- Port Moresby
- Posted 23rd Sep, 2019
Kumul Petroleum complied with PAC requests
Port Moresby, Kumul Petroleum Holdings Ltd Managing Director Wapu Sonk said today that KPHL has provided information to the PAC in the form of its audited financials and annual report with accompanying letters explaining why certain information were either not in KPHL’s mandate or right to disclose, especially commercially sensitive or related to PNG LNG Project which KPHL is not the Operator.
Whilst we still maintain that the request by PAC was not in line with their mandate provided for in Section 216 of the constitution to examine public accounts and transactions of public moneys of PNG, which KPHL does not qualify in this instance, KPHL in consultation with the Trustee and Prime Minister, Hon. James Marape, we have provided our audited accounts and reports for the PAC to examine.
Mr Sonk said he was surprised to see in today’s newspapers about KPHL not responding to PAC when we delivered the 2014 to 2017 Audited Financials and Annual Reports on 5th August 2019 to PAC Secretariat Office at the Parliament House.
“It must be stated clearly and unequivocally to the public that since its inception, KPHL has always abided by the laws and operated by the books by submitting its annual report, audited accounts, and work-plan to the shareholder/trustee, the National Executive Council, paid its Corporate Tax on time and when due etc.
Mr Sonk said, he was proud of that record, particularly when KPHL Audited Accounts from 2014 to 2018 have all been issued “unqualified Opinion” by Deloitte and Ernst & Young who have been KPHL auditors on contract by the Auditor General’s Office.
“We are also releasing the 2018 Annual Report next month after the company’s Annual General Meeting (AGM),” he added.
He said KPHL hoped that the amount of information and documents that have already been submitted to the PAC sufficiently addresses what they were seeking and urged the PAC to work through the Trustee of the Company (PM’s Office) or the Auditor General’s Office for further information.Back to News