A task force has been assembled to look into and find out why the Bank of Papua New Guinea (PBNG) and Puma Energy Limited have issues in resolving issues regarding Foreign Exchange (Forex) and Puma’s businesses.
This is following the appointment of both Deputy Prime Minister (DPM) John Rosso and Treasurer Ian Lin-Stuckey to take on the challenge of resolving the ongoing issues, which happens to see no end.
Prime Minister (PM) James Marape in a statement said that in the interest of national security, the National Security Advisory Committee (NASC) met last Friday with the following recommendations to the National Security Council and the National Executive Council (NEC):
1. Minister for Petroleum and Energy Hon. Kerenga Kua will utilize his powers to compel both Puma and BPNG to ensure fuel supply.
2. NEC will direct the establishment of a task force comprising representatives from Treasury, BPNG, Financial Analysis and Supervision Unit (FASU), Internal Revenue Commission (IRC), Customs, Department of Petroleum and Energy, along with two independent forensic audit firms.
This task force will thoroughly investigate the allegations of money laundering by Puma, as the BPNG Board lacked sufficient information to address the issue effectively and finally.
3. The Government will urgently explore an energy business modality to ensure the country is not held to ransom, as witnessed during the BPNG-Puma issue.
The PM stated that both Rosso and Ling Stuckey have been assigned to address this and that he is grateful for their efforts in preventing an energy crisis in the country.
“After diligent efforts from DPM Rosso, Treasurer Ling-Stuckey, NSAC, NSC, and NEC, a temporary solution has been put in place and potential long-term solutions are under consideration.”