The incident happened on Tuesday when about seven armed men robbed some company employees and took a substantial amount of money. During the heist, a security manager of a mobile phone company was also held up and license Glock semi-automatic pistol taken from him.
The suspects escaped and police only managed to recover the gateway vehicle and impounded it.
Lae Police Boss Anthony Wagambie Jr said his command received a tip off of a drinking spree which resulted in the arrest of five suspects with one wounded and is in hospital.
