Cops probe missing landowner funds

BOROKO police are investigating complaints over an alleged misappropriation of seed money from Central’s Papa Resources Development Ltd (PRDL) by one of its former directors.
A senior detective of the fraud unit, who did not want to be named, said that business development funds of more than K300,000 from the Department of Petroleum and Energy last year was allegedly misappropriated between then and February this year by one of the company directors.
Meanwhile,  PRDL chairman and Laba director representing Papa village Heni Goro, told The National this week that on Oct 26 last year, the group received K800,000 in an ANZ bank cheque (No: 837 361)  and Goro  handed the cheque to a company trustee to bank.
The cheque was deposited two days later at a bank in town.
“However, last December a group took out court orders against the four landowner companies, Papa, Boera, Porebada and Lealea, hence all accounts held by various commercial banks for the companies were frozen,’’ Goro said.
It was reported that at the time of the freeze, PRDL bank account balance held by the bank was K568,864.52, withdrawals were K305,785.47 and there were no deposits recorded.
On March 24 this year, the court order was lifted by the National Court in Waigani.
Within three days, a massive withdrawal of K361,483.95 was made which was not accounted for, according to Goro.