Shareholders not happy with sale of shares to MHL

SHAREHOLDERS of a cooperative in Finschhafen, Morobe, are dissatisfied over selling of their shares with Mainland Holdings Ltd (MHL).
Shareholders Gozobon Kari (Mape), Kolen Jambu (Kotec-Yabim) and Gideon Sakanu (Kotec-Yabim) said this was a public matter.
They want to know how MHL bought shares from their Finschhafen Marketing Development Corporation (FMDC) without their knowledge and approval.
MHL management, however, countered that FMDC of its own accord had sold shares to Nasfund.
FMDC has 101,000 shares with MHL, 90,000 of which they claim went “missing”.
“MHL sold 90,000 shares at K200 per share,” shareholders said.
“MHL, together with FMDC, sold the shares to Nasfund and we want to know where our K18 million is now.
“FMDC said all the shares paid out will be paid straight to the shareholders.
“We are quiet and waiting for the payments. In waiting, we have found out that the management will also get themselves paid, which according to us is illegal.
“This is not their money. It belongs to the shareholders. “It’s a public company and it’s also a public money.” Managing-director of MHL David Alcock said MHL did not buy or sell the shares.
He said MHL was owned Nasfund and 15 shareholding groups.
Alcock said the shareholding groups traded shares based on their own decisions.
“MHL did not by any shares from FMDC. The shares were bought by Nasfund.”