An investigation will be conducted into the operations of a fish cannery in Wewak, East Sepik, following its failure to pay-out dividends to its shareholders.
Member for Yangoru-Saussia and Minister for Trade, Commerce and Industry, Richard Maru is instituting the investigation, over claims by South Sea Tuna Cannery project, that it is making a loss. But Minister Maru is brushing aside this excuse as the cannery has been operating since 2002 and has yet, not paid a single dividend. South Seas Tuna Cannery, a Taiwanese owned company came into operation in 2002 and is specialized in skinning and boning tuna for export to overseas canneries. It’s alleged that the Cannery has not been paying dividends to the East Sepik Provincial Government since it came into operation in 2002. The company had also failed to pick up shares that were bought by funds allegedly obtained from various Local Level Governments in East Sepik Province. Minister Maru questioned how South Sea Tuna Cannery could still be operating for over 10 years if it was a loss making operation. He says and I Quote ""Something is not right and it is very suspicious."" An investigation team will be established in 2 weeks’ time to probe into the operations of South S ea Tuna Cannery. Minister Maru said the team will comprise representatives from the Internal Revenue Commission, the Department of Environment and Conservation and other agencies of his Department. Its terms of Reference is being finalized. Meanwhile Minister Maru further announced that the State agreement for RD Tuna Cannery in Madang Province will be reviewed in the coming weeks. Comments are closed.
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