Questions need to be answered

The National Letters

I WRITE in reference to an article published in the other daily on Nov 16 regarding the Wantoat Mini Hydro project in Morobe.
Sai Business Group Incorporated is a business owned by the 2,500 shareholders of Watut in Bulolo and Kapao in Menyamya, Morobe.
Theses shareholders, mostly illiterate simple subsistence farmers, have managed to buy shares in Mainland Holdings which has a shareholding of 200,000 shares, according to 2014 share holders list.
Under the current management of the said business group, the first 50,000 was sold to Nasmel, a company owned by Nasfund at the value of over K10 million.
Most recently, another lot of 150,000 shares, under the same management, were sold.
All the proceeds from both sales have not reached these simple shareholders.
Can the management come clear and tell these shareholders where all the money is?
These are frequently asked questions:

  • Who gave the authority or permissions for the sale of shares?
  • Why are the shareholders not inform of the intended purpose of the sale of shares?
  • Where is the proceeds from the first sale of shares gone?
    and,
  • Who benefited from all these millions?

These questions must be answered as such funds should benefit the people of Watut and Kapao respectively.

Waks Imea