Alex Tongayu’s appeal against Oil Search Limited was dismissed by Supreme Court this morning.
Meaning Christopher Taylor Hnanguie is the legitimate Executive Chairman of the Securities Commission of PNG.
Tongayu had challenged an earlier decision by National Court by Anis J that he WAS NOT the legitimate Chairman of the Securities Commission and that he at that material time had no powers to stop Oil Search Limited (OSL) from Capital Raising of AUD 1.6 billion on PNGX and ASX in 2020.
Ani J had ruled that Exemption 001-2020 dated 31 March 2020 and Exemption 002-2020 dated 16 April 2020 respectively issued by Christopher Hnanguie as Chairman of Securities Commission of PNG were Valid Approvals and Exemptions of the Securities Commission of PNG to OSL.
Alex Tongayu claiming as the acting Chairman of SECOM which is the market regulator had suspended OSL shares on the PNGX “until further notice” claiming OSL “has not complied with provisions of the Capital Market Act 2015 with its funding proposal” after OSL had successfully raised US$700 million or K2.4 billion on the stock exchanges in both Australia and PNG.
Aggrieved, OSL in a matter OS (COMM) No. 167 of 2020 between Oil Search Limited – plaintiff and Alex Tongayu – first defendant and Christopher Hnanguie – second defendant and Securities Commission of PNG – third defendant and PNGX Market Limited – fourth defendant had filed court proceedings on August 31, 2020, seeking declaratory orders and Anis J on 29 March 2021 ruled in OSL’s favour that the Approvals and Exemptions granted by Christopher Hnanguie as Chairman of SECOM were valid Approvals and Exemptions of PNG SECOM.
The decision is said to also restores and provides confidence in PNG Capital Market.