Mori: Commission to go through vetting process


THE Papua New Guinea PNG Securities Commission like any other organisation will go through a vetting process for it to be established as an independent body, Commerce and Industry Minister Wera Mori, pictured, says.
“It’s a process that must be vetted as we go along,” he said.
“When we talk about the Securities Commission, we are talking about the capital markets of the country.
“We must have a very strong and vibrant Securities Commission.
“It must have the integrity to stand alone.
“We must do it in a way that we are able to raise capital locally, if we are to go into ventures to create business opportunities in Papua New Guinea.
“At the end of the day, we would like to see the Securities Commission become independent.”
Mori said the commission would still maintain a relationship with the Investment Promotion Authority (IPA) because many of their activities would be inter-related.
He also said the commission’s acting chairman was Alex Tongayu.
Mori said the National Court had dismissed the stay orders taken out by Christopher Hnanguie preventing Tongayu from taking office.
“The National Court in dismissing the stay orders noted that the contract of employment between the JPA and Hnanguie was irrelevant in so far as the chairman for the Securities Commission of PNG was concerned,” he said.
“The Court further noted that Tongayu was appointed by the Head of State in accordance with the advice of the Securities Commission of PNG appointments committee under the Securities Commission Act 2015 and should be allowed to perform his duties accordingly in the interim.”