Vendor Financing Option

Hela Governor, Francis Potape, and Southern Highlands Governor, William Powi, said this on TVWAN’s ‘Nau’ Program last night.

Both Governors said as the duly elected leaders of their respective provinces, they could sign on behalf of the unidentified leaders given the looming deadline on December 31.

They said they will hold the unidentified landowners portion of the 4.27 per cent interest in a trust until the Government completes the vetting process.

However, they will still educate beneficiaries on the option and provide it to them if they wish to exercise it.

Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, announced the government decision following disagreements from beneficiaries.

“We had a push back from different groups so were allowing them to go and finance the option before the 31st of December then we’ll put our option back on the table again if the beneficiaries haven’t found the financing.