Malaysian Investor Group says some locals thwarting PNG Governments drive to attract more FDI
Kuala Lumpur - Bernama-AsiaNet/ - A Malaysian investor group claims that some unscrupulous businessmen in Papua New Guinea (PNG) are thwarting their government's efforts to attract more foreign direct investment (FDI) to the country.
A senior manager of one such investor group said genuine foreign investors were desirous of investing money into local properties with a view to develop businesses which in turn provide job opportunities to locals and generate taxes for the government.
"The government of Papua New Guinea (PNG) must take the lead and assure foreign investors that they are welcome to do business in the country," he said.
Initiatives like having dialogues and ensuring that all branches of the executive and corresponding government bodies were briefed on the need to have practical and legal safeguards and protection for genuine foreign investors from being unnecessarily dragged to court by unscrupulous local PNG businessmen would help, he said.
He said his investor group bought a piece of land from a tender some years ago and even went to register the property in its name with the PNG Land Board.
"Much to our horror, what we found was that the land we paid for has now been forfeited by the authorities there," he said
The company now finds itself embroiled in a protracted lawsuit in its efforts to have its legal rights recognized.
FOR MORE INFORMATION CONTACT:
Mr. Kitson Foong
Corporate Advisor
Tel : 00-603-7710 2010 ext. 103
H/P : 00-6012-210 6797
Ms. Christine Tan
Legal Manager
Tel : 00-603-7710 2010 ext. 186
H/P : 00-6012-659 1946
SOURCE: Palm Gold
Kuala Lumpur - Bernama-AsiaNet/ - A Malaysian investor group claims that some unscrupulous businessmen in Papua New Guinea (PNG) are thwarting their government's efforts to attract more foreign direct investment (FDI) to the country.
A senior manager of one such investor group said genuine foreign investors were desirous of investing money into local properties with a view to develop businesses which in turn provide job opportunities to locals and generate taxes for the government.
"The government of Papua New Guinea (PNG) must take the lead and assure foreign investors that they are welcome to do business in the country," he said.
Initiatives like having dialogues and ensuring that all branches of the executive and corresponding government bodies were briefed on the need to have practical and legal safeguards and protection for genuine foreign investors from being unnecessarily dragged to court by unscrupulous local PNG businessmen would help, he said.
He said his investor group bought a piece of land from a tender some years ago and even went to register the property in its name with the PNG Land Board.
"Much to our horror, what we found was that the land we paid for has now been forfeited by the authorities there," he said
The company now finds itself embroiled in a protracted lawsuit in its efforts to have its legal rights recognized.
FOR MORE INFORMATION CONTACT:
Mr. Kitson Foong
Corporate Advisor
Tel : 00-603-7710 2010 ext. 103
H/P : 00-6012-210 6797
Ms. Christine Tan
Legal Manager
Tel : 00-603-7710 2010 ext. 186
H/P : 00-6012-659 1946
SOURCE: Palm Gold
No comments:
Post a Comment