The PNG Power limited Board of Directors has unanimously agreed to uphold the suspension of CEO John Tangit following its board meeting yesterday.
The evidence presented at the meeting was overwhelming; the board is allowing investigations of allegations of misappropriation against Tangit to proceed.
Mr Tangit was served formal charges yesterday afternoon, and is expected to assist investigations.
Once the terms of reference for the investigations are finalised and signed, the board will appoint an independent auditor to carry out the investigations based on the allegations.
The two major allegations raised are;
- Two lots of payments made to private company for two different works worth K1.73 million and K1.27 Million, totalling K3million. These payments were made but there was scope of work and no work undertaken.
- The second allegation is for another payment of K1.3 million to a company for the purchase of Asian made vehicles for the PPL vehicle fleet which was against the recommendations of the board.
The independent auditor will be given 10 working days to complete the investigations and furnish a report with recommendations to the board.
Once finalized to be handed to cabinet.