IPBC to investigate transfer of funds

 EVERYONE involved in the transferring of K96 million belonging to the Motor Vehicle Insurance Limited to an Australian financial institution will be made accountable for their decision, an official says.

Independent Public Business Corporation managing director Wasantha Kumarasiri said the board would bring in the people involved in the transaction in accordance with the IPBC Act.

He said the board had made that decision and he would implement it.

State Investments and Public Enterprises Minister Ben Micah said the recovery of about K42m (A$20m) was a “victory”.

He said when he took over the ministry, he came across so many corrupt dealings in PNG Power, PNG Ports, IPBC, Telikom and other State-Owned Enterprises.

“Money was spent but goods and services were not delivered,” he said. Micah said the SOEs were now in a healthy state.

“This is a reflection of the quality of people appointed in the IPBC board and SOE boards,” he said.

“Because of the quality of these people we are now able to achieve some of our objectives.”