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Business |
BSP branch to cater for Moro, Kutubu
land men
By BIBIAN BARRENG
BANK South Pacific’s banking services
will be extended to mineral-rich Southern Highlands province to
cater for landowners in Moro and Kutubu.
The Mineral Resources Development Co (MRDC), landowner company
Petroleum Resources Kutubu (PRK), with major shareholder Oil
Search Ltd will fund the setting up of the K3 million BSP Moro
branch.
During the signing of the deal in Port Moresby on Tuesday
witnessed by BSP representatives, MRDC managing director Francis
Kaupa said they experienced many problems whenever they paid the
landowners their royalties because a lot of cash was involved.
He noted that the total cost being incurred by MRDC to ship money
to the landowners was around K100,000 while the security and
safety of the staff and police officials escorting the money was
often a major concern as K8 million to K10 million was the “sort
of amount they would have to safely ship to the landowners”.
He said the new bank would ease further hassle in dealing with
huge amounts of cash while financial transaction would be much
safer, efficient and convenient for the landowners and the Oil
Search employees on site.
PRK chairman John Kapinato said this was “a milestone” for the
people of Kutubu and a vital service to the people.
He said for some six years the landowners from Kutubu had to
travel to Port Moresby to do their banking, where they spend
excessively and then becoming residents in the city.
He said the project had taken eight to nine years to put together
and while the area was generating a lot of money there was no
evidence of tangible infrastructure.
“This is the first of other infrastructure projects that will see
Moro become a small town,” he said.
 
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