.
FRETILIN
Media Release
Dili, Sunday 3 October 2010
Government covers up attempt to defraud Petroleum Fund
A foiled attempt to scam US$1.2 billion frombTimor-Leste's petroleum fund illustrates the risks involved in the Gusmao government's effortsbto relax the fund's investment guidelines, FRETILIN MP and party Vice President Arsenio Bano warned today.
Mr Bano said legislation introduced by the former FRETILIN government and unanimously approved by all parties in Parliament in July 2005, provided sufficient safeguards, rules, checks and balances to foil the attempt by a Sinfaporan company to defraud the fund in September 2009.
'The company put an obviously fraudulent investment proposal to the de facto Finance
Minister Emilia Pires who thought it was good enough to pass it on to the fund's investment advisory board," Mr Bano said.
"The board unanimously rejected the proposal and urged Ms Pires to follow normal investment guidelines.
"Despite this, Ms Pires was given a green light by the Council of Ministers on 27 September 2010 to present new investment guidelines to make the fund more 'profitable'. By doing what? By changing the rules to allow similar dangerous investments?"
"Currently petroleum funds can only be invested in safe, Treasury-guaranteed bonds. But Ms Pires proposes to allow more than half the funds to be invested in the stock market and other fast buck schemes. Are scams like this one acceptable to her? Our people are entitled to know what this de facto government intends to do with their money."
Local NGO Lao Hamutuk has published the results of their research into the September 2009 proposal by Asian Champ Investments Ltd ("ACI") represented by Datuk Edward Ong, the President of Sutera Harbor, the company behind Pelican Paradise's proposed "five-star hotel" project in Tacitolu, Timor Leste.
Lao Hamutuk reported that ACI asked Ms Pires to "deposit $1.2 billion in cash from the Petroleum Fund into ACI's "blocked" account at Hong Kong & Shanghai Banking Corporation. They said they would pay 7.5% interest in advance and return the money in a year. ACI told the Minister to make a decision within 15 days, and she asked the Petroleum Fund's Investment Advisory Board (IAB - a group of advisers appointed by the Minister of Finance under the Petroleum Fund Law) for advice.The IAB unanimously sent a memo www.laohamutuk.org/Oil/PetFund/ACI/IABAsianChampSep09En.pdf which was only released a year later, recommending against ACI's proposal and urging that normal investment processes be followed, which do not include investments in cash."
Mr Bano said FRETILIN questioned Minister Pires in parliament on 27 September 2010 but she avoided the issue. The following day, FRETILIN formally requested the government to provide MP with copies of the minister's letter to the IAB, ACI's proposal, and the Banking and Payments Authority (the country's quasi central bank in development) report to the Minister on the company ACI Ltd. Again the minister ignored the issue.
"We have grown to expect this level of arrogance, lack of accountability and lack of transparency by this de facto Finance Minister. However, this time we feel she is covering something up. Given the seriousness of this matter, it cannot be left in the dark, especially given her intentions to relax the investment guidelines for our people's petroleum fund. We have to know exactly what role she and other members of her government played in this attempted scam," Bano added.
Lao Hamutuk also complained about the lack of cooperation from the minister and some of her agencies, saying, "In November 2009, La'o Hamutuk learned about this attempt to scam the Petroleum Fund, and researched ACI, which may or may not exist. Our repeated requests for information from the Banking and Payments Authority (BPA), IAB and Ministry of Finance were declined or ignored. The Ministry asked us to delay publishing, which we did, although their promised information never came."
Mr Bano said the FRETILIN-drafted petroleum fund law is "based on the utmost transparency and full disclosure, not secrecy. We demand these documents be made public so that all Timorese can access them to know how their fund is being managed, and how this de facto minister proposes to invest their money in the future." Mr Bano said a much publicized proposal for a five star hotel and golf course on the outskirts of Dili, Pelican Paradise, promoted by Datuk Edward Ong of Sutera Harbor, has inexplicably stalled after much fanfare.
"The Timor-Leste government even allocated US$11 million in the 2009 budget to build a water park next to the proposed hotel and golf course.
"They say, there was no link between the hotel and the ACI proposal, but we cannot be sure until we have seen all the documents."
Link to the Lao Hamutuk full report:
http://laohamutuk.blogspot.com/2010/09/foiled-scam-hand-over-12-billion-from.html
For further information please contact Arsenio Bano on +670 741 9505
.
FRETILIN
Media Release
Dili, Sunday 3 October 2010
Government covers up attempt to defraud Petroleum Fund
A foiled attempt to scam US$1.2 billion frombTimor-Leste's petroleum fund illustrates the risks involved in the Gusmao government's effortsbto relax the fund's investment guidelines, FRETILIN MP and party Vice President Arsenio Bano warned today.
