Frieda River partners seek arbitration to resolve dispute, Livestock Development Corporation ‘defunct’ and food labelling remains an issue. Your weekly digest of the latest business news.

Highlands Frieda Limited (a subsidiary of Highlands Pacific) and Frieda River Limited (a subsidiary of PanAust) have commenced arbitration proceedings to resolve a dispute regarding the funding of project expenditures. The parties are in dispute about obligations under the joint venture agreement, including whether Highlands is obliged to commence the funding. The parties have now agreed to seek a final and binding arbitration before a sole arbitrator, with a final hearing date yet to be fixed.

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The Livestock Development Corporation is ‘completely defunct’, according to Rural Industries Council chairman Sir Brown Bai. He told The Post-Courier that management of the corporation was non-existent. Neither was there any information and updates about its performance or what the Ministry of Agriculture and Livestock was doing about it, he said.

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Food products with non-English labelling are still banned from shops in the country, according to the Independent Consumer and Competition Commission. CEO Paulus Ain says offenders face penalties of K100,000 or jail terms of up to two years.

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Arawa Hospital in Bougainville is the latest medical facility in PNG to run out of drugs. Former Bougainville MP, Theresa Jaintong, who is a patient in a ward at Arawa Hospital, has told RNZI the hospital was crowded but its dispensary was closed.

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Nautilus Minerals says it is making significant ground with its plans to develop the world’s first deep sea mine in PNG. It says it is trialling sea floor production tools at Motukea Island outside Port Moresby and has told shareholders construction of the production support vessel it will use is nearly complete.

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All PNG Air serviced flights into Losuia, in Milne Bay Province, have been cancelled for an indefinite period, the Post Courier reports. The cancellation follows an election-related incident during the election in which disgruntled supporters of rival candidates allegedly damaged the isolated island’s airport terminal.

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The Country Manager of General Electric PNG, Peter Loko, has died. The President of the PNG Chamber of Commerce and Industry, John Leahy, said Mr Loko had a long and distinguished career in PNG business and was greatly liked and respected by all in the business community.

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ANZ’s head of financial crime, Guy Boyd, says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants. Australia’s housing market has been targeted by money launderers from countries including Papua New Guinea, Malaysia and China, according to AUSTRAC, Australia’s financial crimes regulator. ANZ’s Boyd said Australia could learn from New Zealand.

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And finally, a Cook Islander has won what is being billed as the first coconut tree climbing world championship. Radio Tahiti reports George Iona, from Nassau atoll, won the contest in French Polynesia, held in the garden of the Tahiti Museum.