by Jack Lapauve Jr – EM TV, Port Moresby
The Independent Public Business Corporation Board (IPBC) has unanimously approved legal action against those responsible for losses in the alleged fraudulent transfer of K96 million to Woodlawn Capital Limited.
This comes after the Supreme Court of New South Wales in Australia ordered Woodland Capital Limited to release $20 million dollars to Motor Vehicle Insurance (MVIL).
The Supreme Court ruling in Australia on 17 December 2014 is a breakthrough for MVIL, which has been struggling to recoup the K96 million alleged fraudulent deal, to Australian firm Woodlawn Capital in 2009.
This afternoon Board and Management of MVIL, IPBC, State Investment Minister Ben Micah, Gadens Lawyers and others met to announce the transfer of K41.9 million to Gadens Lawyers. This would then be remitted to MVIL.
But the matter is not over, as IPBC challenges the initial transaction in both the National and Supreme Courts in Papua New Guinea. IPBC has been pursuing the case on behalf of MVIL under the IPBC Act of 2002.
Investigations have also uncovered that Woodlawn Capital, at the time it received the money from MVIL, was not licensed to conduct business as a financial investment company.
The matter resumes on 30 March 2015, in Australia.