PNG Government Not a Shareholder in MVIL, Says Kua
Sinasina-Yongomugl MP Kerenga Kua has claimed that the Papua New Guinea Government is not a shareholder in the Motor Vehicle Insurance Limited (MVIL) and has been wrongfully collecting dividends from the trust company for more than a decade.
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| PNG Government Not a Shareholder in MVIL, Says Kua |
Speaking in Parliament, Kua argued that MVIL does not fall under the definition of a state-owned enterprise, as it was never established with capital from the Government. “The Government has never done that for MVIL but continues to act as a shareholder that gets paid dividends,” he said.
He pointed out that MVIL started out as the Motor Vehicle Insurance Trust (MVIT) around 1998 and operated on funds solely contributed by vehicle owners through insurance premiums dating back to the 1970s.
According to Kua, these contributions formed the organisation’s operating capital, without any input from the Government. “At no point ever did the Government contribute any capital,” he stated.
He insisted that MVIL remains a trust entity and warned that the Government’s continued receipt of dividends lacks any legal foundation.
Kua called for accountability, urging authorities to address the issue and end the practice of the Government acting as a shareholder in MVIL.
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