Home > Corruption, Papua New Guinea > More details on allegations against MRDC boss

More details on allegations against MRDC boss

More details have emerged into the allegations of MRDC Managing Director, Mr Augustine Mano,s illegal activities in siphoning landowner’s money into dubious investment under pretext of good investment policy.

The latest is an independent report dated 10/10/11 from Deloitte to the Prime Minister’s Department denying that they provided any expert valuation for MRDC to buy share on behalf of the landowners. Instead, Deloitte advised that from their preliminary assessment the PNG Helilif operation was in serious financial trouble and advised the managing director for a more detailed valuation before any investment decision was made.

They report that by going ahead against their advice, the landowners have now lost 50% of their investment. Hence, the net asset value after only less than 12 months of investment is K75 million obviously less than what the Managing Director has let us to believe. It further states that the company is operating on overdraft facility-which means that no dividend is payable to landowners any soon or least not within 10 years. It would have been much wiser and less riskier to purchase shares in BSP, Oil search, Lihir or West New Britain Oil Palm through POMSX or even buy treasury Bills that would easily make K5-7million a year immediately upon investment.

Mr Mano mislead the public and the Government by claiming that Deloitte provided expert valuation and recommendation for millions of landowner money to be used to buy 50% share of PNG Helilift operations.

In another leak out of MRDC and available for the NEC, it is now revealed that most of this money came from loan against Future generation Trust Fund (FGTF) and Community Infrastructure Development Trust Fund (CITF) and Westpac Loan. According to MRDC’s own investment policy or guidelines this is reported as ILLEGAL. For those landowners unaware, leaked internal documents show respective landowner company contributions as follows:

Company/Equity/ Loan FGTF/Loan CITF/Westpac/Loan Total investment
PRK (Kutubu)/K4million/K10million/- /K4million/ K18million
PRG (Gobe)/K2million/- /K10million/K5million/k17million
PRM (Moran)/K2million/K10million/-/K3million/K15million
MRSM (Star Mountains K12million/ – /- /K3million/K15million

The Prime Minister must act. Why is he preaching about good governance and yet still standing by corrupt leaders like the Mr Mano. Where are the so called landowner leaders of Kutubu, Moran, Gobe and Star Mountains? Why are you remaining silent and allowing your people’s money to be corrupted in this way?

 

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  1. Felix Nembo
    July 27, 2012 at 4:12 pm

    Thank you very much for your effort in writing all these staff but I will say that any of this is neither true nor false until proven with facts. Otherwise this just another mere conspiracy theory devloped by people who suffer from chronic psycosis and schizopherenia, shallow minded who react to rumours… definitely not a wise thing to do… so prove it!!!

  2. International Investigatory Services
    October 9, 2012 at 11:02 am

    Felix Nembo……..there has been an on going investigation by this International office of ‘proxy’ Augustine Mano and MRDC since 2009……data collected of Mr Mano’s conduct and supposed business dealings has proven overwhelmingly corrupt and misappropriation of PNG resource funds is evident.
    The unconscionable conduct of the MRDC proxy and the only MRDC shareholder is about to be exposed through all International media out lets.
    The evidence is ridiculously blatant and there seems to be no remorse or consideration to the resource’s Incorporated Land Groups by the PNG Government and especially the MRDC only share holder previous and current PM.
    The recent 2012 Quarterly reports prepared by MRDC are a compete fabrication of the MRDC managed resource owners assets, the report is fraudulent and the investments are illegal according to the PNG Constitution.The PNG Ombudsman’s office has recently as this October 2012 made a direction after careful digestion and due diligence of the ‘evidence’ and allegations provided, of the corrupt MRDC management and its shareholder.
    Mano’s Fiji and Australian escapades have become very interesting to say the least,and Mano has been under stringent surveillance now since 2010.

    There are no rumors now……..but all facts with evidence.

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