PNG GOVERNMENT ENTERPRISE IN THE MONEY

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IPBC pays $13 million dividend to government

By Jonathan Tannos PORT MORESBY, Papua New Guinea (PNG Post-Courier, July 15, 2010) - The State’s most enterprising entity, the Independent Private Business Corporation (IPBC), yesterday paid a PGK36.5 million [US$12.9 million] windfall from its 2009 operations.

[PIR editor’s note: The Independent Private Business Corporation manages the assets of all Papua New Guinea government enterprises.]

State Enterprises Minister Arthur Somare handed over the money to Prime Minister Sir Michael Somare during a short presentation in Port Moresby.

Minister Somare said part of the money will be contributed to the business development grant (BDG) for landowners in the LNG project areas.

He said this was under the commitment by the National Government to pay a total of PGK120 million [US$42 million] of which PGK60 million [US$21 million] has already been paid into 17 trust accounts where they will be drawn down from.

He said the dividend was derived from Stated-owned enterprises managed by IPBC.

In commending IPBC, Mr. Somare said the successive results since 2003 were different to when the previous Privatisation Commission proved to be a huge drain on the Government.

"Since 2003 cash dividends paid by IPBC to the National Government has amounted to PGK201.5 million or an average of about PGK28.8 million annually," Somare said.

"This is a mark of a high quality public sector corporation that is managing its affairs well and contributing to the growing prosperity of this country.

"This is an impressive record even though we have to admit there is always room for improvement," Somare said.

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