By Sonja Barry Romai
THE VOICE OF PNG, Facebook Page
Leading anti-corruption activist, Noel Anjo Kolao (inserted) has advised that a public forum will be held this Thursday, March 20th, at Jack Pidik park from 10 am - 2 pm.
"Don Polye is invited to explain and reveal to the nation why he refused to sign the loan and PM sacked him. PM in a news conference yesterday defended his decision to sack Polye and said the loan is the best deal. Polye will reveal the truth because PM is misleading the public", Noel Anjo Kolao asserted.
Should the sacked Treasurer take up the challenge to appear in person at Jack Pidik park on Thursday to publicly reveal the truth to the people of Papua New Guinea who are now faced with a massive National debt to repay, although the Prime Minister has since publicly stated, "The argument that it increases our debt level is simply nonsense"?
Should the sacked Treasurer in all good conscience continue to remain a part of a coalition Government - particularly if he knew that the massive K3 billion (up to Aud1.239 billion) loan deal to buy 149, 390, 244 Oil Search shares is unconstitutional and that is why he refused to sign the loan and was sacked?
Papua New Guinea Opposition Leader Hon Belden Namah pointed out, during a press conference on Thursday afternoon, that the deal is "unconstitutional" and not in the best interest of the country and once again called upon Peter O'Neill to resign as Prime Minister.
Is PNG facing soaring inflation, increased cost of living, higher taxes, more socio-economic and law and order problems because of a deal described by the then Treasurer, in a letter dated 9, March 2014 addressed to Acting Secretary Daire Vele, as "in breach of the Fiscal Responsibility Act"?
"In the simplest form, it would be a breach of Section 209 of the Constitution which requires Parliament's approval for bridge and collar loans. Further the government will be in breach of the Fiscal Responsibility Act which limits the Debt to GDP Ratio to be below 35% this year" the then Treasurer said and further advised, "Ideally the state could on-lend to Petromin without incurring the state with substantial debts."
Don Polye's letter was copied to the Prime Minister, all cabinet ministers and to the Chief Secretary to Government Sir Manasupe Zurenuoc. The next day his sacking by the Prime Minister Peter O'Neill was announced.
Yesterday the Prime Minister in a public statement described the 'USB loan equities deal' as the "best deal for PNG". "It is also known within the oil and gas industry that shares value in Oil Search is likely to double over the next few years", the Prime Minister claimed.
"The National Executive Council decision is final and it is based on independent official advice from all government officials and therefore cannot be undermined by a Prime Minister, any Minister or official", the Prime Minister also said.
Was the Prime Minister indirectly saying that Don Polye undermined the deal and that is why he was sacked? How about Parliament being undermined?
Perhaps the Prime Minister's biggest mistake in his public statement was not to make reference in particular to the claim by Don Polye and also Belden Namah that the deal is believed to be in breach of Section 209 of the Constitution, although the Prime Minister did advise ",our government will table all documents in the coming session of Parliament for public consumptions".
What about if the price of Oil Search shares is manipulated by outside forces and drops and drops badly? What if the profit margin by Oil Search drops badly due to reasons beyond the companys control due perhaps to environmental factors?
What about competing interests - such as gas reserves in Australia? Who is going to have the last laugh all the way to the bank? The Chinese or the Australians or both? Will the Prime Minister eventually be proven right in his assertion that it is the best deal for PNG?
Ok Tedi Mining Limited which recently recorded a massive decrease of USD455 Million (apx PGK1.1 Billion) in profit for the 2013 financial year is a prime example of the risk involved to all Papua New Guineans.
From a declared profit of USD472 million in 2012 to only USD17 million declared in 2013 - a difference of USD455 Million? Unbelievable but true!
An observer familiar with mining interests in PNG noted, "the PM shouldn't be fixated on the price of Oil Search shares and make sweeping statements that the price will double within a few years."
"The return made from any investment is relative to the price you paid purchasing the share, a first year finance student understands this, for PNG we are already way behind the break even point because for all intents and purposes we are using a "credit card" to make these investments."
"That coupled with the bizarre decision to sack his powerful Treasury minister points to a cabinet in disarray and a PM appointing loyal and subservient people in positions off power.....in such manner does a country fall."
It is imperative that the people of Papua New Guinea demand the truth and nothing but the truth about this deal which mortgages PNG's future over the hilt and which future generations may be forced to repay with sweat and tears and suffering.
Perhaps the sacked Treasurer should admit that the country has not just gone to the dogs, it has gone to the corporate wolves (in sheeps clothing) tearing the country apart in their greed to conquer PNG and bring the country to its knees.
It's time to take affirmative action and demand that Don Polye be a true leader (as well as a real man) and publicly tell the truth to the people of PNG.
Don Polye's silence so far in not commenting publicly on the K3 billion 'loan equities deal' is definitely not golden and will long be remembered to his detriment - especially if he chooses not to put PNG first by speaking out the truth at the proposed public forum this coming Thursday.
THE VOICE OF PNG, Facebook Page
Leading anti-corruption activist, Noel Anjo Kolao (inserted) has advised that a public forum will be held this Thursday, March 20th, at Jack Pidik park from 10 am - 2 pm.
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| Activist Noel Anjo |
Should the sacked Treasurer take up the challenge to appear in person at Jack Pidik park on Thursday to publicly reveal the truth to the people of Papua New Guinea who are now faced with a massive National debt to repay, although the Prime Minister has since publicly stated, "The argument that it increases our debt level is simply nonsense"?
Should the sacked Treasurer in all good conscience continue to remain a part of a coalition Government - particularly if he knew that the massive K3 billion (up to Aud1.239 billion) loan deal to buy 149, 390, 244 Oil Search shares is unconstitutional and that is why he refused to sign the loan and was sacked?
Papua New Guinea Opposition Leader Hon Belden Namah pointed out, during a press conference on Thursday afternoon, that the deal is "unconstitutional" and not in the best interest of the country and once again called upon Peter O'Neill to resign as Prime Minister.
Is PNG facing soaring inflation, increased cost of living, higher taxes, more socio-economic and law and order problems because of a deal described by the then Treasurer, in a letter dated 9, March 2014 addressed to Acting Secretary Daire Vele, as "in breach of the Fiscal Responsibility Act"?
"In the simplest form, it would be a breach of Section 209 of the Constitution which requires Parliament's approval for bridge and collar loans. Further the government will be in breach of the Fiscal Responsibility Act which limits the Debt to GDP Ratio to be below 35% this year" the then Treasurer said and further advised, "Ideally the state could on-lend to Petromin without incurring the state with substantial debts."
Don Polye's letter was copied to the Prime Minister, all cabinet ministers and to the Chief Secretary to Government Sir Manasupe Zurenuoc. The next day his sacking by the Prime Minister Peter O'Neill was announced.
Yesterday the Prime Minister in a public statement described the 'USB loan equities deal' as the "best deal for PNG". "It is also known within the oil and gas industry that shares value in Oil Search is likely to double over the next few years", the Prime Minister claimed.
"The National Executive Council decision is final and it is based on independent official advice from all government officials and therefore cannot be undermined by a Prime Minister, any Minister or official", the Prime Minister also said.
Was the Prime Minister indirectly saying that Don Polye undermined the deal and that is why he was sacked? How about Parliament being undermined?
Perhaps the Prime Minister's biggest mistake in his public statement was not to make reference in particular to the claim by Don Polye and also Belden Namah that the deal is believed to be in breach of Section 209 of the Constitution, although the Prime Minister did advise ",our government will table all documents in the coming session of Parliament for public consumptions".
What about if the price of Oil Search shares is manipulated by outside forces and drops and drops badly? What if the profit margin by Oil Search drops badly due to reasons beyond the companys control due perhaps to environmental factors?
What about competing interests - such as gas reserves in Australia? Who is going to have the last laugh all the way to the bank? The Chinese or the Australians or both? Will the Prime Minister eventually be proven right in his assertion that it is the best deal for PNG?
Ok Tedi Mining Limited which recently recorded a massive decrease of USD455 Million (apx PGK1.1 Billion) in profit for the 2013 financial year is a prime example of the risk involved to all Papua New Guineans.
From a declared profit of USD472 million in 2012 to only USD17 million declared in 2013 - a difference of USD455 Million? Unbelievable but true!
An observer familiar with mining interests in PNG noted, "the PM shouldn't be fixated on the price of Oil Search shares and make sweeping statements that the price will double within a few years."
"The return made from any investment is relative to the price you paid purchasing the share, a first year finance student understands this, for PNG we are already way behind the break even point because for all intents and purposes we are using a "credit card" to make these investments."
"That coupled with the bizarre decision to sack his powerful Treasury minister points to a cabinet in disarray and a PM appointing loyal and subservient people in positions off power.....in such manner does a country fall."
It is imperative that the people of Papua New Guinea demand the truth and nothing but the truth about this deal which mortgages PNG's future over the hilt and which future generations may be forced to repay with sweat and tears and suffering.
Perhaps the sacked Treasurer should admit that the country has not just gone to the dogs, it has gone to the corporate wolves (in sheeps clothing) tearing the country apart in their greed to conquer PNG and bring the country to its knees.
It's time to take affirmative action and demand that Don Polye be a true leader (as well as a real man) and publicly tell the truth to the people of PNG.
Don Polye's silence so far in not commenting publicly on the K3 billion 'loan equities deal' is definitely not golden and will long be remembered to his detriment - especially if he chooses not to put PNG first by speaking out the truth at the proposed public forum this coming Thursday.
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