This article was posted in PNG News page as some of yous are not members of that group I thought Id repost here for your information. WHO OWNS PERTUSIO CAPITAL? IS THE SECRETARY FOR TREASURY ACTING FOR STATE OR HIMSELF - PERTUSIO CAPITAL PARTNERS LIMITED (1-68546) ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////// Dairi Vele engaged Pertusio Capital to advice Government on the UBS loan. Unknown to us was that Pertusio was owned by the acting Secretary and was paying himself. Then pressure mounted on the UBS loan issue. The Deputy Opposition Leader wrote a complaint letter to ombudsman commission to investigate the acting Secretary for engaging himself and authorising himself and advising himself and been paid salary and fee by the state. ::Two weeks ago as per the IPA search : Diari Vele the Secretary of Treasury has given his shares to two of his directors Lars Rune Mortensen and Nathan Joshua Chang. These 3 guys have been working together running the gas office (might we remember where that 500 million kina was spent?). Giving your shares away shows this is to cover ones bottom in case of emergency. The emergency is now Mr Secretary of Treasury. Your game and foul play is out in the open for all to see. The Secretary was still a shareholder and Director when Pertusio did the work on the UBS deal and got a big fat fee. When this was raised on Facebook, nobody took notice. The MP for Bulolo had filed relevant information to ombudsman on the Pertusio with current search extract from IPA the Secretary has just changed this as the OC and TFS are looking into it. Are we seeing the real reasons now why the Secretary is desperate in trying to get this problem to go away. Sam Koim did presentation in Cairns about corruption. If there is nothing to hide why would the Secretary move his shares? The Secretary of Treasury dug a drainage where monies flowing to his own company. Does Pertusio have a contract to advise the Secretary of Treasury and if so how is this not corruption of the highest order for PMs chief economist in the country. Can Dairi Vele declare his interest and clear up why he insists on payment of interest in UBS loan. What was his role then and now and does it not amount to conflict of interest?? ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////// The Deputy Opposition Leader wrote to the Chief Ombudsman Commission registering a formal complaint on 26th March 2014 in relation to this issue. To be objective and not discount from the serious points raised in this post it is not uncommon for people in professional positions to have business interests in private companies or partnerships. The company Pertusio Capital Partner Ltd was incorporated in 1 July 2009. Dairi Vele was appointed a Director in 11 Nov 2011 and took up shareholding in 16 Nov 2011, almost two years before he was appointed acting Secretary of Treasury in Aug 2013. Being a director in a company does not necessary mean you run it. Most directors are non-executive and play no part in its day to day operations. What is clear is that the company was set-up by Larz Mortensen its CEO (executive director). He would have approached Mr. Vele close associate to become a partner in 2012. It is common for shareholders to hold a directorship position to protect their investment. The central issue is when Diari Vele was appointed Acting Secretary of Treasury did he still have an interest in Pertusio and did he declare it to the OC. Persons that hold leadership positions are required to declare their interests soon after the appointment and further file annual returns with the Ombudsman Commission disclosing their on-going interests. There are also laws prescribed in the Criminal Code and Leadership Code prohibiting public office holders from having an interest in government contracts to avoid abusing their position to benefit from them. The criminal code states: Section 87. OFFICIAL CORRUPTION. (1) A person who being employed in the Public Service, or the holder of any public office; and (ii) charged with the performance of any duty by virtue of that employment or office, (not being a duty touching the administration of justice), corruptly asks, receives or obtains, or agrees or attempts to receive or obtain, any property or benefit for himself or any other person on account of any thing done or omitted to be done, or to be done or omitted to be done by him in the discharge of the duties of his office; or (b) corruptly gives, confers or procures, or promises or offers to give or confer, or to procure or attempt to procure, to, on or for any person, any property or benefit on account of any such act or omission on the part of a person in the Public Service or holding a public office, is guilty of a crime. Penalty: Imprisonment for a term not exceeding seven years, and a fine at the discretion of the court. Section 89. PUBLIC OFFICERS INTERESTED IN CONTRACTS. A person employed in the Public Service who knowingly acquires or holds, directly or indirectly, otherwise than as a member of a registered joint-stock company consisting of more than 20 persons, a private interest in any contract or agreement that is made on account of the Public Service with respect to any matter concerning the Department of the Public Service in which he is employed, is guilty of a misdemeanour. Penalty: Imprisonment for three years, and a fine at the discretion of the court. Laws under the Leadership Code Section 10 INTERESTS IN CONTRACTS. (1) Subject to Subsection (2), a person to whom this Law applies– (a) who; or (b) whose spouse or child under voting age; or (c) who has a controlling interest in a company and whose company, seeks, accepts or holds any beneficial interest in any contract of Papua New Guinea is guilty of misconduct in office. (2) Subsection (1) does not apply to a person who, prior to seeking, accepting or otherwise obtaining the beneficial interest in the contract, has obtained the written approval of the Ombudsman Commission to do so. (3) The Ombudsman Commission shall not grant an approval under Subsection (2) where it is of the opinion that– (a) the holding of a beneficial interest in such a contract may involve the person in significant potential conflict of interest; or (b) the seeking, accepting or obtaining the beneficial interest involves or involved the use by that person of his official position. So the question to ask is whether Dairi Vele still had an interest in Pertusio when the company was awarded the contract to negotiate and manage the UBS Loan on behalf of the State? Did he abuse his position as Secretary of Treasury to serve the interest of the company before the state? If Dairi Vele held an interest in the Company at the time of his appointment and did not seeking approval from the OC then he would liable for breaching Section 8, and 10 of the Leadership Code. Penalty dismissed from office. If he held an interest in the company at the time of the UBS contract was awarded he could be liable of offending against Section 89 of the Criminal Code. Penalty up to 3 years in prison. If he disposed of his shares on 31 March 2012 then there is no criminal liability and this story does not carry water. This will be the central issue. The records of the IPA confirm the share transfer although dated in 31 March 2012 was only lodged 30 April 2014 after the Opposition Leaders Complaint. So the question is why??
Posted on: Mon, 26 May 2014 01:53:18 +0000
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