Shares

Acting ABG Secretary for Economic Development, Albert Kinani said the entity being the business arm of the ABG is responsible for all investments made by the government and that includes the ABG’s shares in the Chebu Shipping Company and the recently acquired shares in the Bougainville Import Export General (BIEG) Corporation Limited.

Kinani explained that in the case of BIEG, the company is currently trading as a private company which under the Company’s Act of 1997 allows for people or entities to purchase shares in the company.

President of Ok Tedi Mine Impacted Area Association (OTMIAA) Nick Bunn on behalf of the people of Western Province said the benefits must be shared with the right full landowners of the mine Villages.

He said the landownership issue has been outstanding for a very long time.

“We are now looking forward to working closely with the Government to ensure that the K5b for the people of Western be given back through a transparent, fair and benefit structure which will be distributed according to the sharing structure which will be agreed to through the awareness program.”

Opposition Leader Don Polye in a  media  conference yesterday said the UBS loan  and other commercial loans are liabilities to the state and must be addressed as a matter of urgency.

He said this single loan engagement, K3 billion UBS loan was a big mistake that impacts badly on PNG’s economy today during a global economic recession, creating a domestic economic crisis and fiscal operation nightmare.