On Monday we revealed that a Malaysian company, Priceworth International, has signed a contract to log and clear forests in the Buin District of Bougainville. Priceworth has signed a logging and forest clearance contract with PME Niugini Limited, a company incorporated in PNG which claims to hold a Forest Clearance Authority issued by the PNG Forest Authority.
Further investigations then revealed that PME Nuigini, although registered in PNG, is a front for a Korean registered company, PME International. PME Niugini is 100% owned by PME International which is registered in the Republic of Korea. PME Niugini has just two directors, Kil Soo Chung who claims to be a US citizen and Byung Honn Lee, a Korean national.
John Momis at the signing ceremony with PME in Manilla
We have since learnt that in November 2013, Bougainville President John Momis signed a contract with PME International giving them the rights to both land and sea resources on Bougainville.
The deal was signed in a ceremony in the Philippines attended by Michael Oni, Bougianville Minister for Mineral Resources, John Momis and PME president, Gil-Su Jung.
According to a Philippines media report, an ABG statement at the time the contract was signed, stated the contract includes the logging of 60,000 hectares of forest and the creation of oil palm plantations.
The contract is also said to cover gold, iron and copper mining and processing and tuna fishing.
