Leaked ‘loan’ documents raise more questions about MRDC – Sir Mekere

Leaked documents have revealed disturbing details about a K7 million financial transaction between Mineral Resources Development Corporation and one of the landowner subsidiaries it manages. The transaction is purportedly a loan to MRDC by Gas Resources Gigira, which holds about 2 percent of the Hides project on behalf of landowners. MRDC management, purportedly acting on behalf of Gigira, instructed BSP to transfer K7 million to MRDC on September 7 last year. “The documents made available to me state that the authority for the ‘loan’ is Mr Augustine Mano, managing director of MRDC, who is also a director of Gigira by virtue of that position,” the Member for Moresby North West, Sir Mekere Mo

MRDC should come clean on use of PNG LNG revenue – Sir Mekere

Moresby North-West MP Sir Mekere Morauta today challenged the Mineral Resources Development Corporation to publish up-to-date audited details of its group finances since PNG LNG gas production began in mid-2014. “It is estimated that almost K1 billion in landowner royalties has flowed into its coffers since then, but virtually none of that money has reached its rightful owners,” he said. “And, contrary to claims by MRDC last week, I am advised that the company has not paid any dividends on the investments it has made on behalf of landowners from their royalty payments. Hundreds of millions of kina have been invested, but are these profitable, sound investments?” Sir Mekere said MRDC can make

What is MRDC hiding, and what will the cost be to landowners?

Moresby North-West MP Sir Mekere Morauta said today the lack of transparency and accountability of the Mineral Resources Development Corporation and its subsidiaries may be hiding a multitude of sins. “Ultimately, what has been hidden from the group’s auditors and the Auditor-General, incorrectly reported in annual financial statements, or simply not reported at all, may be a ticking time bomb for landowners and their funds they have entrusted to MRDC group,” he said. “MRDC and its subsidiaries Petroleum Resources Kutubu and Petroleum Resources Gobe have an abysmal track record with the Auditor-General, company auditors and the IPA. “They are years late in filing their annual returns and fin

No MRDC dividends – what has all the money been spent on?

Moresby North-West MP Sir Mekere Morauta today questioned the commercial viablility of investments totalling hundreds of millions of kina in landowner royalties by Mineral Resources Development Corporation, and the resulting lack of profitability. “I have it on good authority that the MRDC group has never paid a dividend to its landowners,” he said. “The Hilton Hotel is a glaring example of investments being made for non-commercial reasons. It was built to satisfy Peter O’Neill’s one-day wonder of APEC. “The lack of dividends points to the possibility of very serious problems within MRDC. The chairman, Chief Secretary Isaac Lupari, and the CEO, Augustine Mano, must immediately explain to lan

More questions about MRDC scandals, says Sir Mekere

New information about the scandal-plagued Mineral Resources Development Corporation has become available, reinforcing the urgent need for an inquiry into its operations and the status of the hundreds of millions of kina it manages on behalf of landowner companies. “There is now a mountain of allegations about MRDC and its landowner subsidiaries,” former Prime Minister Sir Mekere Morauta said today. “I expect that in the coming weeks more will be revealed about their dubious activities and the real value of the investments they have made, purportedly in the interest of landowners. “The latest revelations affirm Prime Minister James Marape’s decision to hold an inquiry into MRDC, and add subst

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