Sir Mekere - Any more insights on Cayman Island Deal?

Sir Mekere - Any more insights on Cayman Island Deal?

graduate student
graduate student

June 10th, 2006, 3:17 am #1

The following posting appears on the PNG Politics forum - i'm researching the Cayman Island deal and other corrupt deals. does anyone have further details on this?
- graduate student
---------------

Yes, Mekere is the Architect of Cayman Island Deal in 1994
No score for this post June 10 2006, 11:53 AM

Sir Mekere, as central bank governor and the principal economic advisor to then PM Paias Wingti, put the Cayman Island Deal together in June 1994 (I've seen the documents and agreements on this). Because of that deal PNG mortgaged future oil and mineral receipts of about US$1 billion (K 3 billion) for a loan US$90 million loan (that's right! a desperate lona of $90 and paying $1 billion over 7 years!) that the Wingti Government wanted so badly.

When confronted with questions in Parliament, Mekere has refused to provide an specific answers as to the central role he played as Central Bank governor and as the economic whiz that he is. Also, he has never answered any questions as to whether any of the extra hundreds of millions came back into PNG; or if not then where the extra millions ended up. I'm not suggesting that I have seen evidence that Mekere corruptly benefitted but it is certainly true that he knows who benefitted, where the extra hundreds of millions ended up and he has never told the full story to this day. The fact that the bearded man from Western Highlands toyed him around and virtually controlled him when he (Mekere) was PM on the PDM ticket is a big clue? Can Mekere come clean before he heads to the 2007 elections? He has never done that and I don't think he is prepared to this time.

In short, yes - corruption is not only someone benefitting personally. Corrupt officials and leaders also cover-up for others, and advise others to do currupt deals. Certainly, Mekere fits this mold, in my judgment.

- ex-banker

Quote
Share

Anonymous
Anonymous

June 10th, 2006, 6:43 am #2

When Luther Wenge successfully (yes, the program DID violate PNG law) challenged the ECP program, it also ended what may have been a massive cleanup of corruption in the PNG government.

The idea was for ECP-funded experts to work with the public prosecutor, ombudsman and police to nail the big boys. Specifically aiming for JULIUS CHAN, PAIS WINGTI, and WILLIAM SKATE. Anyone else they could get the goods on, they were also aiming for them.

There's no argument that the ECP was constructed in an illegal way that violated PNG sovereignty. Whether or not the public was aware of the anti-corruption intent of part of the ECP, it still would have been tossed out the door.

But the important thing is that without the ECP, there is no - I repeat no - effective effort to investigate the biggest ripoffs in Papua New Guinea history, ripoffs involving literally hundreds of millions of kina.

There will be NO investigation.

Most middle class Papua New Guineans, being more concerned about their skins than that of their nation, were only concerned about whether or not Aussie police were going to slap around local raskols.

There was a much bigger picture to the ECP than that.

Obviously, Luther Wenge has little to fear with his money laundering now that he's got all that ECP worry out of the way. I also seem to recall Peter Yama making a big stink in parliament about the ECP, that for obvious reasons. Peter Yama has a great deal to fear from any focused corruption investigation.
Quote
Share

Anonymous
Anonymous

June 11th, 2006, 12:45 am #3

The Cayman Island deal done by Wingti-Chan Government, when Sir Mekere was the Governor of BPNG will never be hidden or done away with.

The time will come when these corrupt leaders will be prosecuted.
Quote
Share