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, instruct...

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, contr...

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...

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 investme...

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....

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