K160mil in old notes hijacked

By JACKLYN SIRIAS
AROUND K160 million worth of demonitised PNG bank notes sent to a recycler in Europe last year were hijacked on the way there, according to Bank of PNG.
The bank has evidence that some of these notes are being brought back to the country, although they are no longer legal tender. Bank governor Loi Bakani is advising people holding such demonitised paper banknotes to return them to the bank as they are no longer legal tender.
Bakani said the money was never used or put out to the public and was in the Treasury until it was demonitised.
Bakani said the notes worth around K160 million were supposed to be shipped to a recycler in Europe last year.
But they were hijacked on the way there.
The bank now has evidence that someone was trying to return the notes to the country.
“We have received some of them coming through Asia,” he said.
“But we did not exchange them as they were demonitised – meaning they are not real or legal money (tender) in the country anymore.”
Bakani said the other demonitised money were genuine ones used already.
“About four years ago, we allowed the public to return the money to have them replaced with face value – until December last year,” he said.
The bank now cannot give face value to the money although people should still return them.
Bakani said notices would be put out with the serial numbers of the demonitised money so people could return them.