Australian Financial Review

He said these allegations need to be proven.

The allegations refer to K33million (US$10.3 million) payment by Horizon Oil to a PNG shell company for its 10 per cent interest in Petroleum Retention License (PRL) 21 made 10 years ago.

The Australian Financial Review articles questioned the role of William Duma, who was then Petroleum Minister, and private Lawyer, Simon Ketan, who then owned the company, Elevala Energy, which sold its shares to Horizon.

The Australian Financial Review has reported three Australian private equity firms are competing for Tip Top against a European investment group PAI Partners which is fronting for R&R Ice Cream.

The AFR values the brand at between $250-$300 million. The sell-off follows last year's announcement that Tip Top's owner Fonterra has put everything on the table in an assessment of all investments, major assets and partnerships.