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Sir Mekere - Any more insights on Cayman Island Deal?

June 10 2006 at 1:17 PM
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graduate student 


The following posting appears on the PNG Politics forum - i'm researching the Cayman Island deal and other corrupt deals. does anyone have further details on this?
- graduate student

Yes, Mekere is the Architect of Cayman Island Deal in 1994
No score for this post June 10 2006, 11:53 AM

Sir Mekere, as central bank governor and the principal economic advisor to then PM Paias Wingti, put the Cayman Island Deal together in June 1994 (I've seen the documents and agreements on this). Because of that deal PNG mortgaged future oil and mineral receipts of about US$1 billion (K 3 billion) for a loan US$90 million loan (that's right! a desperate lona of $90 and paying $1 billion over 7 years!) that the Wingti Government wanted so badly.

When confronted with questions in Parliament, Mekere has refused to provide an specific answers as to the central role he played as Central Bank governor and as the economic whiz that he is. Also, he has never answered any questions as to whether any of the extra hundreds of millions came back into PNG; or if not then where the extra millions ended up. I'm not suggesting that I have seen evidence that Mekere corruptly benefitted but it is certainly true that he knows who benefitted, where the extra hundreds of millions ended up and he has never told the full story to this day. The fact that the bearded man from Western Highlands toyed him around and virtually controlled him when he (Mekere) was PM on the PDM ticket is a big clue? Can Mekere come clean before he heads to the 2007 elections? He has never done that and I don't think he is prepared to this time.

In short, yes - corruption is not only someone benefitting personally. Corrupt officials and leaders also cover-up for others, and advise others to do currupt deals. Certainly, Mekere fits this mold, in my judgment.

- ex-banker

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