PM: State still holding 33pc shares in Ok Tedi

PRIME Minister Peter O’Neill says the Government is still holding onto the 33 per cent share equity in Ok Tedi for the people of Western, plus their dividends.
Western Governor Toboi Awi Yoto had queried in Parliament the non-issuance of the share certificate after the Government had announced in 2016 the transfer of the 33 per cent share equity in Ok Tedi to the people of Western.
Yoto said the people and their leaders had supported the Government in September 2013 in taking over the ownership of Ok Tedi from the PNG Sustainable Development Programme in good faith.
“They have done this hoping that they will receive better benefits from the Government,” he said.
“When will the share certificate be given to the people of Western, and when will we be given our dividends from the 33 per cent share equity? We are aware that OTML declared three dividends payments to shareholders last year.”
O’Neill said the Government took over the ownership of OTML in 2013 and in 2016 transferred 33 per cent of the ownership to the people of Western.
“The transfer was done at no cost through their company Mineral Resource Ok Tedi No 2 Limited and Mineral Resource Star Mountain Limited.”
He said the two companies were to pay their taxation of stamp duty.
“One-third of the dividends declared by OTML is in a trust kept by the Mineral Resource Development Company for the benefit of Western,” he said.
“As soon as the shares are stamped and handed over to the governor, it will come together with the cheque payment for the dividends.”