IPA provides companies’ details

By HELEN TARAWA
THE Investment Promotion Authority has submitted to the Commission of Inquiry into the Union Bank of Switzerland K3 billion loan deal details it needs on Total Exploration and Production Limited.
Managing director Clarence Hoot told The National that he was required to provided details of the company.
“This is in relation to the company Total Exploration and Production Limited, sometimes referred to as Total E and P Limited,” he said.
“It’s the same company but we need to get the clarification and confirmation from the registrar of companies by way of certificate of incorporation and annual returns.”
Hoot was directed by commission of inquiry chairman Sir Salamo Injia to provide a list of companies plus further information on Oil Search Limited and Oil Search PNG Limited.
Hoot said the authority was responsible for the registration and incorporation of all companies both local and international under the Companies Act.
He said foreign companies were required to undergo the Foreign Enterprise Certification Act process.
Hoot said the commission had requested the listings of companies involved in the International Petroleum Investment Corporation (IPIC) and UBS loans to establish whether they were registered to undertake these businesses.