ICCC

The decision means Westpac can no longer sell its PNG and Fiji banking operations to Kina

ICCC Commissioner and Chief Executive Officer, Paulus Ain stated that the acquisition would have adverse effects on competition in the country and provided nine issues that he said warranted the commission declining authorization of the acquisition:

Kina Securities Ltd Chairman, Isikeli Taureka and Managing Director and CEO, Greg Pawson, outlined a powerful vision for more competition in the banking sector, more innovation and customer choice for PNG, if the Independent Consumer and Competition Commission (ICCC) approves the acquisition. 
 
“Our mission is to constantly improve the prosperity of the people, communities and markets that we serve. We strongly believe that this transaction should be approved by the ICCC,” said Mr Taureka.
 

Maru raised this concern on the floor of Parliament yesterday during the Question Without Notice period.

"Why is the Government so silent and not backing up the acquisition of Westpac Bank?"

Prime Minister James Marape responded and clarified that the Independent Consumer and Competition is an independent body and the process of acquisition is still ongoing.

He further added that investors in the country have a choice to stay and continue doing business or leave.

The Commission will continue to monitor service stations to ensure they comply in a timely manner.

The Prices Regulation Act under, which this maximum price is determined provides for penalties if pump prices are not changed consistent with this notice. Please bring this information to the attention of retailers.

The following prices are the maximum indicative prices for Petrol, Diesel and Kerosene to apply at service stations (including GST) at the centres identified.

ICCC Commissioner and Chief Executive Officer, Paulus Ain announced the institutional changes in the electricity supply industry, and what these changes will mean for the ICCC going forward.

Mr Ain said since 2002, the ICCC has been regulating the electricity supply industry, until the passing of the National Energy Authority Act 2021 (NEA Act) and Electricity Industry (Amendment) Act 2021 (EI [Amendment] Act).

A complaint was received on the 11th of November, 2019 alleging that there was an anti-competitive agreement between major businesses and their suppliers, to restrict the supply of common grocery goods to potential small distributors in the province.

ICCC Commissioner Paulus Ain said they proceeded with a nationwide market enquiry and that the investigation was focused on possible breaches of the relevant provisions of the ICCC Act 2002.

In a recent media statement, the ICCC addressed its concerns, saying there was a lack of meaningful consultations with the affected industries on the matter, and the legal process used to introduce these new levies and its adverse impact on consumers and businesses in PNG.

ICCC Commissioner and Chief Executive Officer, Paulus Ain said, these carbon levies were initially gazetted by the Ministry of Finance in National Gazette No. G304 on 27th May, 2020 and then amended in National Gazette No. G673 on 12^th October, 2020 and reflected as an increase in excise tariffs.

For this month, the Indicative Retail Prices for petrol will decrease while diesel and kerosene will increase on average, throughout PNG. The drop in retail price for petrol is attributed to the average decrease in its Singapore prices while the rise in prices for diesel and kerosene are a result of increases in their Singapore prices during the month of October 2020.

ICCC Commissioner and Chief Executive Officer, Paulus Ain, said a total of thirteen infringement notices were issued to five retailers at Maprik while fourteen were issued to just three retailers in Wewak town for non-compliance of State of Emergency Order No. 19.

The non-compliant retailers in Maprik are:

ICCC said Link PNG Limited, a subsidiary of Air Niugini Limited, has submitted an application seeking authorisation for its proposed acquisition of up to 60 percent shares in PNG Air Limited.

“Link PNG proposes to firstly acquire 40 percent of the shares in PNG Air owned by National Superannuation Fund Limited (NASFUND); and followed by the acquisitions of shares of minority shareholders,” revealed ICCC.