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Port Moresby
August 4, 2021
Business News

MRDC Appointed Trustee For Pacific Property Trust

Pacific Property Trust, (PPT) established eleven years ago, has seen many setbacks. Despite this, the company has improved its operations, including all liabilities paid for.

This was mentioned by former trustee, Melanesian Trustee Services Chief Executive Officer, Kennedy Wemin. Mineral Resource Development Company, MRDC, is now the trustee of Pacific Property Trust.


This was made official in a ceremony where all deeds from former trustee Melanesian Trustee Services Limited was handed over to MRDC.


CEO of Melanesian Trustee Services, Kennedy Wemin said for the past eleven years, PPT was struggling, however, he was pleased to mention that with the signing of the deed of retirement for MTSL and the appointment of MRDC as the new trustee, a cash book of over K80 million will also be handed over.


MRDC, Managing Director, Augustine Mano, said after 21 legal cases and a commission of inquiry with K69 million for acquisition, MRDC now owns 98 percent of the trust while 2 percent is owned by other shareholders.


Mano said he is confident with the appointment of MRDC as the trustee, and with this appointment, more opportunities will be made available for stakeholders and shareholders in the country.


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