Home > Corruption, Papua New Guinea > Missing K96m found in NSW bank

Missing K96m found in NSW bank

November 24, 2011 Leave a comment Go to comments

Almost K100 million owned by a state-owned enterprise has been siphoned off to a bank account in the Australian state of New South Wales and a police investigation is underway to recover the money.

Former public enterprises minister Arthur Somare and former Motor Vehicle Insurance Ltd (MVIL) manager director Dr John Mua are implicated.

The money – about K96 million – was the proceeds of the sale of 530,105,100 shares in Bank South Pacific which were owned by MVIL.

Public Enterprises Minister Sir Mekere Morauta announced details yesterday, saying he had ordered the recovery of the money.

“The sale, to an Australian company called Nominees Niugini Ltd, is now the subject of a police investigation.”

He said MVIL sold the shares when under the control of his predecessor Arthur Somare and the former Independent Public Business Corporation (IPBC) management.

According to Sir Mekere, proper processes had not been followed, and the sale was in breach of Section 45B of the IPBC Act and Section 110 of the Companies Act.

The sale was not approved by the IPBC board, as required, and there was no shareholders’ resolution approving the sale, as required, he added.

The new IPBC board has instructed MVIL to rescind the sale contract, called an equity monetisation contract agreement while starting legal proceedings against MVIL and Nominees Niugini.

“The money is being held in an account owned by a company called Woodlawn Capital, at the Commonwealth Bank in Lismore, New South Wales,” Sir Mekere said while calling on Mua to help recover the money.

“Dr Mua would save the nation a lot of money by assisting us in the recovery of the K96 million and its return to IPBC.

“For the nation to recover the money through court proceedings would be expensive and time-consuming. I would like Dr Mua to help us avoid this.”

Sir Mekere said this when announcing NEC’s endorsement of changes to the MVIL board, adding that no Public Enterprise chairman would be an executive chairman.

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  1. judy warrillow
    November 24, 2011 at 5:52 pm

    They can all go and get stuffed,we call ourselves christians..what are laugh!!!!

  2. Sibona Aihi
    November 12, 2012 at 2:39 pm

    It would be good to get an update on this Sir Mekere. We see you have now rolled off one highly paid job as a parliamentarian to the PNGSDPL chairmanship post vacated for you by your mate Prof Ross Garnaut. YOu had the duty of care as a political leader to expose Arthur Somare and John Mua and the funds deposted into the Sydney account. My my, corruption in PNG is ebedded in the veins of leaders like Arthur who should be one of the first to be investigated by the new Australian visa policy.His family are based in Cairns and would be supported by stolen public money, no doubt! Shame on all of the f…k… politicians and their cronies!

  3. The Patriot
    January 28, 2013 at 1:05 pm

    In history no government has ruled forever at the expenses of the suffering of the people. Dictators have been toppled and justice has prevailed. The Arab Spring has brought into light the future ahead if we continue to travel down the same path. Or the extreme case of some African and Middle East states where extremists and war lords rule may be our next destiny waiting ahead. We also know from history that the corrupted regimes (such as Suharto of Indonesia, the Macros of Philippines, Thaksin Shinawatra of Thailand, Hosni Mubarak of Egypt, and Muammar Gaddafi of Libya) not lasted forever. At the end justice was waiting and finally caught up with them when they least expected it. Some flee and live in exile, some imprisoned and some killed. Even the worst evil in the history of mankind never lasted. Adolf Hitler regarded as the incarnation of absolute evil in the history of mankind perished with all his deeds.

    In the face of tyranny, always rise the believers of justice. Nelson Mandela of South Africa, Martin Luther King Jr. of US, and Karamchand Gandhi of India are the beacon of the human rights and freedom of the voiceless, oppressed and deprived. They lived their lives no one else lived. They saw things no one else seen. They believed in things no else believed. They sacrificed their lives but become the legends. Their legacy lived on. May we not forget, “A RICH COUNTRY YET POOR”?

    The Patriot
    Papua New Guinea

  4. Tindil Lyigi
    November 21, 2014 at 1:41 pm

    Dr John Mua is totally thief. He is just a physician lecture and by politically he was appointed by Somare regime. And by chance he deep all this K100 million in to his pocket and setting up his own business. MVIL managing director was not his profession, he has been begging the MPs for that Post. Don’t try to come out clean in the public by opening your huge mouth in the media. Pasim ass blo yu na kaekae steal mani na stap easy.

    Some people holding those high positions at MVIL are men of integrity and god fearing people and they occupy on merit and legitimately. He (John) cant hit back in the media to clean your sting name which have been published badly so far.

  1. December 6, 2011 at 12:54 pm
  2. December 7, 2011 at 5:03 am

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