Gullible Papua New Guineans: Hundreds conned into investing in gold buying

I share this from the National's archive to point out how people in my area were deceived into believing in this scam.

I talked them not to buy a K500 per share but many didn't hear me.

I told them to see the share price for BSP on the POMSOX that is usually printed every day in the newspaper and it was selling at 50 toea per unit then so how come a company that does not have assets and as popular as BSP be selling their share at K500.

I told them if they wanted to invest, BSP and New Britain Palm Oil would be ideal.

It fell on deaf ears.

Still today there are many gullible people who are public servants, village farmers and even university graduates who can't reason beyond what is promoted to them at face value.

We must be critical and law must penalise scammers severely.

www.thenational.com.pg

 By DAMARIS MINIKULA - November 24, 2005

Hundreds of people may have been conned into investing thousands of their hard-earned kina in a supposedly gold buying company whose boss is facing fraud charges.

Some of these clients who bought shares with supposed gold trader KVDC Gold Limited are now calling on the management of the company to refund their money.

This newspaper reported on Tuesday that managing director of KVDC Gold Limited Caspar Musarow from Kairuru Island in East Sepik was charged with false pretence with intention to defraud after he allegedly conned a man into getting his gold without paying for it.

Mr Musarows arrest has led his clients to believe they might have lost money invested in the company.

A woman employed with the National Capital District Commission told The National yesterday (Wed Nov 23) that she wants KVDC Gold Limited to give back her money after she bought a share worth K500.

I have been waiting since 2003 to receive my payout but so far nothing is forthcoming.

I am still holding onto my certificate that I received after paying the money but I dont know the whereabouts of this company anymore, she said while requesting her identity not be revealed.

According to documents obtained by The National the woman had bought one share worth K500 on 3 April 2003 and was given a KVDC Gold Sales Certificate.

After I paid the K500 into their bank account, I was advised by the management that as soon as the first 1000 shares were sold out the dividend payouts would commence on a monthly basis, she said.

She claimed the management advised her to keep checking since the Managing Director was out of town but when she fronted up at the KVDC office at Garden City, she read a notice from the landlord advising the public that the office had closed due to non-payment of rent.

But in a KVDC newsletter, Mr Musarow told his clients that their office at Garden City was closed due to the sacking of the main office staff that had been using the office to conduct their own businesses.

The newsletter also promised a huge payout, and social security equivalent to the unemployed benefits currently available to the Australian public.

Another man who did not want to be named for this report also claimed he bought one share worth K500 but has not received the promised payouts.

I just want my K500 back. I dont want any promised interest because every time I called, the management told me that lawyers were still busy clearing KVDCs account, he said.

A widow, a mother of ten children in Rigo village, Central province also bought an undisclosed number of shares in the hope of earning enough money to cater for her children but has not received the promised payout.

Attempts to contact KVDC Gold Limited were in vain. Telikoms Faults section confirmed that the telephone numbers listed for KVDC were cancelled and did not exist.

Mr Musarow is out on a K500 bail and will appear before a magistrate in the Waigani Committal court tomorrow.

Parkop: Women’s right agenda is not a foreign concept

 The call for attention and further action to Gender Equality and Women’s rights in the country came to the fore this morning during the start of International Women’s Day celebration in Port Moresby’s Sir Hubert Murray Stadium. 

The day was marked days after the conclusion of the second Public Hearing of Gender-Based Violence by the Parliamentary Committee. 

Themed ‘Gender Equality Today for a Sustainable tomorrow,’ Active City Development Program in collaboration with the Spotlight Initiative, UNWomen, NCDC, Japanese International Cooperation Agency (JICA), Department of Foreign Affairs and Trade, European Union and CEPA, hosted the celebration with dances, drama and speeches. 

Through the ACDP’s weekly Walk and Yoga for Life, the commemoration events were launched in the city. The day falls on March 8 with more celebrations planned at Ela Beach. The occasion observed strict Covid-19 protocols. 

Speaking this morning, NCD Governor, Hon. Powes Parkop clarified that gender equality and women’s right agenda is not a foreign concept introduced by UN. 

 Governor Parkop said Integral Human Development and Equality and Participation are goals 1 and 2 of National Goals and Directive Principles.

He said these principles and values were embedded in the National Constitution of PNG by the forefathers.

Governor Parkop, a former human rights lawyer before joining politics, made references to specific Sections 32, 36 and 55 which call for right to freedom, freedom for inhuman treatments and right to equality. 

These, he said, form the foundation of the State of PNG, calling on everyone to embrace and make them real for the better. 

During the GBV public hearing, he said health officials told the panel that 58,000 cases were sex and violence related involving women and girls. 

A disappointed Parkop said this shocking statistic from  2018 to 2021 only reflected the kind of attitude many PNG men possess.  

