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PBF report ready for PM
THE final report on the Commission of
Inquiry into the Pacific Balance Fund has been finalised and will be
submitted to the Prime Minister Sir Michael Somare today.
Retired judge Don Sawong, who chaired the inquiry, will make the
presentation to Sir Michael this morning.
The inquiry was tasked by the PM with the responsibility for inquiring
into certain issues that led to the collapse of what was once a shinning
example of a successful State enterprise, and the separation of a
statutory unit trust into a commercial unit trust.
The State-owned enterprise was the Investment Corporation of Papua New
Guinea (ICPNG) and the unit trust was known as Investment Corporation
Fund of Papua New Guinea (ICFPNG), the predecessor of the Pacific
Balance Fund (PBF).
The PBF is the commercial unit trust.
The ICPNG was established in 1971 by an Act of Parliament known as the
Investment Corporation Act 1971. The corporation was established in
order to give ordinary Papua New Guineans the opportunity to invest
collectively in various enterprises. The ICFPNG was established in 1973
as a vehicle for achieving these aspirations.
Mr Sawong yesterday said the inquiry officially commenced on Sept 4 last
year and lasted six months. It had completed 23 public hearings, the
last of which was held on March 21.
“During the course of the inquiry, 39 witnesses who gave either oral or
written statements were received, 34 summons issued, 1,579 commission
documents compiled and over 400 commission documents were tendered.”
Mr Sawong yesterday also thanked the media, who kept the public informed
of its proceedings and particularly thanked the continued support from
the PM’s Department and NEC, which demonstrated the National
Government’s commitment to restoring good governance.
He said the terms of reference (TOR) of the inquiry was broad and
included issues relating to public finance management and procedure,
corporate governance, investments, fiduciary duties, bank loans and
securities, tender process, and abuse of power and authority.
 
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