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30 October 2018

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The company's profitability need not enter into it. They must be made to pay a log export fee in dollars and a royalty fee in dollars set by the state of PNG and based on the cubic volume of logs exported and related to the log type based on a true international value.

The creative accounting being exercised at present is unadulterated bullshit and can be removed at the stroke of the right pen, and should be made retrospective to day one of the company's export commencement.

In 1981 I sat on the Forests Industry Council managed then by Gordon Gresham.

I was representing the secretary of Works and Supply, Pius Kerepia. Also on this board was the business manager of the Archdiocese of Rabaul a fellow Irishman whose name slips my memory. Garry would probably remember his name.

His great concern was that PNG would be denuded of its forests and there would be nothing to show for it in the Treasury coffers.

How true Mr O'Neill.

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