Types of Conflict of interest. Actual conflict of interest,… Potential conflict of interest, … Perceived conflict of interest.

The Act
Nepotism, wantok system, self dealing and Insider Trading.

I have attempted to point out the form, and the act of the conflict of interest. I wanted make sure those of you who follow my page inderstand the case of the conflict of interest.

Here is the question.

Do you think the founders of the SME, who lobbied with PMJM government and obtain approval of K200 million budget grants and placed them with BSP for ordinary Papua New Guineans to borrow to start small businesses, have actually breached the conflict of interest, now that they are also appointed to the Board of the Bank of Papua New Guinea, and their involment in the recently launched government funded business called the Credit Quarantee Corporation?

Did they declare or disclosed their interest at the Bank of Png meeting that approved the installation of the 2018 NEC on Credit Quarantee Corporations?

Did they leave the Board meeting whilst the discussion of the Crefit Quarantee Corporation was taking place, or did they sat through it and participated in it. Minutes of Bank of Png Meeting should reveal the truth.

Alarms bells are ringing for me. Conflict of interrst conjures up the element of fraud and corruption.

Conflict of interest is examined in three forms, that whether it is a direct conflict of interest, whether it is a potential conflict of interest or perceived conflict of interests.

No doubt the case involving the SME Founders, their appointment and inclusion in Board Membership of Bank of Png, and their participation in the establishment of the Credit Quarantee Corporation, suggest very strongly that it is direct conflict of interest, which then leads to the question whether they are guilty of self dealing and, or Insider Trading.

Incidently in 2018 there was an NEC Decision for Bank of Png to established a Crefid Qurantee Corporation, however for reasons unknown the former Governor of the Bank of Png Loi Bakani held it abeyance and at his recent removal from being the Governor, the establishment of the Credit Quarantee Corporation remained pending, until after the Bank Act was amended and new Board was appointed which included two SME Founders.

The SME Founders featured very prominently when PMJM launched the SME.

Conflict of Interest. Direct conflict of interest. Self dealing and insider Trading. You decide…when we ignore the obvious breaches of good governance it is the start of fraud and corruption.