PM thanks bank for extending Puma account

THE Bank South Pacific Financial Group Limited (BSP) has allowed a 90-day extension to the closing date of Puma Energy and Puma Refinery accounts with the bank, according to Prime Minister James Marape.
It comes after the Government intervened to address the fuel issue following the resignation of Energy Minister Kerenga Kua.
Marape thanked BSP for its extending Puma’s banking period by 90 days.
“The State will now have additional time and opportunity to liaise with the Bank of PNG (BPNG) and other stakeholders to ensure the transfer of Puma’s banking to another bank,” Marape said.
“Puma has confirmed to stakeholders that its accounts are already at Kina Bank, and that BSP has offered to assist Puma with a smooth transition.”
Marape said the Government expected Puma to provide regular updates on its transition during the extension period.
“The State fully understands the international banking and finance standards, and the strict compliance practices governing all banking and financial institutions, and therefore appreciates the co-operation offered by BSP,” he said.
Meanwhile, the former Energy Minister Kerenga Kua accused Puma of holding the country to ransom for too long and called on the Government to take action against the company.
“They’ve been holding us to ransom far too many times. They don’t even speak to us before they start rationing or cutting (fuel) supply, so that we can talk and sort matters out,” Kua said.
“Most times, they ration or cut supply before coming to us. And we have no choice but to just agree with whatever they say, to avoid social issues.”