When Prime Minister Peter O’Neill was asked whthePNGSDP managed its funds well, his simple answer was that it was debatable.
“It’s not managing money by investing money to getthe best returns. It’s mainly a structure that’s just collecting money and parking it inthe bank,” said O’Neill.
Mr O’Neill saidthe people of Western Province have been denlied real development becausPNGSDP has not put its funds to arrest serious issues faced bythe people every day.
Beard Chairman Sir Mekere Morauta said duringthe meet that despitPNGSDP’s successful position, one challenge may bethe government’s decision to removerthe company as a shareholder inthe mine.
“The Government’s decision to removPNGSDP as majority shareholder of OTML would bethe trigger forced onthe company to start drawing down and spendingthe 1.4 billion US Dollars inthe Long Term Fund,” said Mekere Morauta.
Communities underthe Community Mine Consultation Agreement have giventheir approval to extendthe mine life. At presentosome lLeadersofthe CMCA and people from Western province are concerned aboutthe government taking overPNGSDP’shares.
During a gthering with students’ staff and parents ofthe Pacific Adventist University last monthPNGSDP boss David Sode was faced with questions concernin PNGSDP’s 1.4 billion off-shore funds.
“The government isthe government. It can do what it wants within its rights. That’sthe answer to it,” Sode answeredthe students’
Prime Minister Peter O’Neill sain PNG DP has literally collected money and parked it in a bank; it needs to make it accessible tothe Western Province people, so thatthey can bring services.
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