Foreign investment must abide by Act: Toroama

Business

Autonomous Bougainville Government President Ishmael Toroama says any foreign investment will be done according to the Bougainville Inward Investment Act 2014.
“This act regulates all investment into Bougainville and parties wishing to bring investors into Bougainville must abide by the act,” he said.
Toroama was responding to a recent overseas media report making allegations against his past business dealings.
“While my past business dealings were done as a private citizen, I as the President of the Arob must set the record straight,” he said.
“The Bougainville Sustainable Timber Resources Ltd was set up with the intent to bring in foreign investors to Bougainville to be involved in sustainable logging as well as alluvial gold projects.
“The proposed business model to be employed by the company is straightforward: identify a development project on Bougainville, identify a credible investor, liaise with the Autonomous Bougainville Government and progress the project.
“Everything would be done in compliance with the laws and regulations on Bougainville.
“Revenue in taxes would be earned by the ABG.”
After consulting the Ombudsman Commission and the Investment Promotion Authority, his shares in the company have been divested to a third party in accordance with the law.
“I want to put to rest rumours that I will not be entertaining cronyism and business partners to create a monopoly over Bougainville’s resources,” he said.
“That was a bad precedent by the past government and my presidency will not be compromised by it.”

Leave a Reply