Home > Corruption, Papua New Guinea > How the elite profit while a nation suffers their incompetence

How the elite profit while a nation suffers their incompetence

February 19, 2018 Leave a comment Go to comments

Port Moresby, a city where the elite profit while the rest suffer the consequences of their incompetence

Imagine a company that is in debt, heavily in debt and still racking up more losses.

Imagine a company that in 2016 alone lost over K354 million.

Imagine a company where the total liabilities exceed the total assets by more than K218 million.

Imagine that this is a company set up by the government to manage a nation’s interests in its abundant mineral resources.

Now imagine no more and say hello to Kumul Minerals Holdings Limited, formerly Petromin PNG Holdings Limited.

The two numbers above are from Kumul Minerals Holdings latest Annual Return, which is for the 2016 financial year.

How could a company that, according to Statute, is supposed to be the commercial enterprise that participates in mineral exploration, development, production, processing and marketing activities on behalf of the State, be run into near bankruptcy?

But never fear, the Directors, the people responsible for this appalling state of affairs, are still profiting handsomely.

While the company was racking up losses of K354 million in 2016 alone its Board members were still taking a handsome pay packet:

Director

Remuneration

Brown Bai

K 159,759

Ian Goddard

K 211,337

Jerry Wemin

K 126,227

William Searson

K 102,654

Richard Tengdui

K 99,809

Issac Lupari

K 68,232

Peter Pokawin

K 23,959

Arunavu Basu

K 182.816

Peter Graham

K 59,028

Stanley Lira

K 33,129

Richard Kuna

K 34,379

In total K1,101,329 paid to eleven men [yes, all men, no room here for gender diversity let alone equality] many, if not all of whom, already occupy other well paid jobs.

K1.1 million paid for overseeing losses of over K354 million, losses that were almost three times greater than in the previous year, 2015 (K133 million).

And the excess does not end there. In addition to the Board remuneration, Kumul Minerals Holdings had 10 staff who earned more than K100,000 each in 2016.

One of those staff earned over K920,000, two more over K620,000, another over K450,000 and one over K300,000. Two more earned over K270,000.

In total, Kumul Minerals Holdings paid its staff just under K9 million in 2016 and spent a further K1.5 million on consultancy and professional fees.

Who is ultimately responsible for this negligent mismanagement of our nations mineral wealth, and the looting of an empty pot?

Well it has to be the trustee shareholder does it not? The person who effectively owns the company on behalf of the nation, who is none other than one Peter O’Neill.

It seems our trustee is not doing a very good job!

  1. Alois Jack
    February 20, 2018 at 11:29 am

    Jk

    Sent from my iPhone

    >

  2. Yato Aquila
    February 21, 2018 at 3:42 pm

    It would be good to have the names of people that have earned;-

    1. K920,000.00 2. K620,000.00 3. K450,000.00 4. K300,000.00 5. K270,000.00

    to show we are truthly fighting against corruption.

    On Mon, Feb 19, 2018 at 10:21 AM, PNGexposed Blog wrote:

    > pngexposed posted: ” Imagine a company that is in debt, heavily in debt > and still racking up more losses. Imagine a company that in 2016 alone lost > over K354 million. Imagine a company where the total liabilities exceed the > total assets by more than K218 million. Imagine” >

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