Present companies files: COI

By HELEN TARAWA
THE findings of the Commission of Inquiry (COI) into the Union Bank of Switzerland (UBS) loan will determine whether foreign companies were registered and certified to conduct business and be involved in two loan negotiations that took place, an official says.
Investment promotion authority (IPA) managing director Clarence Hoot, who appeared briefly before the inquiry yesterday, said companies that were not registered and not certified should not be conducting business in PNG.
Hoot was directed to provide a list of companies that were registered and foreign certified.
“I provided a list last Monday and COI chairman Salamo Injia wanted further information on Oil Search Ltd and Oil Search PNG Ltd,” he said.
“He is interested in information on Total Exploration and Production Ltd which I will present next Monday.”
Hoot said under IPA there were two processes, the registration and incorporation of all companies both local and international under the Companies Act.
He said all foreign companies were required to undergo the Foreign Enterprise Certification Act process.
Hoot said the commission had requested for the listings of companies involved in the International Petroleum Investment Corporation (IPIC) and UBS loans to establish whether they were registered to undertake these businesses.
PNG Securities Commission executive chairman Chris Hnangule, who also appeared before the inquiry, was requested to provide the security commission’s information and knowledge on the UBS loan.
He added that he was asked to provide any relevant documents that supported their presentation.
“The synopsis is going to talk about the legal scope which the security commission operates under,” he said.