PNG company with licence to log on Bougainville a Korean front
Yesterday we exposed how a Malaysian company, Priceworth International, has signed a contract to log and clear forests in the Tonolei Block One Forest Area in the Buin district of Bougainville.
Priceworth says it has a contractual agreement with PME Niugini Ltd, a PNG incorporated company, which holds a Forest Clearance Authority giving it the rights to clear the Buin forest.
PME Niugini may be registered in PNG – but it is 100% Korean owned and has no PNG Nationals among its Directors or Shareholders.
PME Niugini Ltd was registered in PNG on 28 April 2014. The applicant for registration was one Kil Soo Chung, who claims to be a United States citizen and gives his address as PO Box 8721, Boroko, National Capital District.
The company”s registered address is Unit 5, Section 406, Allotment 4,5 & 6, Famagusta Street, Hohola, NCD
The company has two listed Directors, Kil Soo Chung himself and Byuong Houn Lee, a citizen of the Republic of Korea.
Byung Honn Lee is also the company Secretary.
PME Niugini has 20,000,000 issued shares – but only one shareholder – PME International COY LTD, a Korean company with a registered address at 62-39 # 1203 Star Tower, Sa-gi-magolo, Sung Nem City, Kyungi-Do, in the Republic of Korea.