Middleman syndrome

ANY state monsters created will never serve the interest of the Independent State of Papua New Guinea, when you have narrow minded, greedy and ruthless beings on the board and management. A classic example was the PNG Sustainable Development of OK Tedi funds and now the Kumul Petroleum Holdings Ltd (KPHL).
It seems that they do not want to be answerable to anyone and are subjecting their operations into secrecy, as if they are saints, and do whatever they please with the funds.
The objective was to make KPHL a state owned oil and gas company, such as Malaysia’s Petronas.
KPHL is nothing more than a middleman, owned by the State to receive revenues on its behalf from interests in brownfield extractive petroleum investments.
The so-called K4 billion payment by KPHL over four years is rightfully state’s revenue and it’s not earned as a separate investment by KPHL. No one should believe everything on face value.
Better if an escrow account for revenue be created directly by Treasury to collect all revenue from oil and gas proceeds within the State’s 22.5% stake be parked there without creating bottlenecks as seen with so called state owned middleman company.
Only an independent audit will show how much percentage was taken out justifiably or not.

LG, Observer NCD