Cairns real estate – who owns what?

The Finance Department, the IRC and the Bank of PNG were, this week, summoned before the Public Accounts Committee to report on money laundering measures.  In conclusion:  “The Committee and the three institutions agreed that the country is vulnerable to money laundering…” (National 28 November 2013.)

By PNG Echo.

Sam Koim, of Anti-Corruption Task Force Sweep told an AUSTRAC audience in Australia last year that of all the investments by PNGeans in Cairns real estate,

“Not all…can possibly be derived from legitimate funds.”

 Remember?

To recap on my article in PNGs Post Courier, around this time last year: between the dates of 29 September 2005 and 16 October 2012, 92 properties have been purchased in Cairns by 65 entities.

In the five years to 30 June 2011, PNG nationals had invested K78 million in Cairns property.

Of the 65 entities, I have sought to identify people whose position makes them a servant of the people of Papua New Guinea (or a close associate of a public servant) – in other words, those people about whose financial dealing the public has a ‘right to know.’

Some may have escaped my notice, some interesting purchases may have been made on behalf of an individual by another individual or company – so far this is the list:

Note: This report has not taken into account property that has been traded in the last 13 months (bought and sold).

Continue reading Cairns real estate – who owns what?

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