By Michael J. PASSINGAN
PNGBLOGS (20.10.2015)
As things get heated up in Waigani for the looming Vote of No Confidence, one of Prime Minister O’Neill’s close confidante and Minister for Works, Hon Francis Awesa is having a bitter split with his Prime Minister and close associate Jimmy Maladina.
The tales of fraud involving O’Neill and Jimmy as main characters never ceases to end.
In this new drama, Works Minister Francis Awesa is taking the duo to court for illegally and fraudulently transferring his interests in one of the biggest construction companies in PNG –Global Construction Ltd. Global Construction was started in 1994 and the registered shareholder then was Kandy No. 7 Limited owned by Derek Michael Jepson, who is casually referred to as Mick Jepson.
On 1st August 1996, Mr Awesa, through his family company called Allestree No. 10 Ltd purchased about 24,999 shares from Kandy No. 7 to be a part owner of Global. Today, Allestree No. 10 Ltd is no longer a shareholder of Global, nor FA as one of the latter’s directors.
The IPA online records do not show how Allestree No. 10 Ltd’s interests were transferred back to Kandy No. 7 Ltd. The relevant documents are conveniently missing. However, what it does show is that as of this date, Kandy No. 7 Ltd retains the entire 50,000 shares...
On 1st August 1996, Mr Awesa, through his family company called Allestree No. 10 Ltd purchased about 24,999 shares from Kandy No. 7 to be a part owner of Global. Today, Allestree No. 10 Ltd is no longer a shareholder of Global, nor FA as one of the latter’s directors.
The IPA online records do not show how Allestree No. 10 Ltd’s interests were transferred back to Kandy No. 7 Ltd. The relevant documents are conveniently missing. However, what it does show is that as of this date, Kandy No. 7 Ltd retains the entire 50,000 shares...
In the absence of legal obligations requiring the registering of beneficial ownership arrangements and knowing very well that Peter O’Neill is a master of establishing shell companies and structuring beneficial ownerships going back the unholy NPF Tower days, it is not surprising that the documents constituting the transfer of Mr Awesa’s interests are not publicly disclosed.
It is believed that Jimmy Maladina and PO conspired with Mick Jepson to fraudulently transfer Mr Awesa’s interests in Global on corresponding considerations that did not materialise. Not so surprisingly, immediately after the transfers, Global Construction is becoming one of the most preferred contractors for most of the road contracts.
And the contracts are unbelievably excessive in value. A classic example is the now forgotten K85.7 million contract awarded to Global Construction to seal a less than a kilometre road linking the Gordons industrial area. Jimmy Maladina is believed to be leasing a huge fleet of trucks and heavy machinery to Global through one of his companies. Jimmy draws his cuts out through this arrangement.
The duo (Jimmy and PO) who are known for defrauding the people of Papua New Guinea including NPF and K38 million Public Service Home Ownership Scheme and many others, have now found a fellow Southern Highlander as their next victim to pound upon. The Poor old man (FA) worked hard to build the Global Company during the hard times only to be denied its fruits at its glorious times is something that is not really going down well with FA.
He is believed to be contemplating on taking civil, criminal and leadership actions against Prime Minister O’Neill, his fraud advisor Jimmy Maladina and co-partner Mick Jepson.
It is believed that Jimmy Maladina and PO conspired with Mick Jepson to fraudulently transfer Mr Awesa’s interests in Global on corresponding considerations that did not materialise. Not so surprisingly, immediately after the transfers, Global Construction is becoming one of the most preferred contractors for most of the road contracts.
And the contracts are unbelievably excessive in value. A classic example is the now forgotten K85.7 million contract awarded to Global Construction to seal a less than a kilometre road linking the Gordons industrial area. Jimmy Maladina is believed to be leasing a huge fleet of trucks and heavy machinery to Global through one of his companies. Jimmy draws his cuts out through this arrangement.
The duo (Jimmy and PO) who are known for defrauding the people of Papua New Guinea including NPF and K38 million Public Service Home Ownership Scheme and many others, have now found a fellow Southern Highlander as their next victim to pound upon. The Poor old man (FA) worked hard to build the Global Company during the hard times only to be denied its fruits at its glorious times is something that is not really going down well with FA.
He is believed to be contemplating on taking civil, criminal and leadership actions against Prime Minister O’Neill, his fraud advisor Jimmy Maladina and co-partner Mick Jepson.
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