Western Province Governor, Taboi Awi Yoto, has called on Prime Minister, Peter O’Neill, to intervene and instruct the Internal Revenue Commission (IRC) to fast track the issuance of the share certificate of the 33 per cent share equity in Ok Tedi Mine.
He made the call as they are still awaiting their share of dividends declared by Ok Tedi Limited.
The dividend can only be paid once the share certificate has been issued to the Western Provincial Government.
Governor Taboi said he initially raised the issue with the Prime Minister in Parliament last year and had received assurances that the share certificate would be issued once they pay the stamp duty fee that is still outstanding.
The Governor said they are ready to pay however they are still awaiting a response from the IRC.
“The stamp duty was 5 per cent when the National Executive Council (NEC) made the decision to exempt, but the IRC still insisted on payment of the stamp duty fee so after the negotiation with them it was reduced to 1 per cent.
“Since then the delay had been with IRC so I am calling on the PM to step in and instruct the Commissioner General of IRC, Betty Palaso, to facilitate the transfer of the share certificate to the people of Western Province,” said the Governor.
With a 33 per cent stake in Ok Tedi, they are expecting a third of total dividends made by OK Tedi Limited.
“Western Province only got on payment of three dividends decared by Ok Tedi so far. We got K18 million and that is for 2014 to 2015 with two dividend payments still outstanding due to issue of non-issueance of share certificate to us. We are ready to pay for the stamp duty fee,” he said.
Governor Yoto said the issue of the share certificate and the release of dividends will assist them in meeting some of their obligations as well as in earthquake relief efforts.