Nerau sounds warning
The National, Tuesday July 8th, 2014
By GABRIEL LAHOC
THE board and chief executive officers of state-owned enterprises have been warned their contracts will be terminated if the SOE they were heading does not make a profit.
Independent Public Business Corporation board chairman Paul Nerau sent out the warning last Friday in Lae when speaking during the official launching of Posts Logistics, a subsidiary of Post PNG.
Post PNG, a State-Owned-Enterprise, was injected with a K40m funding assistance from the state to revive it.
Nerau said IPBC had strategised towards the new business minded and profit making culture and the 12 chairmen and their CEOs had been made aware of this new approach
He said they had been told to change their way of doing business.
Nerau, who is the PNG consulate in Brisbane, Australia, said the country’s economy was growing and the much talked about K19 billion liquefied natural gas project has been completed but “the challenge is how much of that money stays back in Papua New Guinea”.
“If you don’t pay dividends back to the state, you the chairman and the CEO must leave,” Nerau said.
“I believe we can change for the better for PNG.
“I hope we can make a difference for our country in doing business,” he said.
He described the government as a multi-billion kina money spending organisation and challenged the SOE heads to look at other opportunities to venture into to make profit.