K8mil for landowners

By PETER ESILA in Misima
THE Treasury Department will transfer K8 million from the trust fund to the landowners of the old Misima Mines.
Treasury first assistant secretary, sectorial policy division, who is also chairman of the Misima future generations trust fund (MFGTF) board of trustees, Donald Hehona said, during a ceremony in Narian village on Misima on Monday that it was the first of its kind.
The MFGTF was established in 1995 through the Misima deed of settlement.
“The aim of the trust was to ensure long-term benefits were granted to the beneficiaries affected by the mining and associated activities,” Hehona said.
“An initial establishment fee of K1.5million was paid into the trust in 1995.
“Up to today this amount has grown to K8 million.
“Even though this is small, if you put it in investment, it will grow,” he said.
“This is a successful story for the Misima future generation because it signifies the last bit of transition of the Misima trust fund and marks the way where the first trust managed through the national government mining trusts is transferred back to the landowners.
“This is the first one in the history of the country.”
Yesterday marked the end of the MFGTF. The new trust deed is the Misima mine beneficiaries investment trust fund.
“On this vesting day, the trustees have declared that 20 per cent of the trust property will be given as direct benefit to the beneficiaries and 80 per cent will be put into an investment vehicle,” Hehona said.
“The new trust is an investment-oriented trust fund.”
Misima trust fund is the first mine project landowner trust funds managed by the national government to be transferred back to the landowners. Chairman of Misima towoho siung association Elizah Gwama, representing the landowners, said investing the money into business ventures would be the discussions in the near future.
“I am happy because it is happening after almost 15 years and I am sad because many have passed away waiting,”Gwana said.
“This event is significant for us and especially the beneficiaries.”
“I give assurance that the Misima Future Generations Funds will be given to the correct beneficiaries and that we will invest well for the future.”
He urged the Government to continue to support the landowners.
in investment decisions.
“We want to also continue to have the government to guide us as we invest and we thank Treasury and Mineral Resources Authority for agreeing to remain to guide us in our investments and potential business ventures.
“We have learnt a lot of lessons from the past and let me assure all that we will look after the funds well.”