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

Saturday, January 30, 2010

Yama alleges 'white collar' crime

FORMER politician and businessman Peter Yama told reporters this week that he is fighting an alleged systemically executed "white collar crime" and that he would not rest until the truth comes out.

Court documents show that a fixed floating charge (Form 24) was signed by someone who was not the director of Bank South Pacific then.

Mr Yama is fighting BSP which has failed to pay a judgment debt of nearly K7.6 million plus interest and cost that a National Court and two Supreme Court decisions have upheld since Dec last year.

Mr Yama in condemning the actions of certain lawyers, accountants and bank officials said he started fighting this case 10 years ago and he will not give up now when the highest court of the land has ruled his way.

"The Supreme Court is the highest court of the land, it is the last place you can go to. If they undermine the Court, then they should file new proceedings," Mr Yama said.

He alleged that lawyers, bank officials and accountants were trying to force him into bankruptcy but he won the case which he has been fighting with Motor Vehicle Insurance Limited.

Yama Security Services (YSS), a subsidiary of the Yama Group of Companies, had successfully taken out a claim against MVIL to pay the judgment debt owed for a breach of contract in Jan 1999. YSS is one of PNG's pioneer security companies. The other one is Debesa. Both were formed in 1980.

Mr Yama also challenged foreign media reports that tugs were used in threatening lawyers to come out and identify individuals and or people involved.

Mr Yama, when distancing himself from such claims, questioned where the foreign media got hold of this information when the local police and media were not aware of them.

"The matter is as good as dead. The law itself is getting them. It's got nothing to do with me. There are no such things as threats. We respect the rule of law," he said.

Meanwhile, an affidavit signed by the deputy registrar of companies Alex Tongayu and registered in June last year reads in part: "The signing of the charges and the prescribed form 24 by Mr Garth McIllwain as director of Bank South Pacific Limited on the 6th May 1999 is confusing as it does not make any sense at all, as will be seen in the paragraphs elsewhere below, Garth McIllwain was never a director of PNGBC on or about the 6th May 1999."

He also said that the alleged charges against the Yama Group were not recorded with the registrar of companies as is mandatory and within the specific time frame.

"The above actions by Mr Garth McIllawain is not proper under the Companies Act 1997. The conduct appears to be a provision of falsified and incorrect documents to the Registrar to falsify or otherwise alter the records of Niesenal No.77 Limited, Yama Securities Services Limited and Smugglers Inn Resort Limited held at the Registrar of Companies office," Mr Tongayu said.

Meanwhile, MVIL chief Dr John Mua and PNG Law Society president Kerenga Kua have successfully taken out National Court orders that they be granted leave to apply for judicial review of the decision of Waigani District Court magistrate Fred Tomo made on Jan 15, 2010 to issue warrants of arrest of the two alleging that they conspired together and with John Maddison, Robin Flemming, Mary Joans, and James Kruse to defeat the course of justice by defying a legitimate Supreme Court order of 2000 in ordering Motor Vehicles Insurance Ltd to pay Yama Security Services an amount of K7,303,115.85 but instead the said moneys were diverted to Deloilte Touch Tohmatsu as an agent of Bank of South Pacific Ltd.

The court also ordered that an order be issued to stay the magistrate's decision of Jan 15, 2010, until determination of the substantive proceedings.

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