Kiunga firm to resume activities

Normal, Papua
Source:

The Nationl, Monday 3rd September, 2012

By ELIAS NANAU
A MAJOR landowner investment group from Kiunga, Western, is building from scratch again to achieve its investment dreams 27 years after being established.
The company, NAFY Investments, is owned by the major tribes of Ningerum, Awin, Faiwol and Yongom, where it gets is NAFY acronym.
It has been riddled with fraud, theft, conspiracy and management disputes since 1985.
“The company was bankrupt and does not have assets,” secretary and director Jimmy Simik said.
Simik said they were now fixing up the mess and getting the company running, with Ok Tedi mine closure plan in their sight to regenerate revenues for share holder benefits.
“When they (shareholders) are given dividends, they can decide on which service delivery, school fees, education or health that they want,” Simik said.
“We have to start with investment.”
NAFY was now looking at investing in property, hotels and aviation and already had shares in Cloud Lands Hotel, Tabubil and Camp Administration.
The company was incorporated in 1985 when Ok Tedi mining began and its objective was to act on behalf of 35 small business groups that pooled a  starting capital of K369,450.
“When they bought shares, they invested in Pagini Transport, which was managed by Ken Fairweather, now Sumkar MP,” Simik said.
“The directors  of the company heard that there was no progress and when they came to Port Moresby, they found that the money was misplaced.”
Simik said Pagini then offered a warehouse in Kiunga town to NAFY, which it leased to potential business investors.
A fraudulent transfer of property title had been revoked by the courts in June and Simik, with chairman Ebon Tipaiyo and director Simik Tetra were now in Port Moresby to file a civil suit to recoup all outstanding finances.