Tussle over chairmanship of PNG's Security Commission ends

PNG’s Stock Exchange has welcomed the truce broken by the Prime Minister which appears to have put an end to legal battles over control of the country’s capital markets regulator, the Securities Commission of PNG.

In a statement, PNGX Chairman, David Lawrence says the previous uncertainty about the Chairmanship of the Securities Commission has been a significant barrier to both development of the capital market in PNG and the ability of companies to access capital.

The PNG Securities Commission stated that the industry was plagued with uncertainty over the past four years as two former Commission chairmen tussled over the leadership of the regulating entity.

Christopher Taylor Hnanguie, the former chairman who had initiated legal action, agreed to discontinue the proceedings at the request of James Marape.

The PNGX welcomed the confirmation of acting executive chairman Robert Salmon-Minak until the Securities Commission appointment committee would appoint a chairman.

The PNG Stock Exchange says it looks forward to developing a constructive and respectful working relationship with the PNG Securities Commission under Salmon-Minak’s leadership.

Source: NBC News

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