CORPORATE mining giants in the extractive industry who continue to declare loss in their financial reports and don’t pay tax to the Internal Revenue Commission should pack up and leave the country, says PNG Finance and Rural Development Minister Sir John Pundari.
Sir John who is also the Member for Kompiam-Ambum made this call in Porgera after accompanying Prime Minister James Marape, Enga Governor Grand Chief Sir Peter Ipatas, Barrick Niugini Limited (BNL) Chief Executive Officer Mark Bristow, several State Ministers, State and Barrick Negotiating Teams for the official presentation of the new Porgera Framework Agreement to the landowners in Paiam station, Enga province.
“If you continue to declare a loss, I ask why do you continue to exist in this country. You might as well close your business, pack up and leave the country.
“Your investment is unattractive that does not return a good yield. So why do you continue to remain in my country, in my people’s country.
“It is indeed a shame for big corporate companies in this country that continue to declare a loss year-in year-out and yet continue to remain in this country.
“It is time IRC wakes and does a forensic audit on these corporate bodies investing in Papua New Guinea, smiling away happily, flying jets – flying in, flying out. The stakeholders and shareholders of these investments are so very happy that they can exist in our nation declaring losses.
“It is high time for forensic audits are done. You’re shame in this nation, you continue to declare losses yet you think that this is a rightful place for you to continue to exist.
“I’m a small businessman myself. My little family, we got small SMEs. How could we exist if we continue to declare losses in our small businesses? It just doesn’t work. I cannot believe the fact that big corporate giants investing in millions and spent years in Papua New Guinea already continue to declare losses.
“Why are you still in my country, why are you still in Papua New Guinea? Why wouldn’t you close up and leave? It’s time you do something right and start paying some taxes,” Sir John said.
Statement/ The Sunday Bulletin / Pacific Mining Watch
Next : Wrong to close down Porgera Mine at the first place, says former PNG Prime Minister