12 Feb 2013

Accounting woes for LNG-linked PNG fund

6:32 pm on 12 February 2013

Papua New Guinea's Minister for Commerce and Industry, Richard Maru, says 50 million US dollars from the 56 million dollar Business Development Grants paid to landowners in the LNG license areas are feared missing.

NBC reports that the money was to be paid in line with the Benefit Sharing Agreement signed in Kokopo in 2009 to help landowners participate in spin-off activities from the project.

The funds were administered through the Department of Commerce and Industry.

However, it's been reported these funds have not been accounted for over the past four years.

A review team comprising respective members of Parliament from the Hela Province, including Chief Government Secretary, Manasupe Zurenuoc and other senior government officers will travel to Hela to talk to the landowners how these funds were spent.