Accounts opening extended

THE opening of bank accounts for the beneficiaries of the Hides Petroleum Development Licence One (PDL1) has been extended from April 29 to May 6 because of issues they have with their meetings’ minutes.
Mineral Resources Development Company (MRDC) chief executive officer Augustine Mano said the extension was necessary to give the clans time to resolve the issues on the minutes.
Mano in a statement said it was important that the meeting’s minutes reflect the consensus of the beneficiary clans in appointing their clan executives who would be signatories to the accounts.
Prime Minister James Marape urged the PDL1 landowners to stop delaying the registration process and work with the MRDC and petroleum department to complete clan registration and bank account opening. This will allow their shareholding benefits to be paid to them, he said. Their equity and royalty benefits had been outstanding since 2014.
“As the Government and MRDC try to conclude landowner registration process, I want to appeal to all landowners of PDL1 to assist us move the process along,” Marape said.
“This matter has been outstanding for far too long, since first gas flowed in 2014. Your money has been piling up in the bank since then. If there are disputes, we should allow the dispute resolution process to take place. However, one clan should not be standing in the way of other clans getting their benefits because of its issues. Since first gas, it really has been landowners themselves standing in their own way of receiving benefits, with so many court cases and disputes.”
Marape said laws would be strengthened to ensure landowner leadership was termed and rotated as the issue had been causing stress in project areas.
“The MRDC, in collaboration with the PNG Electoral Commission and Petroleum Department, is conducting due diligence and vetting of all clan minutes for clans in respective blocks. Once due diligence is complete, Bank South Pacific will proceed with the account opening,” he said.