By SEPKOLIN WALNE
Opposition Leader and Chuave MP James Nomane has questioned International Trade and Investment Minister Hon Richard Maru over the creation of the Kroton Special Purpose Vehicle (SPV) during question time in Parliament today.
Mr Nomane called on Minister Maru to clarify the role of the Mineral Resources Development Company (MRDC) as the corporate fund manager for petroleum and gas projects under the MRDC Act.
He said there were reports that the matter was already before the courts in a dispute involving MRDC and Kumul Petroleum Holdings Limited (KPHL), and was yet to proceed to trial.
“By creating the Kroton SPV, is it in contempt of court or sub judice given that the matter is still before the courts?” Nomane asked.
“Given his vast experience and background in international finance, how did he allow this proposal to reach Cabinet, knowing that the Kroton SPV could potentially encroach on existing legislation?”
In response, Minister Maru thanked the Opposition Leader for raising what he described as an important matter of public interest.
“Firstly, I was not the minister sponsoring that Cabinet paper, and it did not come through me. I want to make that very clear,” he said.
“Secondly, I am now aware that under Section 176 of the MRDC Act, that function is the sole responsibility of MRDC.
“I am also aware that this matter has been before the courts for two years and is expected to proceed to trial soon.
“As the minister responsible for the capital market in this country, it is prudent that we wait for the court to fully determine the matter before any further action is taken,” Maru said.