the behaviour and what the Australian directors and managers of these companies knew.

    Lihir is believed to be in a similar position, the demand for an inquiry there is being fiercely resisted. The practice of robbing companies of their cash is not new and neither is there a desire on the part of regulators in PNG or in Australia for that matter to rpevenet or take adequate measures to prevent cash box heists by directors and other interested parties.

    As a footnote, it would appear that the Japanese will get their way and develop the gas reserves after the inquiry and it won't be the Gladstone project that will get cheap gas from PNG in the end. The Japanese cognisant of Australia's behaviour in the region have been lobbying hard and are reputed to have agreed to finance a portion of the inquiry even though it is not being said so publicly.

 
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