The National Development Bank Chairman Mr. Darrell Seeto has been associated with a K40-K50 million kina contract with NDB's subsidiary, People's Micro Bank Limited which is a blatant example of conflict of interest.
Does BPNG have an Integrity and Compliance unit? Is KCHL as the shareholder of NDB going to allow this to go unchecked?
Do basic principles of good governance apply anymore to our banking industry or state owned enterprises? Or are these institutions run by a network of cronies who choose to look the other way?
Important and vital state institutions have gone to the dogs if this is the case. This is an appalling lack of good governance being allowed by those responsible for regulation and oversight.
The Bank of PNG Acting Governor and KCHL Managing Director, including the respective Boards, must make a statement now and conduct an investigation into these allegations. Why so silent?
Shame on all of those responsible for allowing this to continue. The public deserve answers from these responsible professionals in the industry. What is going on?