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PNGSDP FAILS COURT BID

Staff Reporter 10/01/2013 | |
A court application by the Papua New Guinea Sustainable Development Program (PNGSDP) to restrain the State from touching its assets including profits has been thrown out.

National Court Judge Cathrine Davani handed down the ruling late this afternoon.

The State and Ok Tedi Minning Limited (OTML) were two respondents in the case.

PNGSDP is seeking amongst others, orders to restrain the OTML from declaring or paying any dividends from the mines 2012 Calendar year, paying out funds on Mine Life Extension Program and dealing with assets or shares of the Company which is worth K8.5bn. 

It also petitioned the court regarding unfair conduct of the OTML which was denied a representation of PNGSDPL on its Board. 

Justice Davani however upheld the State and OTMLs submission that PNGSDP wasn't a sharehoder of OTML as evidence shows it wasn't listed in the share register. 

She also says the bills passed last month in Parliament ensures the State is in control. 

All other motions filed together was also dismissed.

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