More details have emerged into the allegations of MRDC Managing
Director, Mr Augustine Mano,s illegal activities in siphoning
landowner’s money into dubious investment under pretext of good
investment policy.
The latest is an independent report dated 10/10/11 from Deloitte to the Prime Minister’s Department denying that they provided any expert valuation for MRDC to buy share on behalf of the landowners. Instead, Deloitte advised that from their preliminary assessment the PNG Helilif operation was in serious financial trouble and advised the managing director for a more detailed valuation before any investment decision was made.
They report that by going ahead against their advice, the landowners have now lost 50% of their investment. Hence, the net asset value after only less than 12 months of investment is K75 million obviously less than what the Managing Director has let us to believe. It further states that the company is operating on overdraft facility-which means that no dividend is payable to landowners any soon or least not within 10 years. It would have been much wiser and less riskier to purchase shares in BSP, Oil search, Lihir or West New Britain Oil Palm through POMSX or even buy treasury Bills that would easily make K5-7million a year immediately upon investment.
Mr Mano mislead the public and the Government by claiming that Deloitte provided expert valuation and recommendation for millions of landowner money to be used to buy 50% share of PNG Helilift operations.
In another leak out of MRDC and available for the NEC, it is now revealed that most of this money came from loan against Future generation Trust Fund (FGTF) and Community Infrastructure Development Trust Fund (CITF) and Westpac Loan. According to MRDC’s own investment policy or guidelines this is reported as ILLEGAL. For those landowners unaware, leaked internal documents show respective landowner company contributions as follows:
Company/Equity/ Loan FGTF/Loan CITF/Westpac/Loan Total investment
PRK (Kutubu)/K4million/K10million/- /K4million/ K18million
PRG (Gobe)/K2million/- /K10million/K5million/k17million
PRM (Moran)/K2million/K10million/-/K3million/K15million
MRSM (Star Mountains K12million/ – /- /K3million/K15million
The Prime Minister must act. Why is he preaching about good governance and yet still standing by corrupt leaders like the Mr Mano. Where are the so called landowner leaders of Kutubu, Moran, Gobe and Star Mountains? Why are you remaining silent and allowing your people’s money to be corrupted in this way?
The latest is an independent report dated 10/10/11 from Deloitte to the Prime Minister’s Department denying that they provided any expert valuation for MRDC to buy share on behalf of the landowners. Instead, Deloitte advised that from their preliminary assessment the PNG Helilif operation was in serious financial trouble and advised the managing director for a more detailed valuation before any investment decision was made.
They report that by going ahead against their advice, the landowners have now lost 50% of their investment. Hence, the net asset value after only less than 12 months of investment is K75 million obviously less than what the Managing Director has let us to believe. It further states that the company is operating on overdraft facility-which means that no dividend is payable to landowners any soon or least not within 10 years. It would have been much wiser and less riskier to purchase shares in BSP, Oil search, Lihir or West New Britain Oil Palm through POMSX or even buy treasury Bills that would easily make K5-7million a year immediately upon investment.
Mr Mano mislead the public and the Government by claiming that Deloitte provided expert valuation and recommendation for millions of landowner money to be used to buy 50% share of PNG Helilift operations.
In another leak out of MRDC and available for the NEC, it is now revealed that most of this money came from loan against Future generation Trust Fund (FGTF) and Community Infrastructure Development Trust Fund (CITF) and Westpac Loan. According to MRDC’s own investment policy or guidelines this is reported as ILLEGAL. For those landowners unaware, leaked internal documents show respective landowner company contributions as follows:
Company/Equity/ Loan FGTF/Loan CITF/Westpac/Loan Total investment
PRK (Kutubu)/K4million/K10million/- /K4million/ K18million
PRG (Gobe)/K2million/- /K10million/K5million/k17million
PRM (Moran)/K2million/K10million/-/K3million/K15million
MRSM (Star Mountains K12million/ – /- /K3million/K15million
The Prime Minister must act. Why is he preaching about good governance and yet still standing by corrupt leaders like the Mr Mano. Where are the so called landowner leaders of Kutubu, Moran, Gobe and Star Mountains? Why are you remaining silent and allowing your people’s money to be corrupted in this way?
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