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

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the owner <strong>of</strong> the lease (PNG Harbours Board) to enable a possible relinquish [sic] on theirdesired part <strong>of</strong> the stated portion prior to any possible transfer arrangements to be effectedbuy the Lands Department.<strong>The</strong> onus is on the landowners concerned to pursue with PNG Harbours Board and to notifyour <strong>of</strong>fice regarding the subject.For your information only..Yours faithfully,Elias JessenA/S Land MobilizationKaraga Development Corporation Ltd documents:<strong>The</strong> history <strong>of</strong> Karage clan is as follows: Karage clan originated from Kreer village and fromthe snake masalai called Busua. This is where they fish today and collect shells, and hunt forflying fox. <strong>The</strong>re is a special type <strong>of</strong> sago grown there which they make and eat with differentkinds <strong>of</strong> fish, trees and plants. <strong>The</strong> original name for Kreer Heights is Mambuin land, section109. During colonial days the land was bought for 21,000 pounds under the Territory Trust—143,000 hectares <strong>of</strong> land.13.8.03An ESPG Provincial Executive Council document Decision No. 14/A-4/4/2003SUBJECT: LANDOWNERS PARTICIPATION (THROUGH KDCL IN SPIN-OFFBUSINESS VENTURES FROM WEWAK TUNA LOINING AND CANNERY PROJECT<strong>The</strong> Provincial Executive Council at its Meeting No. 4/2003 <strong>of</strong> 12/8/03 RESOLVED:1. To approve the equity participation in the Karaga development Corporation Limited(KDCL) for the planned Stevedoring activity under the South Seas Tuna Corporation (<strong>SST</strong>C).2. To direct the Provincial Administer to oversee and administer the Government’s intereststhrough Sepik Holdings Limited; and3. To endorse the desire <strong>of</strong> KDCL to participate in the Tuna Loining and Cannery projectspin-<strong>of</strong>f as the equity partners.Appendix I outlines the terms <strong>of</strong> this equity:GOVERNMENT AND LANDOWNERS EQUITY PARTICIPATION IN SPIN-OFFBUSINESS VENTURES FROM WEWAK TUNA LOINING AND CANNERY PROJECTFINANCIAL IMPLICATIONS1. Equity Participation<strong>The</strong> following equity participation is anticipated from the East Sepik Provincial and LocalLevel Government in the venture (refer appendices for Governors letter <strong>of</strong> endorsement). Out<strong>of</strong> the company’s nominal share <strong>of</strong> 500,000 share at K1.00 per share the shares will be takenup as follows:Provincial Government 8% = K40,00026 Local Level Govt x 2%@ 52% = K260,000Karaga Development Corporation 40% = K200,000Total Equity Contribution 100% = K500,00064

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