Wurde auch so langsam Zeit das Gemauschel der Kabui Aera zu beerdigen ;-))))))))
By Aloysius Laukai
ABG President JOHN MOMIS today issued a press statement concerning the much talked about BRDC and Invincible deals on Bougainville.
After taking office two weeks ago and after studying documents presented to him concerning the Master Exploration and Development Agreement between the ABG and the Bougainville Resources Development Corporation(BRDC), MR. MOMIS said that he was not satisfied that the arrangements are in the best interest of the people of Bougainville.
He said that he was concerned that the agreement contravenes significant provisions of the Bougainville Constitution and provisions of parts of the Bougainville Peace Agreement and the PNG Constitution that implements it.
He said in essence, this agreement and its corresponding legislation bind the hand of the Bougainville Government when it needs to urgently grow the economy and move towards fiscal self reliance.
MR. MOMIS said that based on the documents provided to him it seems that BRDC is a company owned by four other companies or entities.
1. AROB Equities Limited (FIFTEEN PERCENT SHARES)
2. Bougainville Veterans Holdings (NINE PERCENT SHARES)
3. Bougainville Pioneers Corporation LTD(EIGHT PERCENT)
4. Invincible (the majority shareholder with SEVENTY PERCENT Shares.
He said that the agreement in its substantive clauses deal with exploration for and exploitation of mineral resources covering the whole of Bougainville.
The agreement also calls for investments in other areas of economic activities including, a Gold Melt assay facility, Bio-diesel, Fishing, Cattle production and other possible proposals including a tourism project.
PRESIDENT MOMIS said that he was to review various advice which indicates that there might be adverse legal and constitutional aspects to the actions of the Bougainville Executive Council in approving the Agreement and the Bougainville Parliament in passing the Bougainville Resources Development Corporation (AROB) Limited (KABUI MODEL authorization act 2008.
He said that the people of Bougainville will be kept informed of progress being made as his government is also committed to transparency AND Awareness.
Ends
