Two Asians locked up, ready face
court and tell all
By GORETHY KENNETH
THE controversial multi-million kina five star
casino hotel saga in Port Moresby is far from over.
Two Asians, alleged to be involved in the K200 million hotel were arrested in Port Moresby on Saturday after “slipping” into the country from Singapore on Saturday afternoon.
These are the two top Asian executives of the CMSS International, a subsidiary of CMSS (PNG) Ltd alleged to have siphoned K22 million belonging to the Petroleum Resource Moran (PRM) and Petroleum Resource Gobe (PRG) paid in as their shares to the tune of K11million each.
But these Asians (named) told the Post-Courier last night from their cell at Boroko Police Station that they were ready to face the court and explain to the landowners that their share was still intact and that they are ready to face the courts.
These two who are director and chairman were happy to talk to the Post-Courier
The confused duo claimed they still have not been told what they were charged for.
They told the this paper that the ‘landowners’ money was still intact, their shares still under record and control but were disappointed that they were not given a chance to speak and explain or get a lawyer to represent them.
One of them (chairman) cannot speak English so the director is the translator.
Over the weekend Korean Ambassador to PNG visited the Police Station to see if he could help the two but to no avail as the Police advised they were waiting to appear at the Police Fraud Squad to be formally charged before the courts at 8:30 this morning.
Last night Philip Kende, chairman of the PR Gobe Landowners said he tipped the Police off on the arrival of the two in Port Moresby who later got locked up at the Boroko Police Cells on Saturday evening.
He said one of them is still at large (named) and police are also looking for him.
The two petroleum resource landowner companies - Petroleum Resources Gobe and Petroleum Resources Moran had invested substantial amounts of the village people’s money into the casino hotel development. This they claim has gone missing and has been misappropriated by these company executives in November 2010.
NCDC and CMSS (PNG) Ltd, CMSS was responsible for the construction and completion of the Hotel and Casino facility, while the State facilitating the Building Board’s and Development License & State Lease Approval.
They appear in court this morning.
CMSS PNG Ltd constructed this hotel based on equity from its own operating funds and from the landowners through MRDC to the tune of K 11 million. This hotel was constructed without any local or international bank loan. The equity split would be determined after the hotel was constructed. Both PRG and PRM acquired 5% equity interest in CMSS (PNG) Ltd with capital outlay of K11 million each. The outstanding balance of the equity was expected from CMSS International, a Korean Company and the Parent Company of CMSS (PNG) Ltd.
Two Asians, alleged to be involved in the K200 million hotel were arrested in Port Moresby on Saturday after “slipping” into the country from Singapore on Saturday afternoon.
These are the two top Asian executives of the CMSS International, a subsidiary of CMSS (PNG) Ltd alleged to have siphoned K22 million belonging to the Petroleum Resource Moran (PRM) and Petroleum Resource Gobe (PRG) paid in as their shares to the tune of K11million each.
But these Asians (named) told the Post-Courier last night from their cell at Boroko Police Station that they were ready to face the court and explain to the landowners that their share was still intact and that they are ready to face the courts.
These two who are director and chairman were happy to talk to the Post-Courier
The confused duo claimed they still have not been told what they were charged for.
They told the this paper that the ‘landowners’ money was still intact, their shares still under record and control but were disappointed that they were not given a chance to speak and explain or get a lawyer to represent them.
One of them (chairman) cannot speak English so the director is the translator.
Over the weekend Korean Ambassador to PNG visited the Police Station to see if he could help the two but to no avail as the Police advised they were waiting to appear at the Police Fraud Squad to be formally charged before the courts at 8:30 this morning.
Last night Philip Kende, chairman of the PR Gobe Landowners said he tipped the Police off on the arrival of the two in Port Moresby who later got locked up at the Boroko Police Cells on Saturday evening.
He said one of them is still at large (named) and police are also looking for him.
The two petroleum resource landowner companies - Petroleum Resources Gobe and Petroleum Resources Moran had invested substantial amounts of the village people’s money into the casino hotel development. This they claim has gone missing and has been misappropriated by these company executives in November 2010.
NCDC and CMSS (PNG) Ltd, CMSS was responsible for the construction and completion of the Hotel and Casino facility, while the State facilitating the Building Board’s and Development License & State Lease Approval.
They appear in court this morning.
CMSS PNG Ltd constructed this hotel based on equity from its own operating funds and from the landowners through MRDC to the tune of K 11 million. This hotel was constructed without any local or international bank loan. The equity split would be determined after the hotel was constructed. Both PRG and PRM acquired 5% equity interest in CMSS (PNG) Ltd with capital outlay of K11 million each. The outstanding balance of the equity was expected from CMSS International, a Korean Company and the Parent Company of CMSS (PNG) Ltd.
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