Mano clarifies landowner funds investment

 THE Mineral Resources Development Company managing director Augustine Mano has clarified the process in which landowner funds are invested in major infrastructure such as hotels.

He was responding to Opposition leader Don Polye, who had questioned the use of landowner funds by MRDC to build luxury hotels here and overseas.

He said Polye obviously did not understand the workings of the MRDC system.

“MRDC is a management company,” Mano said. 

 “The landowners have their own companies.

“Western province has the Mineral Resources Ok Tedi No. 2, which is the provincial government’s business arm. 

It has 3 per cent (shareholding) in Ok Tedi.

“Landowners have the Mineral Resources Star Mountains, which holds another 3 per cent in Ok Tedi.

“The two companies have their own independent boards, and make decisions on behalf of their beneficiaries. 

“MRDC only manages their interests.

Mano reminded Polye that the MRDC had no part in the aborted Casino building at 4-Mile.