Mr Bano said legislation introduced by the former FRETILIN government and unanimously approved by all parties in Parliament in July 2005, provided sufficient safeguards, rules, checks and balances to foil the attempt by a Sinfaporan company to defraud the fund in September 2009.
'The company put an obviously fraudulent investment proposal to the de facto Finance
Minister Emilia Pires who thought it was good enough to pass it on to the fund's investment advisory board," Mr Bano said.
"The board unanimously rejected the proposal and urged Ms Pires to follow normal investment guidelines.
"Despite this, Ms Pires was given a green light by the Council of Ministers on 27 September 2010 to present new investment guidelines to make the fund more 'profitable'. By doing what? By changing the rules to allow similar dangerous investments?"
"Currently petroleum funds can only be invested in safe, Treasury-guaranteed bonds. But Ms Pires proposes to allow more than half the funds to be invested in the stock market and other fast buck schemes. Are scams like this one acceptable to her? Our people are entitled to know what this de facto government intends to do with their money."
Local NGO Lao Hamutuk has published the results of their research into the September 2009 proposal by Asian Champ Investments Ltd ("ACI") represented by Datuk Edward Ong, the President of Sutera Harbor, the company behind Pelican Paradise's proposed "five-star hotel" project in Tacitolu, Timor Leste.
Lao Hamutuk reported that ACI asked Ms Pires to "deposit $1.2 billion in cash from the Petroleum Fund into ACI's "blocked" account at Hong Kong & Shanghai Banking Corporation. They said they would pay 7.5% interest in advance and return the money in a year. ACI told the Minister to make a decision within 15 days, and she asked the Petroleum Fund's Investment Advisory Board (IAB - a group of advisers appointed by the Minister of Finance under the Petroleum Fund Law) for advice.The IAB unanimously sent a memo www.laohamutuk.org/Oil/PetFund/ACI/IABAsianChampSep09En.pdf which was only released a year later, recommending against ACI's proposal and urging that normal investment processes be followed, which do not include investments in cash."
Mr Bano said FRETILIN questioned Minister Pires in parliament on 27 September 2010 but she avoided the issue. The following day, FRETILIN formally requested the government to provide MP with copies of the minister's letter to the IAB, ACI's proposal, and the Banking and Payments Authority (the country's quasi central bank in development) report to the Minister on the company ACI Ltd. Again the minister ignored the issue.
"We have grown to expect this level of arrogance, lack of accountability and lack of transparency by this de facto Finance Minister. However, this time we feel she is covering something up. Given the seriousness of this matter, it cannot be left in the dark, especially given her intentions to relax the investment guidelines for our people's petroleum fund. We have to know exactly what role she and other members of her government played in this attempted scam," Bano added.
Lao Hamutuk also complained about the lack of cooperation from the minister and some of her agencies, saying, "In November 2009, La'o Hamutuk learned about this attempt to scam the Petroleum Fund, and researched ACI, which may or may not exist. Our repeated requests for information from the Banking and Payments Authority (BPA), IAB and Ministry of Finance were declined or ignored. The Ministry asked us to delay publishing, which we did, although their promised information never came."
Mr Bano said the FRETILIN-drafted petroleum fund law is "based on the utmost transparency and full disclosure, not secrecy. We demand these documents be made public so that all Timorese can access them to know how their fund is being managed, and how this de facto minister proposes to invest their money in the future." Mr Bano said a much publicized proposal for a five star hotel and golf course on the outskirts of Dili, Pelican Paradise, promoted by Datuk Edward Ong of Sutera Harbor, has inexplicably stalled after much fanfare.
"The Timor-Leste government even allocated US$11 million in the 2009 budget to build a water park next to the proposed hotel and golf course.
"They say, there was no link between the hotel and the ACI proposal, but we cannot be sure until we have seen all the documents."
Link to the Lao Hamutuk full report:
http://laohamutuk.blogspot.com/2010/09/foiled-scam-hand-over-12-billion-from.html
For further information please contact Arsenio Bano on +670 741 9505
.
2 comentários:
One important thing that people should know! Was the aleged company was investigated? If it was a scam then International police (interpol) should get involved! Thus prevent this so-called-company from doing further damage. Despite the Minister's miscalculation, I commend the board for their work! I equally, commend those who keep battling away in order to safeguard the national wealth!
Emilia Pires, you, your brother Alfredo and your sisters Palmira and the virgin Sister Aurora are thieves. You better make sure that when Banana and Hortalisa get voted out of power in 2012, you get the FU-K out of here (TL) in a hurry!!
Enviar um comentário