LOs want payment delayed

THE Kutubu Petroleum Development Licence 2 (PDL2) landowners want the Government to delay the payment of K35.3 million for preferential dividends, claiming that outstanding issues must to be addressed first.
Pasu-PDL2 representative Alexander Narobe, speaking on behalf of South East Mananda, Upper and Lower-Foe, Mubi Valley and Kasua landowner associations, told a press conference on Friday that they did not know how they were going to benefit from the payment due to Incorporated Landowner Groups (ILGs) registration issues and no proper established benefit structure.
Narobe also alleged that the landowner company, Kutubu Gas Holdings Limited, which Kumul Petroleum Holdings Limited (KPHL) paid K35.3 million to on Thursday, had no established structure and was managed by three interim directors.
“We are appealing to Kumul Petroleum Holdings Limited managing director Wapu Sonk not to release the K35.3 million preferential dividends to Kutubu Gas Holdings Limited because the company does not have a proper structure while the interim directors are not being endorsed to collect the money,” Narobe alleged.
Sonk, during the dividend presentation, said all necessary verification had been completed with the representative company, enabling the landowners to receive their portion of the acquired Kroton Equity Option preferential dividends.
“Together with the Petroleum and Energy Department, we completed the verification of the directors and beneficiaries of the PDL2 representative company, Kutubu Gas Holdings Limited,” Sonk said.
But Narobe claimed that some ILGs’ accounts within PDL2 had been ceased, deregistered, or needed verification and identification.