The National, Tuesday October 29th, 2013
THE PNG Sustainable Development Program Ltd has begun international legal action against the Government, chairman Sir Mekere Morauta says.
In a statement last night, he said “the Singapore action comes after letters from Prime Minister Peter O’Neill and Chief Secretary Sir Manasupe Zurenuoc last week purportedly terminating the PNGSDP board, including Sir Mekere as chairman, removing the chief executive officer David Sode and appointing a transitional management team”.
“PNGSDP has a legal and moral obligation to protect its assets and income so that it can continue to fulfil its mandate to provide social and economic development programs in the Western Province of PNG.
“The company is especially mindful of the need to protect the US$1.4 billion of assets in its Long Term Fund from misuse, abuse and misappropriation,” Sir Mekere said.
“The legal action we are taking will ensure that the company keeps control of the Long Term Fund so that it can be used wisely and effectively for the people of Western Province in the decades ahead.”