PNGSDP considers options after Court declines to hear case

oneill_vesus_morauta

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.

2 Comments

Filed under Financial returns, Papua New Guinea

2 responses to “PNGSDP considers options after Court declines to hear case

  1. PM has been siphoning public money and paying his own companies for long time. He should leave the Peoples money alone. A clever trick to get access to people’s money. Sir Mekere Morauta must be congratulated for standing up for the rights of the people

  2. Daniel Mathew

    So while the battle continues just come have a look at Daru Island for instance….nothing to show for….very sad

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