AG: Report is inaccurate

 ATTORNEY-General Kerenga Kua has denied that the Singapore High Court has dismissed the State’s application for the appointment of a receiver to control the PNG Sustainable Development Program Ltd’s assets.

However, he did not deny or confirm whether the Government was considering legislation to outlaw the operations of the Sir Mekere Morauta-led PNGSDP in light of the Singapore court decision.

The National reported on Monday the high court’s ruling last Wednesday to dismiss the State’s application. It issued several orders, one of which barred the Government and PNGSDP from speaking to the press about the court decision.

A well-placed source said legislative control of the embattled PNGSDP was the Government’s final option in its quest to control the company assets worth billions of kina.

Kua said in a letter to The National yesterday that “your report, including its headline, is inaccurate and misleading”.

“The hearing of the State’s application (for inter alia, a receiver to be appointed to take control of PNGSDP’s assets) has not been completed and is still pending before the Singapore High Court. 

“I am unable to give you any further details as the court has directed that ‘neither party shall issue any press release or otherwise convey any details of this hearing to the press anywhere until further order of the Singapore court’. But the State’s application has certainly not been dismissed.”

PNGSDP, which is registered in Singapore, started proceedings in the high court to protect itself and its assets from actions by the State.

The State responded by filing an application for orders which would, if granted, prevent the company from dealing with its assets.

It is understood that other orders issued by the court last Wednesday were for the State not to contact any of the company’s fund managers and banks, PNGSDP to file an affidavit within two weeks setting out its assets and where they are held, and the State to submit a counter claim for relief.

The hearing has been adjourned to May 28.

Meanwhile, it is understood that Bank of PNG Governor Loi Bakani has written to former governor Sir Wilson Kamit requesting him to step down as the bank’s representative on the PNGSDP board.

An inside source told The National yesterday that Bakani’s decision was based on a recent change made by the PNGSDP board to Article 24 that empowers the central bank governor to make the appointment.