O’Neill: Be transparent with sovereign wealth fund operation

IALIBU-Pangia MP Peter O’Neill says guidelines on the operation of a sovereign wealth fund (SWF) must be transparent.
While welcoming the recent announcement by Government to establish the fund, O’Neill stressed that the fund should be free from “political influence”. Prime Minister James Marape had said 7 per cent of dividends from state-owned entities would go the SWF.
This was after he received K100 million in dividend from the Kumul Petroleum Holdings Ltd last Thursday.
“We intend to use this facility (from) this year. It will instill a savings culture for our Government,” Marape said.
O’Neill said community-based projects were where abuse and corruption would emerge.
“Its (SWF) governance structure must be divorced from political influence,” he said.
“The guidelines governing operations of the sovereign wealth fund must be transparent and public disclosure must be timely so every citizen knows investments are protected.”