Minister reveals institute’s liquidation

Business, Normal
Source:

The National, Thursday June 18th, 2015

 PAPUA New Guinea Cocoa and Coconut Institute Ltd (PNGCCIL) will soon go into voluntary liquidation.

Agriculture and Livestock Minister Tommy Tomscoll (pictured) announced on Tuesday that processes to prepare the state entity for voluntary liquidation had started..

 “The Government’s intention to abolish PNG CCI Ltd is not something new,” Tomscoll said. 

“It is reflected in NEC Decision 124/2014 made in December 2014 endorsing the Agriculture Functional Expenditure Review (FER) report.”

He said the FER report stated that “the Cocoa and KIK (Kokonas Indastri Korporesen) boards should remain separate entities, and their research and development functions currently carried out by CCI should also be separated and subsumed into the two boards. 

“CCI should be abolished,” Tomscoll said.  

He said that research and development – currently the core function of PNG CCI Ltd would be separated with cocoa coming under the Cocoa Board and coconut coming under KIK.  

“This is to ensure that cocoa and coconut researches are more focused and responsive to industry needs moving forward,” Tomscoll said.

“Shareholders for PNG CCI Ltd – Cocoa Board and Kokonas Indastri Korporesen – have met and dissolved 

the PNGCCI board of directors, appointed a liquidation committee and a caretaker administrator to lead a working group to prepare for voluntary liquidation. 

“The actual resolution for voluntary liquidation will be passed soon.

“The shareholders who met on Thursday, June 4, held back 

from passing the resolution to liquidate and appoint a liquidator because they were awaiting legal advice. 

“They were also not satisfied with the report on assets and liabilities especially on staff entitlements which are necessary to ascertain financial implications.

“Instead, they appointed a liquidation committee comprising Dr Ila’ava in his capacity as acting chairman of Cocoa Board, KIK managing director Dr James Kaiulo, chief executive officer of Cocoa Board Boto Gaupu and Agriculture Functional Expenditure Review Implementation and advisory unit team leader Dr Eric Omuru.”

One thought on “Minister reveals institute’s liquidation

  • How soon wiil the settlement of liabilities be realised?

    It has taken 3years now since the liquidation process began, senior provincial staff were affected from employment since beginning of 2018.

    ‘Waiting for THE PAYOUT, THIS LONG IS JUSTICE?’

    Attention needed please..

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