SOMARE'S APPOINTMENT BY PRUAITCH REPORTEDLY OF 'NO LEGAL EFFECT

Author Somare 

The chairman of PNG Sustainable Development Program Ltd, Sir Mekere Morauta, said today that the Treasurer's purported appointment of Mr Arthur Somare to the Board of the Company is of no legal effect.

The existing Board is going about its business as usual.

Sir Mekere reassured the public that the existing Board remained committed to protecting the integrity and independence of PNGSDP and the security of the $US1.4 billion in the Long Term Fund, which is for the benefit of the people of Western Province.

The directors have a legal and moral duty to do so.

He also said the structure and integrity of PNGSDP and its independence from political interference are the subject of legal proceedings against the State in the Singapore courts.

Mekere Morauta, KCMG Chairman