PNG Artist Saii Kay Hits Back at Social Media Critics Amid Funding Allegations

 During Friday’s parliamentary session, Goroka MP Aiya Tambua raised concerns over the operations of BSP Financial Group Limited, highlighting issues regarding the treatment of national employees and calling for government intervention. His concerns were directed to Minister for State-Owned Enterprises (SOE) William Duma, who later clarified that Banks South Pacific (BSP) is not 100% owned by Papua New Guinea (PNG), as it has both local and international shareholders.

Mr. Tambua pointed out that BSP, as one of the largest financial institutions in the South Pacific, plays a crucial role in PNG’s economy by employing many citizens. However, he claimed that national employees are being marginalized, with a growing number of expatriates being brought in to fill positions that should be available to qualified Papua New Guineans.

"BSP holds 51% of the banking shares in PNG and fully owns banking operations in some other countries. Yet, many national employees have expressed concerns about being sidelined in their own country," Mr. Tambua stated. "The bank continues to generate significant profits—mainly from PNG—but has a management structure where less than 10% of top leadership positions are held by locals. This raises serious concerns about equal opportunities for our people."

He further questioned what policies the government has in place to protect national staff from being overlooked in favor of foreign hires.

In response, Minister Duma acknowledged that similar concerns had been widely discussed, including on social media. However, he clarified that BSP is not entirely owned by Papua New Guineans, as its shareholder structure includes both local and international investors. "Banking regulations set by the Bank of PNG, similar to those in other countries, prevent any single shareholder from owning more than 20% of a financial institution," he explained.

Minister Duma emphasized that while PNG’s top six shareholders hold a significant portion of BSP, a substantial share remains with international investors. "Banking is an international business, and BSP operates within the same global regulatory framework as other financial institutions," he added.

The discussion in Parliament underscores growing concerns over employment opportunities for Papua New Guineans in major financial institutions and the need for stronger government policies to address workforce localization in key industries.

Also read

PNG Artist Saii Kay Hits Back at Social Media Critics Amid Funding Allegations