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03 August 2011


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I guess it was only a matter of time before the NPF coverup would blast out in a most Land of the Unexpected way.

No doubt some have seen the 'song' about Peter that seems to have gone viral. It simply shows that, as Mr Jackson says, this NPF problem won't go away and needs to be addressed if O'Neill is to have any credibility at all.

Mmmmmmm. With such a dent in his integrity, will O'Neill really be able to fight corruption as he has announced? Wouldn't four fingers be pointing in his direction?

One has to wonder the outcome of the NPF inquiry as it seems the for every inquiry not a single wrongdoer is made to pay the price.

Four months ago Belden Nama and Mekere Morauta came out in the media telling everyone that when they get into power they will make sure all implicated in the former NPF inquiry will be dealt with accordingly.

Now they have teamed up with one of the most interesting figures of the NPF inquiry, who happens to be the the CEO of PNG.

What are they going to do about this?

The very people who have involved in corrupt dealing in the former government have shifted over to form this new government.

How will we fight corruption if the same faces are put in the frontline to run the affairs of the country?

Nothing new, same old version of the story of PNG politics.

Former businessman Peter O’Neill “definitely benefited from proceeds of the NPF Tower Fraud,’’ the final report of the NPF Commission of Inquiry states.

The report says the commission made a thorough study of Port Moresby First Real Estate’s accounts and traced all monies paid in and out on account of Mr O’Neill.

“This conclusively showed that Mr O’Neill had definitely benefitted from the proceeds of the NPF Tower Fraud,” it said.

“It also shows that despite his denials, Mr O’Neill is the beneficial owner of Port Moresby First Real Estate.”

The report says it is clear that there is a relationship between Jimmy Maladina and Mr O’Neill whereby they have benefitted jointly from the NPF Tower Fraud.

The commission traced payments made from Carter Newell lawyers to Port Moresby First national Real Estate’s interest bearing deposit account with Nambawan Finance Limited.

It highlighted an amount of K500,000 from Carter Newell on January 18, 1999, another K100,000 deposited on February 25, 1999 and “ when Mr Maladina’s K300,000 of NPF Tower fraud money was added on 16th March 1999, both of these deposits became a single IBD — Deposit No. C08541 of K914,616.00”.

The report states the various amount of NPF Tower fraud money known to have been transferred from the No.1 Trust account to the No 2 Trust Account are listed as well as amounts of the Tower fraud money paid directly into the No.2 Trust Account and amounts paid in from the Nambawan finance deposit (see 12.4.1).

Each payment was traced by the commission, which determined which amounts were credited as “off-book” and which amounts were credited to a numbered ledger.

The results were that K100,000 cheque No 266929 transferred form No.1 Trust Account to No.2 Trust Account on May 14, 1999 (on the same day cheque No 263729 was drawn to cash which was cashed and collected by one Dick Yanda).

In its concluding comments on the second acceleration claim, the report states:

“The investigation into the spurious second acceleration payment has clearly demonstrated that it involved a carefully planned fraud on the NPF, instigated and carried out by Mr Maladina, with the active involvement and support of Mr Herman Leahy.

Mr Leahy’s wife Ms Angelina Sariman played a supporting role as a principal offender. Mr Ken Yapane was also involved, at least as an accessory and receiver of fraudulently obtained money.

The two managers of Kumagai Gumi were reluctant participants and are also principal offenders. Mr Fabila had knowledge of what was occurring. He failed to stop it and signed documents which helped to perpetrate the fraud.

“The tracing of the NPF money, paid as six progress payments by Kumagai Gumi, plus the K150,000 personal commission for Mr Maladina shows quite clearly who the beneficiaries of most of the Tower fraud monies were.

“These included Mr Maladina and his wife and companies, Mr Leahy and his wife and companies and Mr Ken Yapane.

“Substantial amounts were paid into PMFNRE accounts and substantial parts of these monies were paid for the benefit of Mr Peter O’Neill.”

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