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Date Posted: 09:31:04 04/11/03 Fri
Author: No name
Subject: PNGBC Sale Conflict Of Interests

News
Weekend Edition Fri-Sun 11-13th April, 2003

Auali knew of �interests�

FORMER privatisation minister Vincent Auali tabled a letter yesterday at the PNGBC inquiry showing his concern in 2001 about alleged �conflicts of interests� of people who were instrumental in the sale.
Mr Auali�s letter dated November 23, 2001, addressed to the Privatisation Commission�s probity adviser and Howarth (Brisbane) Pty Ltd director Zoran Radosevic had attached a document titled �confidential brief�.
He told the inquiry he did not know who wrote the brief as it was placed in the privatisation ministry�s pigeon-hole at the National Parliament in November 2001.
He has been unable to ascertain its author to date.
The brief named Bank South Pacific executive and former PNGBC executive chairman Garth McIlwain, Credit Corporation managing director Noreo Beangke, Winifred Kamit, wife of central bank Governor Wilson Kamit and former privatisation commission managing director Sir Henry ToRobert, as allegedly having conflicts of interests.
And it recommended the termination and replacement of Mr McIlwain, Mr Kamit and Sir Henry from their respective organisations.
The document alleged that the conflict of interest allegations stemmed from companies the four had interests in. These allegedly included McIlwain-Beangke owned Demakuri Ltd, which had 383,783 Credit Corporation shares, McIlwain-owned Ballimore No.21 Ltd, which held 40,000 Credit Corporation shares, New Guinea Nominees of which Mrs Kamit was a director and Beangke family-owned K & E Investments, which owned 40,000 shares in Credit Corporation.
�It can be seen that Credit Corporation effectively �controls� 50 per cent of the BSP directorship,� the brief stated.
Mr Auali in his letter to Mr Radosevic, said matters in items 6.1 to 6.5 (of the brief) were �extremely serious� and his own queries confirmed, �purported actions/interventions� by the BPNG Governor, which damaged the credibility of the PNGBC sale process.
Items 6.1 to 6.5 referred to:
* It should be brought to public knowledge that BSP entered the PNGBC expression of interest process with the privatisation commission well after the stipulated closing date but on the approval of the BPNG Governor;
8 Westpac bank was technically disqualified by the BPNG Governor, the grounds being that owing to their market share in PNG, their entry would not create a healthy and competitive banking/ finance industry environment in PNG;
* Why was BSP given this preferential treatment way after the closing date, to submit its expression of interest by the BPNG Governor?;
* If the same excuses about competition in the banking/financial industry was the concern of the BPNG, why wasn�t this concern not also raised by the BPNG Governor with the ANZ Banking Group, a significant operator in PNG who had also expressed their interest to bid for PNGBC?; and
* ANZ�s interest was accepted and they have/are conducting their own due diligence on PNGBC, why target Westpac?

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