The Papua New Guinea Mineral Resources Development Company will have all its financial books audited by end of this year.
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| Lupari : PNG MRDC Financial Books will be ready by the end of the year |
That is the guarantee issued by Board Chairman Isaac Lupari, when presenting M-R-D-C’s 2018 audited financial statements to Prime Minister James Marape, who is the Trustee or Shareholder of the company.
M-R-D-C is the business vehicle that makes an investment for resource landowners.
The Board chairman stated in a statement, that the clean audit report for the year 2018 confirms the company’s strong position, and gives confidence to the people that the K6 Billion asset management company is in good hands demonstrating proper governance and accountability.
He further predicts a strong business growth expected, as the economy picks up.
Mr. Lupari added that, apart from MRDC’s accounts, almost 90% of M-R-D-C’s 16 subsidiaries have also attained a clean audit outcome for their financial accounts, and the Board and management intend to bring all audits up to date by the end of 2022.
He made this comment after presenting the 2018 annual report, which was carried out by an independent audit of its accounts to the office of the Prime Minister.
The statement stated that strong support from the Prime Ministers has enabled M-R-D-C to undertake significant investments for landowners, venturing into sectors of the economy such as business tourism in the form of Star Mountain Plaza and Hilton Hotel, as well as energy, in the form of Dirio Power, which is now supplying power to Port Moresby city.
NBC News - File photo / Pacific Mining Watch
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