Mired by delays, the developer has attributed it to global recession and exchange rate pressures on imports of materials.
“Of course, of course,” he said confidently when asked whether the stalled project will ever be completed, saying additional funds should be cleared this week.
This is the assurance from developer CMSS (PNG) Ltd. managing director Jimmy Kim who brushed aside speculations that he fled the country with all the money invested by Gobe and Moran landowner companies through the Mineral Resources Development Company.
Petroleum Resources Gobe and Petroleum Resources Moran are proponents of the casino project with a five percent equity and 10 million kina, or $4 million, investments each with Papindo Trading being the other participant who holds in total 20 percent equity. The other 75 percent is reportedly held by the mother company in South Korea.
The casino hotel project is being developed under an agreement with the State spearheaded by Commerce and Industry Minister Gabriel Kapris with Korean company CMSS Asia Ltd.
Developer CMSS PNG Ltd has been given the land on which the project is undertaken for free by the State with various tax concessions.
Several Gobe landowner leaders have claimed that more than 26 million kina, or $10.6 million, from PRG has been expanded on the stalled project and called for an immediate investigation in a petition served last week on the Department of Petroleum and Energy.
While the MRDC management has been elusive in the past two weeks despite numerous attempts for an explanation, PRG chairman Philip Kende assured last Thursday that the project was continuing with refinancing arrangements and there was no need for any alarm.
He also said if anyone had any problems with PRG, they should check with the Investment Promotions Authority and its (PRG’s) audited accounts.
Several email and telephone messages left with MRDC managing director George Mano, who is understood to be overseas, have not been returned.
Even Corporate Affairs manager Imbi Tagune’s phone has been ringing out while email messages sent to him seeking an explanation have not been returned.