"I am disappointed that we cannot do much or all we can to realise the goals of the State as pronounced in our Constitution," he said.

Carolyne Nyamayemombe, who is the Deputy Country representative for UNWomen, said gender inequality cuts across climate change, Covid and other challenges facing the country and entire world. She added it exacerbates all these problems. 

She also vouched for women and girls who have made significant contribution in the country despite the lack of representation in Parliament, empowerment and decision making process.  

Sharing similar sentiments, Masato Koinuma, Chief Representative for JICA, said gender empowerment and equality is critical for equitable and sustainable socio-economic growth.

-NCDC Press Release

High Blood Pressure causes an MP from Papua New Guinea to die

Papua New Guinea and the people of Goilala District are mourning the death of the Member of Parliament representing the people of Goilala, Hon William Samb.

Prime Minister James Marape has confirmed the passing of Samb.

Hon William Samb MP Source: Post Courier website

"I have, late last night, received confirmation of the passing of the Honorable William Samb, at a hospital in Dubai, United Arab Emirates.

"The Honorable William Samb who is the Minister for Commerce and Industry was on official duty travel to Dubai when he met his fate.

He was reportedly unwell and in hospital when he passed away. I have received this news with deepest regret. Our prayers are with his family and the people of Goilala at this time."

.

PNG Loop reports officials in Dubai while confirming his death said Samb had high blood pressure and was admitted to a hospital but succumbed to death.

Samb was born in 1973 and was a civil engineer graduated from the Papua New Guinea University of Technology and has a post graduate degree in project management from the Queensland University of Technology.

He entered Parliament during the Goilala open seat by election in 2015 and later won again in the 2017 National General Election serving a period of seven years in Parliament.

CEO of the Goilala DDA said on NBC Central that Samb was a grassroots people's person.

Samb is very popular with many journalists in Papua New Guinea as he has hosted several trips for journalists to Tapini and the greater mountainous Goilala.

He wanted journalists to write about the changes and the good things in Goilala rather than the bleak views about Goilala being a dangerous remote district in Papua New Guinea.

Arrangements have now been made to repatriate his body to Papua New Guinea.

U-Vistract scam in Bougainville to be stopped

Autonomous Bougainville Government President Ishmael Toroama has told ABC Radio that he will put an end to the pyramid money scheme U-Vistract run by Noah Musingku.

President Ishmael Toroama Source: Facebook

Musingku and his loyal supporters who are based at Tonu in South Bougainville have continued this scam for decades and declaring they have a currency -the Bougainville Kina.

Recently, there were reports that Musingku and his team have regained energy and convinced people from as far as New Britain and two ABG Members of the House of Assembly recognised Musingku and his scam.

But Toroama said: “I will not work with Noah Musingku...I will challenge those activities."

President Toroama said U-Vistract is harmful to Bougainvilleans and has caused plenty of disharmony among communities.

“There  are a lot people that have invested into the schemes many have died waiting for big amounts of money Noah Musingku promised them,” he told ABC Radio.

"Within the third year of my term I will be challenging every illegal activity in Bougainville."

'The Last Man Standing' acknowledged for nation building

 

Eastern Highlands Governor Peter Numu and his local level government presidents have acknowledged a founding political leader in nation building.

Numu led a team of 24 LLG presidents from the eights districts, provincial administrator John Gimiseve and other members of the provincial executive council to New Ireland Province and acknowledge the contributions by Sir Julius Chan dubbed 'The Last Man Standing' for his contributions to nation building.

Sir Julius was one of the members of the House of Assembly in the formative years of PNG politics and later became the first Finance Minister when PNG gained independence.

Numu was frank when his team met Sir Julius: “This year we will be going into the Elections, and I don’t know if the people will put me back so whilst I have the opportunity as a young Governor I want my Government to appreciate the work you put in for this country. Because you are the last man standing, after you there will be no other."

“Over the years other founding parties like Pangu have changed but the People’s Progress Party has remained steadfast to keep you as its leader since the beginning.”

At the customary grounds at Nokon in New Ireland the Eastern Highlands delegation marched in with other members of their community revealed they had made the unannounced trip at such short notice because they simply wanted to say thankyou for Sir Julius' contributions to the country.

They presented gift offerings of six Pigs, bundles of Taro, Goroka's finest export coffee, a bow and arrows, bilums and a headdress reserved for great chiefs.

Numu  said his government was interested in the decentralization policy being put forward by the New Ireland Government that gives more power to the provinces. 

Numu and his team had the opportunity to tour the New Ireland Legislative Assembly and see first hand how other policies are being implemented.

Sir Julius expressed his utmost appreciation to Governor Numu and his Eastern Highlands delegation for making the journey to New Ireland to express their appreciation.

“You have accorded me the highest respect, all the titles I have are meaningless without the recognition. Your actions and words spoken about my work for this country means a lot to me. I accept your gesture as a combined respect from the young and old people of Eastern Highlands,” he said.

