Ownership battle goes before court

National, Normal

The National- Monday, January 17, 2011

 ARGUMENTS over the ownership of a heavy machinery and equipment company in Port Moresby will go before the National Court this morning.

The company, Cabaran Ikhlas (PNG) Ltd, was allegedly transferred to its new Papua New Guinean owner through fraud.

However, businessman Michael Badui had denied these allegations, claiming that he was the sole owner and shareholder of Cabaran Ikhlas (see related story).

Chief executive officer and project director of Cabaran Ikhlas Ragoovarren Raman said the company was registered in 2009 and brought in its shipment of heavy machinery and road works equipment worth about K12 million on Aug 2 last year.

The machinery and equipment, he said, were brought in from Malaysia, Singapore and Japan.

He said the alleged transfer of company titles and all other details took place while he was in Malaysia for an urgent medical operation needed on his right thumb in August last year. The operation required him to stay there for about four months.

“On Nov 18, Badui trespassed on the company property and took one of our computers by force.

“A police complaint was filed at the down town station but nothing happened.

“I was also threatened and warned to withdraw the complaint filed with police,” Raman said.

“Early last month, I was informed by the bank that someone had turned up wanting to change the signatures and company details of Cabaran Ikhlas (PNG) Ltd.” 

He claimed that a company search with IPA also revealed that all 100% shares in Cabaran Ikhlas had been transferred to Badui on Nov 25 last year.

A restraining order was obtained against Badui who, however, went to court and had the order lifted. The matter was dismissed.

However, Raman and his lawyers had had taken out a writ of summons for the matter to go before court again.

The matter was scheduled for 9.30am today.

The battle over the company’s ownership had put about 30 Papua New Guineans out of work.