ICCC: We do not decide who wins bid

THE Independent Consumer Competition Commission (ICCC) says it does not determine who wins the bid in a purchase deal.
The watchdog told The National this when responding to queries in regards to concerns raised by National Development Bank (NDB) on the sale of Westpac PNG to Kina Bank adding that it only ensured that competition was not harmed in merging processes.
NDB chairman Michael Mell called on ICCC and the Internal Revenue Commission (IRC) to look into the deal between Westpac and Kina Bank and vet it properly.
In response, ICCC said its primary role was to ensure competition was not harmed in the process of one company acquiring another or merging with the other.
In this case, it would only be interested to talk to Westpac and whoever Westpac was interested to sell its business to.
It said potential buyers and bidders should talk to Westpac, who is the seller.
“When they have agreed on something with Westpac, the parties can then talk to the ICCC to seek approval,” it said. ICCC commissioner Paulus Ain said: “We have not heard from the parties (Kina Bank and Westpac PNG) since they met with us late last year.
“We will inform the general public as soon as we receive their application.
“Our assessment and determination process is open, public and transparent.
“We will be calling for submissions and it is important that key stockholders and consumers should participate in this process.”
Kina bank chief executive officer Greg Pawson, when asked to provide an update on the purchase, said: “At this point, we are working through all of the required regulatory processes.”