Cigarette Smuggling Bust in PNG: Millions in Black Market Stock Seized

 Former Papua New Guinea Prime Minister Peter O’Neill has accused the government of shrouding the partial privatisation of the National Banking Corporation (NBC) in secrecy.

O’Neill said the NBC board agreed to pay its chairman K4 million to secure K200 million in capital while offering a 3% plus GST “finder’s fee” to anyone bringing investors, including politicians.

According to O’Neill, a minister recently disclosed that roughly 50 investors have already contributed K100 million to the state-owned bank, but the identities of those investors and the deal’s conditions remain hidden.

He questioned the transparency of appointing the chairman as the lead fundraiser and demanded disclosure of all terms related to the equity-raising exercise.

Calling the process “not fit for a publicly owned institution,” O’Neill insisted the people of PNG deserve to know the details of the sale of a key state asset.

He warned that poor governance at NBC could lead to further financial scrutiny, including the risk of FATF blacklisting.

O’Neill urged Prime Minister James Marape and the responsible minister to publicly explain the privatisation and end what he termed a “secretive operation.”

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Cigarette Smuggling Bust in PNG: Millions in Black Market Stock Seized