"You belong to an age where everyone wants to become leaders, but you brought yourself down with all your leaders to my village. This is a sign of your humbleness. And this country needs humility so we can move forward."

Sir Julius told the Eastern Highlands delegation to go back knowing that New Ireland really appreciated their kind gesture and wished his colleague Governor Numu all  the best for the upcoming national elections.

 

 

UBS inquiry chairman wants concluded report to be presented publicly

 Prime Minister Hon. James Marape said today (Monday January 31 2022) that he looks forward to the conclusion of the Commission of Inquiry into the controversial K3 billion Union Bank of Switzerland (UBS) loan.

He said this at the end of his answering questions and giving evidence to the COI at APEC Haus in Port Moresby.

The COI – established by PM Marape in 2019 after assuming office – has over the last two years been probing into the UBS loan obtained by the Peter O’Neill Government in 2014 to buy shares in Oil Search Ltd.

Papua New Guinea Parliament

The Prime Minister, after assuming office, undertook to convene a COI to establish facts surrounding the whole transaction, including all persons and entities involved in the deal, and whether or not the deal followed proper and legal process and procedures.

“I certainly look forward to the conclusion of the inquiry,” he told the COI headed by former chief justice Sir Salamo Injia.

“If there are suggestions that we can draw from the inquiry, improve public governance in the way we do business in Papua New Guinea, especially to ensure public money is safeguarded, I certainly look forward to embrace those recommendations.”

Sir Salamo said the COI was set to complete and present its report on March 31, 2022.

“The thinking right now is a question of whether the report will be presented to you publicly, at a hearing of this nature, because the proceedings have been conducted in public,” he told PM Marape.

“We may be asking you to appear in person, to come and receive the report, at a public hearing, compared to past where the report was taken to your office and presented by a representative of the commission - which appears to be more of a private meeting than a public meeting.

“The thinking now is that we may present the report at a public hearing like this, and we may be asking you to come and receive it.”

PM Marape told Sir Salamo that he would accept whatever way the COI wanted to presented its report.

“I am at your disposal,” he said.

-Press Release

Government minister happy with major renovation of public housing

 BY CYRIL GARE

Housing and Urbanisation Minister Justin Tkatchenko has expressed satisfaction and confidence in the “major renovation” works currently undertaken by contractors at the National Housing Corporation (NHC) flats at Manu Autoport in Port Moresby.

When briefed on “work in progress” yesterday, he said he was satisfied with work so far and was optimistic contractors will deliver within the five months time frame.

Tkatchenko said all other NHC properties in Port Moresby will follow suit and undergo major renovation this year and these properties include 3 mile Red Cross flats, 5 mile flats, Angau Drive flats, Korobosea flats, NBC flats East Boroko, 4 mile hostel adjacent to old PIH, Hohola new generation hostel and Dorido hostel at June Valley, among others.

Minister Tkatchenko said this signify the Government’s seriousness in providing low cost affordable housing for Papua New Guineans and “wrestle the bull by its horn” attributing to reviving the NHC from some 30 years of neglect and corruption.

NHC’s multi million kina flagship project would be the Duran Farm Housing project in Port Moresby where more than 2,000 affordable homes were to be built.

He said under Henry Mokono - as new permanent managing director, NHC has taken stock of all its properties and assets nationwide and similar renovation and maintenance works would begin soon.

Work started at the Manu Autoport property on Nov 22, 2021 which covered the four (4) allotments comprising 16 units.

Contractors took down badly rotten walls, louvers, fly wires, window frames and interior structures of the building which “haven’t had such a renovation for over 30 or 40 years”, said Mr. Martin Tau – NHC’s Executive Director - Corporate Service and Administration.

On Nov 3, 2021, NHC managing director, Mr. Henry Mokono visited the Manu Autoports tenants and their families and announced the K4 million facelift plan and sought their cooperation to vacate the property and allow maintenance work to begin.

“And since the good Minister (Tkatchenko) came into this place, we’ve made some decisions and we’ve made many decisions to turn this organization that people in PNG will respect. We do things by the book. We do things according to law that should be the way this place should be run. We do things correctly. We do things by process. We do things honestly. We do things transparently, we got to be accountable for our decision making”.

Mr. Mokono vows to clean up the NHC and instil a new corporate image to the organisation through accountability, transparency and good governance.

Mr. Mokono’s major tasks include;

• Create a new staff structure to see down-sizing of NHC work force from 380 to 218 and saving government of K6 million in wages annually;

• Revamp and deliver the stalled Durand Farm Housing project;

• Renovate the NHC Tokarara headquarters which government has already allocated K10 million for this purpose;

• Cleansing and prosecution of those engaged in corruption and the mess in the NHC; and

• restoring public confidence in the organisation.