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Welcome to Sunday Chronicle blogspot. Sunday Chronicle is a leading weekly newspaper in Papua New Guinea. It is a community oriented paper and highlights positive issues and developments of the week. We hope this medium of communication can keep you abreast of the happenings and events in the country and abroad.

Local News

This week's local news - July 18 - 21, 2013.

Saturday, January 16, 2010

Nokondi Investment makes profit

EASTERN Highlands Governor Malcolm Kela-Smith has recently said that people of Eastern Highlands should be happy that their provincial government's business arm is now a multi-milion kina company.

Governor Kela-Smith said the entity, Nokondi Investments Corporation, has made a healthy profit of K200,000 for the last three years.

Mr Kela-Smith cleared the financial status of the provincial governments businesses when Goroka MP Thompson Harokaqveh demanded stringent measures to control the province's public funds and prudently manage its resources.

According to recent reports from Goroka, Governor Kela-Smith said Nokondi Investment's recent profit of K200,000 been tied to sealing the town road to the water treatment plant.
He added that Nokondi Investments has won private works contracts ... and trading with a liquid value of K15 million.

The governor, who is chairman of the business arm, says he had to give a K350,000 personal guarantee to
Westpac bank to stop Nokondi going into receivership.

One Eastern Highlands Development Corporation, a public business that manages major transport projects  and infrastructure services ... the governor said the EH Development Corporation only pays contractors and service providers on completion of projects, and, in this manner save the province millions of kina, which in the past were lost through the Works Department function.

Governor Kela Smith's government has tightened monitoring and reporting of all national and provincial projects.

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