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Arthur Somare & Dr John Mua for missing K96million

November 29 2011 at 2:14 AM
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ALMOST K100 million owned by a state-owned enterprise has been siphoned off to a bank account in the Australian state of New South Wales and a police investigation is underway to recover the money.
Former public enterprises minister Arthur Somare and former Motor Vehicle Insurance Ltd (MVIL) manager director Dr John Mua are implicated.
The money about K96 million was the proceeds of the sale of 530,105,100 shares in Bank South Pacific which were owned by MVIL.
Public Enterprises Minister Sir Mekere Morauta announced details yesterday, saying he had ordered the recovery of the money.
The sale, to an Australian company called Nominees Niugini Ltd, is now the subject of a police investigation.
He said MVIL sold the shares when under the control of his predecessor Arthur Somare and the former Independent Public Business Corporation (IPBC) management.
According to Sir Mekere, proper processes had not been followed, and the sale was in breach of Section 45B of the IPBC Act and Section 110 of the Companies Act.
The sale was not approved by the IPBC board, as required, and there was no shareholders resolution approving the sale, as required, he added.
The new IPBC board has instructed MVIL to rescind the sale contract, called an equity monetisation contract agreement while starting legal proceedings against MVIL and Nominees Niugini.
The money is being held in an account owned by a company called Woodlawn Capital, at the Commonwealth Bank in Lismore, New South Wales, Sir Mekere said while calling on Mua to help recover the money.
Dr Mua would save the nation a lot of money by assisting us in the recovery of the K96 million and its return to IPBC.
For the nation to recover the money through court proceedings would be expensive and time-consuming. I would like Dr Mua to help us avoid this.
Sir Mekere said this when announcing NECs endorsement of changes to the MVIL board, adding that no Public Enterprise chairman would be an executive chairman.

Source:
The National, Thursday 24th November 2011



 
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More about the K96 million in the Aussie bank account & the Somares

November 29 2011, 4:17 AM 

Damned if pngscape moderators are trying their darndest to keep you from seeing this informaton (which has not appeared in any newspaper). Will keep reposting as necessary. lol!

The Somare family and the K96m Woodlawn scam
November 28, 2011 Leave a comment Go to comments

Sana Somare attended Woodlawn College. The missing K96m has been traced to Woodlawn Capital

The PNG government alleges K96m has been stolen from the public purse in a fraudulent share transfer overseen by former Public Enterprise Minister, Arthur Somare. But what has not yet been revealed is the money has been invested in a company that bears the same name as the school attended by Arthur’s brother, Sana. Further, Lismore, where the money is sitting in a Commonwealth Bank branch, is described by friends as “home turf for the Somare family”. It is also alleged the family has close personal ties to the bank staff at the branch at 86 Woodlark Street Lismore, which is just around the corner from the registered office of the investment company.

New Minister, Mekere Morauta, says the stolen K96m, or what now remains of it, is in a bank account owned by an obscure Australian company, Woodlawn Capital Ltd.

Sana Somare was schooled at the exclusive St Johns College at Woodlawn near Lismore in northern New South Wales. St John’s is commonly referred to as Woodlawn college and bears the name Woodlawn on its school crest.

There is also another connection between the Somare’s and Woodlawn college. In 1992 Michael Somare and his wife attended the funeral in Lismore of Jack Reilly who worked in the PNG Department of Education and was headmaster of Port Moreby High School as well as being a teacher at Woodlawn college.

Morauta has described Woodlawn Capital as “a dubious investment company” involved in “a crooked Australian investment scheme”.

Woodlawn Capital is owned by Timothy Breen and Desmond McNamara, aged 72 (through his company Seahound Holdings).

The Directors of Woodlawn are Breen and Timothy McNamara. McNamara lives at the same address in Tower Street, Manly as Megan Cracknell, 41, who is the sole Director and and Company Secretary for Seahound Holdings (which was previously owned by Timothy McNamara).

Timothy McNamara is presumably Desmond’s son, the pair being aged 41 and 72 respectively and Timothy having previously shared the same residential address as Desmond at 6 Fuller street in Bulleen Victoria before moving to Sydney.

It is perhaps time the Australian police paid a visit to Breen, the McNamaras and Cracknell to ask them how K96m which should be paying for health and education services in rural PNG has, allegedly ended up in their hands…..

