MP told to pay K1.6m to bank

The National Main Stories

A COURT has ordered Aitape-Lumi MP Patrick Pruaitch to pay more than K1.6 million to the Kina Bank for defaulting on an overdraft facility agreement he signed in July 2014.
National Court judge Justice Thomas Anis also ordered that Karridale Limited, whose property known as State Lease, Allotment 7, Section 55, in Boroko, Port Moresby, was held as security for the overdraft facility, to surrender the property to Kina Bank.
On July 11, 2014, Kina Bank approved an overdraft facility of up to K1.5 million to Pruaitch for his personal use.
It was later reduced to K1.24 million in August that year.
In June 2018, Kina Bank issued a notice of demand to Pruaitch after the overdraft facility had gone into arrears by around K1.3 million.
The bank claimed that no payment was received after that.
In July 2018, the bank issued Pruaitch a notice of default for not complying with the demand notice.
In August 2018, Kina Bank filed in court a writ of summons and a statement of claims.
Justice Anis ordered that Pruatich pay the Kina Bank the “liquated sum of K1,329,167.23” plus “a pre-judgment accrued interest sum of K305,890.46”.
The total is K1,635,057.69
On top of that, Justice Anis ordered that a post-judgment interest of 11.2 per cent per annum be charged on the arrears if not settled within 30 days from the date of his ruling. He also ordered that Pruaitch pay Kina Bank’s cost of the proceedings “which may be taxed if not agreed”.
He granted leave to Kina Bank to issue a writ of possession on the property known as State Lease, Allotment 7, Section 55, Boroko, Port Moresby owned by Karridale Limited.
An attempt to get a comment from Pruiatch yesterday failed.

14 comments

  • 1.6 million kina is quite a lot of money. Where will he get the money to repay Kina Bank? Again, he will look for ways to refund. Instead of looking for ways to provide services to the people he represents, he is going to waste time and look for ways to repay he bank. Come on PNG. Let’s be honest with our dealings in life.

  • How the hell can someone receiving a huge MPs salary and given plentiful opportunities to supplement this through corruption get himself into such a financial mess? Imagine what a state the country would be in if he had been Minister of Finance! On second thoughts, I doubt even he could get the country into a worse state that it is currently in!

  • And yet he wanted to be Prime Minister. What a shame and corrupted leader we have in Parliament?

  • God is revealing all forms of corruptions and weeding out corrupt leaders. More is coming before 2022 polls. Thank God.

  • The loan was personally guaranteed by the Malaysian. Many times these people corrupt our MPs and get away with it. This time the Malaysian will pay a hefty price, thanks to a corrupt PNG MP.

  • Thank you Judge Thomas Anis, do your job without fear and favor, Evidence is there already, no payment done within given time frame,send him to Bomana.Group of men waiting for him.

  • Our Corrupt leaders such nasty things and us the simple people on the ground are paying taxes for repaying and trying to help stabilize the country’s economy.
    What sort of leaders are we electing. Are we elected them for themselves or for us.
    Its time for us simple people to think big when 22 comes.d

  • Season of rising & falling, Sana i support you, if the Lord set the bench mark that righteousness is to take over, then corruption must give way, corruption is beginning to fall, we will see a righteous Nation as we are moving forward…

  • AITAPE LUMI DDA EM Problem Now: District Money will be siphoned out to cater for that: Im so sorry to learn your impending misery for this District…

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