Marape clarifies ‘sweep’ process

National

By HELEN TARAWA
STATE-owned entities and statutory organisations have a total of more than K1 billion in their combined bank accounts which the Government will be scrutinising, says Finance Minister James Marape.
He was responding to concerns raised by some of the entities on the Government’s move under the Public Money Management Regularisation Act to manage their accounts.
Marape told The National that the sweep process was not to stop their businesses or operations.
“From our data, these accounts combined have over K1 billion. We are just asking what they are for. No accounts have been frozen,” he said.
Marape said the entities and statutory bodies had hundreds of accounts in commercial banks which the Government was not aware of, or even the board did not know about.
“If they are for work as per their respective work plans, the funds will not come under the 90 per cent to 10 per cent split,” he said.
PNG Energy Workers’ Association general secretary Santee Margis said the workers had informed the union of the situation in their operations which had created anxiety.
“So long as the workers receive their fortnightly pay, are given uniform, working facilities, tools and vehicles they will carry out their jobs,” he said.
Public Enterprise and State Investment Minister William Duma said the Kumul Group was exempted from this exercise.
He said the law was specifically for State agencies.
Parliament recently passed the legislation which gave powers to the Finance and Treasury departments to scrutinise the bank accounts of SOEs and government agencies.

STATE-owned entities and statutory organisations have a total of more than K1 billion in their combined bank accounts which the Government will be scrutinising, says Finance Minister James Marape.
He was responding to concerns raised by some of the entities on the Government’s move under the Public Money Management Regularisation Act to manage their accounts.
Marape told The National that the sweep process was not to stop their businesses or operations.
“From our data, these accounts combined have over K1 billion. We are just asking what they are for. No accounts have been frozen,” he said.
Marape said the entities and statutory bodies had hundreds of accounts in commercial banks which the Government was not aware of, or even the board did not know about.
“If they are for work as per their respective work plans, the funds will not come under the 90 per cent to 10 per cent split,” he said.
PNG Energy Workers’ Association general secretary Santee Margis said the workers had informed the union of the situation in their operations which had created anxiety.
“So long as the workers receive their fortnightly pay, are given uniform, working facilities, tools and vehicles they will carry out their jobs,” he said.
Public Enterprise and State Investment Minister William Duma said the Kumul Group was exempted from this exercise.
He said the law was specifically for State agencies.
Parliament recently passed the legislation which gave powers to the Finance and Treasury departments to scrutinise the bank accounts of SOEs and government agencies.