Review proposal

THE recent claims by Link PNG to the Independent Consumer Competition Commission (ICCC) about purchasing shares in PNG Air while the share price is presently suspended by the POM Stock exchanges provides for some serious thought provocation as to who know what? And perhaps why?
As a shareholder, I know my CG stock is presently suspended on trade because of the failure to lodge audited financial records for the past few years.
This does not mean the company is in financial dire straits.
It simply means the audited financials have not been provided to the annual general meeting and the associated business processes.
No one invests in an airline for a quick buck.
The State Enterprises Minister can vouch for that I am sure.
So the claims that PNG Air is in a financial difficulty and close to closure is perhaps only in the minds of previous management who are now located at Air Niugini Haus.
This smells like insider trading to me.
Should the transaction of shares be transferred outside of the stock exchange then I strongly suggest that the real value of the company and the opportunity for others to purchase these shares is unlawful and immoral.
It should be known that the present general manager of Air Niugini was recently appointed after a previous highly experienced post holder was removed for a variety of reasons.
While financial activities of companies are often veiled in secrecy to ensure that no commercial edge is fully exposed in an open skies completing market, it is also important to note that the financial viability of an airline is governed by the resources required under the department of transport and PNG CASA – to ensure that the business can conduct operations.
PNG Air Ltd has recently undertaken that audit process and has been provided with a continuation air operator’s certificate.
So perhaps the financial credibility for the required resources is not in such a shabby state.
In fact it is common knowledge that PNG Air is the incumbent supplier to an operating significant mining corporation which it holds in the open marketplace from the other three potential airlines.
Perhaps Link PNG needs this cash flow into their dry coffers to provide their parent company with much needed cash.
The claim that the “merger of the airlines will ensure competition” is complete lies and designed as misinformation to the people of PNG.
Do not be fooled.
Air Niugini is desperately starved of cash as their international market is non-existent and now they are looking in their own back yards that they have neglected for years.
Trust me, they will return to that market as soon as it reopens to the fly-in fly-out (FIFO) market.
That is the place they have no competition in the present economic climate in the country.
Always be wary of the flightless kiwi they can only fly when dropped from high places.

Manu Marikina, Via email