‘Institutions should be held accountable’

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MORESBY North West MP Sir Mekere Morauta, pictured, says important institutions must be held accountable for the use of the hundreds of millions of kina they manage for landowners.
Sir Mekere made the comment in reference to Prime Minister James Marape’s call for an inquiry into the Mineral Resources Development Company (MRDC).
He claimed MRDC had presented an incorrect financial statement to the group’s auditors and the Auditor-General.
“Simply not reporting at all may be a ticking time bomb for landowners and their funds they have entrusted to MRDC,” he said.
“MRDC and its subsidiaries, Petroleum Resources Kutubu (PRK) and Petroleum Resources Gobe (PRG) have an abysmal track record with the Auditor-General, company auditors and the Investment Promotion Authority (IPA).
“They are years late in filing their annual returns and financial statements to the IPA and to the Auditor-General,” he said.
Sir Mekere said in many instances, the company’s own auditors and the Auditor-General had refused to sign off on their financial statements.

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