Unitech Chancellor Sir Nagora Bogan confirmed to Loop PNG this afternoon.
The Council had a meeting yesterday in Lae, Morobe Province.
"Given the sensitivity, gravity and complexity of the matter it is incumbent that we clear legal and technical matters so I am not in a position to make any formal announcement to confirm Councils' decision," Sir Nagora said.
He added that a formal announcement will be made early next week after legal advice.