Firm updates ICCC on purchase

INTEROIL executive director Isikeli Taureka has provided the Independent Consumer and Competition Commission with additional information to assist it in its assessment of the company’s acquisition by ExxonMobil.
ICCC chief executive officer Paulus Ain said in a statement yesterday senior officials from InterOil met with him yesterday for an update on the progress of ExxonMobil’s proposed acquisition of InterOil’s interests.
Ain thanked Taureka (pictured) for paying a courtesy call on ICCC and for InterOil’s transparent conduct of complying with the provisions of the ICCC Act in providing information since the ICCC began its investigation into the proposed acquisition last year.
The continued corporation and assistance provided by InterOil and its partners through their senior officials had benefited the ICCC assessments of the proposed acquisition.
“The ICCC encourages similar cooperation from other local and foreign businesses in Papua New Guinea who are in the process of undertaking mergers and acquisitions to ensure that they comply with the provisions of the ICCC Act,” he said.
“Businesses who fail to seek either a clearance or authorisation from the ICCC for a merger or acquisition, will be liable for penalties under the ICCC Act if the ICCC determines that the merger or acquisition is anticipative.”
The ICCC is conducting its own investigation and assesment into ExxonMobil’s proposed acquisition of InterOil and would inform all parties after completion.