Petromin Holdings Limited, the government owned mining company who recently pulled out of Tolukuma Gold Mine in Goilala has very recently sold its interests (TGM) to Asidokona Mining Resources Pte Ltd.
Asidokona, according to online publications is a Singapore company, registered in July 2015.
Petromin Holdings Limited has sold TGM to Asidokona on a “Purchase Sale Agreement” basis.
Definition – What does Purchase and Sale Agreement (PSA) mean?
The Purchase and Sale Agreement (PSA) is the agreement that finalizes all terms and conditions in the buying/selling of a company as originally stipulated in the letter of intent (LOI). When the shares of a company are bought/sold, the PSA is a Share Purchase Agreement or “SPA”. When only the assets of a company are bought/sold, then the PSA is an Asset Purchase Agreement or “APA”. This final document is binding, and is usually completed after all buyer and seller due diligence has been finalized, as neither side can turn back once the agreement is finalized and executed.
Now, we have a new twist in this Petromin-Asidokona saga.
Reports from TGM has confirmed that YLA Chairman who was jailed and sent to Bomana recently for multiple offense, has been “bailed” out and was flown into TGM this morning.
Reading in between lines, this act is no brainier. This is primarily done to fast track the sale agreement signing between Petromin and Asidokona. As the Chairman, George Gusi will facilitate and endorse the Landowners support and approve that this deal be confirmed and done with the sooner, the better.
Now, legally, has George Gusi – the convicted villain – been bailed out? Is he entitled to bail application? If he is entitled to bail, then who bailed him out? When was he bailed out? Or if he is not bailed out then on what circumstances is George been taken out of prison?
Only on medical grounds, a prisoner can be brought out of prison. Apart from that, no other grounds will legally be right. Or is this notion wrong?
When a public office holder is jailed for breaking the laws, does his rights, privileges, powers and authorities automatically gets stripped off him/her?
If that is the case then how come Petromin Holdings and Asidokona seem to engaged and recognize a law breaker in George Gusi as the Chairman of YLA?
Does such recognition qualifies these two entities of been guilty of breaking the laws of this land?
The Petromin-Asidokona deal seem be take a fast lane approach in sealing the deal before anything legitimate is said and done about this.
There seem to be more questions about this deal then answers. And this in itself deserves a lot of publicity in Papua New Guinea’s main stream media. Sadly, PNG Media has turned a big blind eye and deaf ears to this since this news was broken.
God Bless Papua New Guinea