Radio New Zealand
The International Court for the Settlement of Investment Disputes has declined to hear PNG Sustainable Development Program Ltd’s claims against the Government of Papua New Guinea.
PNGSDP was seeking restitution of the 63.4 percent of Ok Tedi Mining Ltd that was controversially expropriated by PNG’s Government in 2013.
PNGSDP has expressed disappiontment at the decision but a spokesman, Mark Davis, says the Court’s decision does not relate to the substance of the case – return of the shares or compensation for the expropriation.
“There are other options open to us. We are examining those options now and we’ll make a decision in the next little while which one or ones that we will take.”
Meanwhile, PNGSDP’s court case against the PNG State in the High Court of Singapore, where the PNGSDP is incorporated and the bulk of its funds held, is continuing.
The chairman of PNGSDP, Sir Mekere Morauta, says the company will continue to protect the money in the Long Term Fund and the structure, independence and integrity of PNGSDP.