//
you're reading...
Papua New Guinea, South Korea

PNG-Korea casino project suspended

A Port Moresby casino project agreement with south Korean company CMSS has been suspended because it was “not in a position to fund the project”.

The National quotes Commerce and Industry Minister Charles Abel  as saying an investigation will now determine “who has invested monies and how these funds have been expended”.

The PNG government has provided state land for the construction of the casino hotel, waived customs duty on import of construction materials and promised a 10-year protection from granting another casino licence to a competitor to CMSS.

The government also raised K22 million to buy equity in the project. However there has been no construction activity for 12 months.

CMSS says it is seeking legal advice.

 

 

Advertisements

About Samantha Magick

Journalist and editor

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

Archives

Enter your email address to follow this blog and receive notifications of new posts by email.

%d bloggers like this: