Fishy business. The Social Impact of SST.pdf - Act Now!

The officials said over the recent months, individuals and organisations had told people that thecompany had authorised them to recruit workers for the project.In many cases, people were charged certain amounts of money by the “con” recruitment officersto secure jobs.The company officials said they have yet to advertise for jobs and would announce recruitmentwhen they are ready.These concerns have been relayed to the East Sepik Provincial Government whose Fisheriesdivision is looking into the complaints.The Wewak tuna loin project is separate from the tuna long lining project proposed for theprovince, in which businessman Sir Hugo Berghuser, is a principal.Post-Courier 9.8.00News Wednesday 09th August, 2000Wrangle over rural exporter.THE parent company of one of Papua New Guinea's major coffee exporters, Angco Group Ltd,has gone into receivership.A shareholder, Gulf Oil Trust Fund, on Friday won an order to restrain the Angco Group fromconducting any further business and also to stop any dealings in the shares of the group.According to documents lodged at the National Court Registry, the court appointed SintonSpence of Sinton Spence chartered accountants as the receiver, restrained the group fromconducting any further business and also restrained the PNG Banking Corporation from"enforcing its securities'' against the Angco Group and its subsidiaries "until it has taken theposition of the plaintiff (Gulf Oil Trust trustees) as the principal shareholder of thesecompanies''.However, the National Court yesterday set aside the part of the order which prevented PNGBCfrom enforcing its securities with the Angco Group and its subsidiaries, effective immediately.Gulf Oil Trust Fund trustees - Chris Haiveta, Bamake Rumbam, Joseph Minji, Albert Milala,Charles Maiu, Koiari Tarata and Joseph Gabut - won the order over the Angco Group's PeterPena, Thomas Negints, Kevin Conrad and Arthur Jones.The Gulf Oil Trust Fund was set up to receive royalties and other funds paid to the people ofGulf province from the Kutubu and Gobe petroleum projects.The plaintiffs alleged that on June 4, 1998, Peter Pena, then a trustee for the plaintiffs and legaladviser with Joseph Minji and Bomake Rumbam, convened a meeting which the other trusteeswere not aware of.They also allege that at the meeting, the trust resolved to invest K1 million in Beecroft 35 PtyLtd, as payment for 10 per cent of shares in that company, which was the vehicle used to takeover 51 per cent of shares in Angco Ltd. They alleged the trust resolved to borrow K1 millionfrom Bank South Pacific to invest in Beecroft 35 Pty Ltd.In the same documents, the plaintiffs allege Mr Pena "deliberately'' withheld from other trusteesinformation that the defendants "conspired to use these monies as security to borrow K9 millionfrom the Papua New Guinea Banking Corporation and then purchased a 22.5 per cent share inBeecroft 35 Pty Ltd for each of the defendants''.The plaintiffs in the court statement said Beecroft 35 Pty Ltd changed its name to PacifiCenturyInvestments Ltd last year, and borrowed K11.592 million from Angco Ltd (its subsidiary), to buythe remaining 49 per cent of the issued capital of PacifiCentury Investments Ltd, whichsubsequently changed its name to Angco Group Ltd.They claimed the borrowing depleted Angco Ltd's working capital such that it could not continuetrading. This had significantly reduced the value of their Angco Group investment, they alleged.Infofish 3.4.05182