Citizens of PNG should also be demanding the Commonwealth Bank reveal if any other large amounts of PNG Kina have been deposited at their Lismore branch and whether any of the Somare family have personal accounts there with large unexplained balances.

 
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liklik goss

The truth about the MVIL BSP deal and the K96 milllion

November 29 2011, 5:52 AM 

The deal was cooked up by Terry O'Dwyer and Jason Gilai of National Capital (set up by Terry O'Dwyer, Jason Gilai and Rod Mitchell) and Rod Mitchell of Nasfund and John Mua of MVIL. Nasfund advanced the money for MVIL's BSP shares. It was done without knowledge and approval of IPBC which is why IPBC later sued National Capital and Nasfund to have the deal rescinded. The K96 million is what is left of the money after the guys above took out their cuts. The word around town is the the original value of the deal was over K110 million but the K96 million is what is left after O'Dwyer etc took out K14 million in commissions. These guys are the same guys that later cooked up the Kokopo deal and made over K20 million from commissions on that deal. Because of the MVIL deal and the Kokopo deal the Central Bank has cancelled National Capital's financial institution licence and is after Terry O'Dwyer and Rod Mitchell's certificate of fitness to be directors of financial institutions.


MVIL said they were borrowing money which is why they didn't need approval from IPBC and Arthur Somare. Rod Mitchell loaned Nasfund's money to MVIL through Terry O'Dwyer. But the scheme was designed so that security for the money was MVIL's BSP shares and Terry O'Dwyer to take ownership of the shares and switch them to Nasfund if any of the conditions were not satisfied which is what happened. It was really a disguise for the sale of MVIL's BSP shares to Nasfund through National Capital with generous commissions paid.

Arthur Somare and Glenn Blake instigated the court case to force Terry O'Dwyer and Rod Mitchell to return the shares and MVIL to return the money to Nasfund.

The money is now sitting in Woodlawn Capital's bank account. Woodlawn Capital is supposedly MVIL's financial adviser appointed by Dr John Mua.

Mekere Morauta hasn't talked about the part that his close associate and best friend Rod Mitchell played in the deal.

 
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VERRRRRRY doubtful!

Re: The truth about the MVIL BSP deal and the K96 milllion

November 29 2011, 4:57 PM 

Well, well. Why didn't Arthur Somare make this public if all you say is true. Or is Arthur Somare reluctant to make any corruption public? I never heard any talk about corruption by the Somare government. Now why is that?

 
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Erimajunction

Re: The truth about the MVIL BSP deal and the K96 milllion

November 30 2011, 7:12 AM 

Mate! you are doubtfull because you are either dumb or been spending time at Laloki MC lockout. Somare's are crooks and all 6 million people knew about it. You make me sick...you little rodent pathethetic worm.

 
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bullcrap posting of the day

Re: The truth about the MVIL BSP deal and the K96 milllion

November 30 2011, 8:00 AM 

For a start, all 6 million people don't know anything of the kind like you say. Your posting is only the newest in an endless serious of postings by people who obviously don't know a bladi thing about what they're writing about, and thus can only put up a posting that's long on rhetoric and short on details.

Got it?

 
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"generous commissions paid"

Re: The truth about the MVIL BSP deal and the K96 milllion

November 30 2011, 8:25 AM 

"generous commissions paid" is today's big big thing in PNG - its all legal and totally unethical. Thus, the ombudsman, the justice system, none of them can do anything about this. Our anti-corruption laws are very weak anyway.

Kickbacks are illegal but not "generous commissions paid." Unfortunately "generous commissions paid" means less and less money the government has to provide services for the majority of our nation's population. If you want to cry, go out to any semi-remote village in PNG and look at the school and health situation here in this land of gold surrounded by a sea of oil.

How pathetic!

 
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curious

Please tell me who is Dr John Mua

November 30 2011, 8:01 AM 

Anyone know anything about this fellow? Is his PhD in Corruption or what?

Please offer some details and some facts about this person so we can all become more informed. Thank you.

 
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hi

Re: Please tell me who is Dr John Mua

December 3 2011, 10:55 AM 

He is a big con man. He is a simple chemistry lecturer. Peter Wieang bought him into the political scene in 2002. He thinks he is a whiteman but he is really a conman. Every camp set up by NA after the gneral elections he identifies himself with the simbu NA's he sits in with them and sings along with them after that he absconds an becomes a one man show. What fke *sshole.

 
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