PNG Sustainable Development Program Ltd has re-launched a number of development initiatives in Western Province after a four-year hiatus caused by the State’s expropriation of its shares in the Ok Tedi mine.
Following that setback, the company has sought compensation in accordance with PNG law and has worked hard to protect the Long-Term Fund and the independence of its board of directors.
PNG Sustainable Development Program Ltd has been drawn into a dispute between the former business partners who purchased its subsidiary, Cloudy Bay Sustainable Forestry Ltd, in 2014.
PNGSDP purchased Cloudy Bay as a run-down company in 2007. It then invested almost K300 million in a major redevelopment initiative. Cloudy Bay was re-equipped with new facilities to create some 400 jobs, and a community development program delivered roads, bridges, school classrooms, housing, a police station and dormitories and other infrastructure to a rural area desperate for development.