Electoral Commissioner says campaign period will last eight weeks, Ombudsman suspends release of development funds until after the election and cocoa production back to average levels before borer struck. Your weekly digest of the latest business news.

PNG’s Electoral Commissioner Paulius Gamato says the nomination period for this year’s National Elections concludes on 27 April. The campaign period will last eight weeks, ending Thursday 8 June, and the two-week polling period begins on Saturday 24 June. A two-week counting period is expected to start on 9 July, and the return of writs must be on or before Monday 24 July.

***

Chief Ombudsman Michael Dick has suspended the release of development funds (DSIP) in provinces and districts until a new government is formed. He reportedly said the aim is to prevent bribery and inducements during the election period up to 30 September. Dick said ongoing projects would continue.

***

PNG’s Electoral Commissioner Paulius Gamato

The Cocoa Board reports production levels are back at their ‘average’ levels before the cocoa pod borer struck in 2006. CEO Boto Gaupu said in a statement that 2016 production was up 20 per cent and export revenue was up 32 per cent on the previous year.

***

Bougainville Copper (BCL) has completed the 1990 Panguna landowners’ compensation programme with a final payment of K14 million, reports the Post Courier. This is the landowners’ last royalty payment, unless BCL returns to the mine in the future.

***

The coffee berry borer has been seen in less than one per cent of the coffee growing areas in the country, according to the Coffee Industry Corporation’s Principal Entomologist, Dr Nelson Simbiken. He told a coffee stakeholders meeting in Morobe Province that support from partners in Indonesia and Cabi BioScience (UK) have given the CIC confidence that the borer can be managed and controlled.

***

The Chairman of Ok Tedi Mining, Sir Moi Avei, is reportedly confident of increasing the company’s revenue this year. Ok Tedi provided a dividend of K50 million for landowners of Western Province last year. Prime Minister Peter O’Neill gave landowners a cheque for the K50 million after an agreement was signed to transfer more than 30 per cent of the direct equity in the Ok Tedi Mine Limited to landowners of Western Province.

***

The PNG Sustainable Development Program (PNGSDP) has offered to help landowners buy their 4.27 per cent equity in the PNG LNG Project. PNGSDP has US$1.4 billion in its Long Term Fund, according to PNG Loop. Chairman Sir Mekere Morauta says PNGSDP would be part of a consortium of overseas financiers to provide a loan facility totalling K725 million (US$230 million).

***

The Super Funds Association’s Ian Tarutia

Ian Tarutia, the President of the Association of Superannuation Funds of  Papua New Guinea (ASFPNG) and Chief Executive of NASFUND, has called for anyone earning any form of income and paying tax to contribute to their own superannuation fund. Tarutia said the current legislation only allows business who employ more than 15 people to contribute to superannuation.

***

Red Sea Housing Services (RSHS) has threatened to take legal action against the national government to recover outstanding payments, The National reports. RSHS is allegedly claiming it has not been paid for the construction of the Bomana Housing project, which was finished two years ago, according to RSHS’ General Manager Kenneth Clinton.

***

The Lae Chamber of Commerce and Industry reports that redevelopment work on Nadzab airport may start next year—earlier than the previous planned commencement in 2019. It follows the Japanese International Cooperation Agency (JICA) signing an agreement with the PNG Government for the project.

***

The PNG University of Technology is calling for potential investors to invest in UNI-CITY, a major commercial and service centre. Vice Chancellor Dr Albert Schram says facilities and services will include shops, a market, hotel facilities, high and medium cost housing development on campus health and community facilities, university facilities, and commercial services.

***

And finally, Fiji’s rugby sevens team, which won the country’s first Olympic gold medal, has been honoured on a new banknote and coin. The seven dollar banknote and fifty cent coin celebrate the team’s victory at last year’s Rio Olympics. The note features pictures of the team, its coach Ben Ryan and captain Osea Kolinisau.