Business Islands News

Punghau on Bougainville Kina

Bougainville is still under the jurisdiction of the Papua New Guinea Government, and doesn’t have any currency of its own, except the kina and toea.


Finance, Treasury and Planning Minister, Albert Punghau, says the Autonomous Bougainville Government will not sanction the use of this so called Bougainville kina.

This is in breach of the country’s laws and monetary policies.


Speaking from Buka this afternoon, Mr Punghau clarified that the ABG doesn’t recognize the so called Bougainville kina.


Despite the autonomous arrangement, the Bougainville Constitution and Peace Agreement Bougainville, doesn’t allow any new currency except the PNG Kina as legal tender.


The statement was made following the recent arrest of an American national Barry Keith Webb, at Jackson’s Airport, with a briefcase filled with the phony currency of K1.6 million Bougainville.


Mr Punghau revealed that the currency is sponsored by illusive money scam boss and self-proclaimed king Noah Misingku’s U-Vistract organization, under its subsidiary the International Bank of Mekamui.


With reports of the so called currency in circulation in parts of South Bougainville, Mr Punghau made it clear, that it is valueless.


Those using it must stop.


The ABG has condemned Mr Keith’s actions and he should face the full force of the National laws.


Reports from sources within Noah Misingku’s camp in Tonu revealed that U-Vistract has distanced itself from the scandal, saying they were unaware of Mr. Keith’s illegal entry into the country.

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Natasha Ovoi

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