PM welcomes commission’s initiative to resolve tussle


PRIME Minister James Marape has welcomed the news that a four-year leadership tussle affecting the regulatory body Securities Commission of Papua New Guinea has now been resolved.
The commission is responsible for the growth and development of the organic capital market.
It is, therefore, important that the stakeholders are not confused as to the leadership of this regulatory body.
That leadership was not provided over the last four years with attempts to resolve it were hampered by court orders.
Marape said his Government could now move forward with the Oil Search and Santos merger, including plans to liberalise and reform Papua New Guinea’s National Stock Exchange.
Christopher Taylor Hnanguie, a former chairmen who had initiated legal action, agreed to discontinue the proceedings at the request of Marape.
Hnanguie, formerly an economist with the Asian Development Bank, and with 25 years in the industry, was appointed executive chairman in mid-2017.
He was however removed from office barely a year into his term causing him to seek legal redress.
“My noble intention to create the commission and develop our capital market and the securities industry was disrupted by an unlawful decision to remove me from office,” Hnangui said.
“While my actions at the time I made the decision to fight was a matter of principle, in hindsight, I now recognise that our acts or omissions have, over the years, hurt the securities industry.”
Hnanguie said he had since reconsidered his position at the request of the prime minister.
Meanwhile, the commission will continue under the leadership of current acting executive chairman Robert Minak.