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Old 18th Feb 2015, 07:05
  #81 (permalink)  
olderairhead
 
Join Date: Nov 1999
Location: Aus
Posts: 764
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An extract from PNG Blog sums up the mess.

AIR NIUGINI LTDThe 2013 audited accounts are not available on the company web site for 2013. The IPBC web site shows Air Niugini’s last completed audit was 2012.

The company is in breach of its own Act, the IPBC Act, the Companies Act, the Tax Act/Regulations, and the Audit Act.

The company’s directors are:
• Frederick Reiher, chairman
• James Tjoeng, deputy chairman
• Noel Levi
• Luke Minjikuli
• Leslie Hayward
• Ken Harvey
• Gary Tunstall
• Ian Tarutia
• Evangaline Taunao, alternate director/IPBC representative
They should resign/be sacked and criminal and civil investigations should be undertaken at Air Niugini. Sir Fredrick Reiher is a crony of the Prime Minister, and a political appointee to the board and as chairman. He was involved with the Prime Minster in the public housing scam, and has a long history of dishonesty and corruption. He has been placed at Air Niugini to serve the interests of the Prime Minister and Minister Micah. It is unclear what the other directors and the senior management do to earn their money. And what is Ms Evangeline Taunao doing on the board? She is supposed to be an independent watchdog on behalf of the airline’s owner IPBC rather than be taking part in Air Niugini board decisions. She has a conflict of interest.

It is clear from the latest panic cuts to pilot pay that Air Niugini is heading for bankruptcy just like PPL.
Other publicly available information highlights the failure of the board and management.
The airline is operating at a loss of K37.8 million, or K8 million worse than in 2013. Revenue is down and costs are up and the company underspent its quarterly capital budget of K32 million by K7 million.

This is a crash waiting to happen.


Full link here Papua New Guinea Blogs: PNG SOEs teetering and are on the brink of crashing
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