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

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

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<strong>The</strong> 26 Local Level Governments in the Province will each contribute a cash component <strong>of</strong>K10,000 each as their 2% equity (each are not limited to 2% where one fails) summing to atotal make up <strong>of</strong> 52% while the Provincial Governm,ent takes up 8% and 40% remains withWama Yui Clan.2. Source and Application <strong>of</strong> FundingSources:Term Loan from Commercial BankK2,400,000.Application:Purchase <strong>of</strong> Stevedoring Equipment and MachineriesK2,246,863.Management/Administration Cost 87,045.Contingencies 66,137.…. It is expected that to kick-start this project a loan financing <strong>of</strong> K2.4 m will be required,<strong>The</strong> required finance is sought from Commercial banks. This will be repaid over a four (4)year period with an estimated interest rate <strong>of</strong> 15% per annum. A proposed grace period <strong>of</strong> 6months is required to build up adequate cash flow before schedule loan repaymentcommences.This project depends very much on external financing and with it, both pr<strong>of</strong>itability andsuccess is assured.Balthazaar Kaprangi Accountants and Managers submited a request to open a company accountfor Koikau Development Limited (Saure Village No. 2 landowners) to the Bank <strong>of</strong> South Pacific(PNGBC). Attached is the proposal to the ESP Administration to take part in spin-<strong>of</strong>f activities inthe area <strong>of</strong>:1. Fresh Food Marketing2. Poultry Farming (for Meat and Eggs)3. Piggery, and4. Make its 47 parcels <strong>of</strong> land at Yawasoro available for residential or housing purposes.Kreer Village with Paul Samore, Karaga clan; Herman Samore, Karaga clan; Jeves Hoibi; JacobElaxo. <strong>The</strong> original name <strong>of</strong> the land where the loinery sits is Hufuk. <strong>The</strong>y saw no writtenmaterials about the loinery before it arrived. No compensation was given for the ground, or forenvironmental changes. <strong>The</strong>y consider the site an important fish breeding ground. <strong>The</strong>re weredifferent species <strong>of</strong> plants, mangroves and sago palms growing there. Most importantly, it is thehome <strong>of</strong> Busua the masalai snake and Soran the blak bokis. During the negotiations for theloinery the Habours Board and the Provincial Government met with the Kreer people anddiscussed the land. <strong>The</strong>y came to a compromise and the Kreer people gave their blessing for theland to be developed. However it was Francis Sumanup’s idea that they shift to Saure atyawasoro because it is State land. He also indicated that the Kreer gave their blessing. It was tooswampy and Yawasoro is dry and better suited. On the other hand, if the loinery were built inYawasoro electricity would be expensive to extend down there; building a waste disposal drainwould be difficult; trucks carrying fish from the wharf to the factory would be a health hazardand the ice could melt; and there would be roadworthiness precautions.65

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