LAWYERS representing Oil Search Limited (OSL) will know this morning at 9:30 am whether their “objection” to Alex Tongayu’s appeal in the Supreme Court is successful.
Tongayu has challenged an earlier decision by National Court by Anis J that he was not the legitimate Chairman of the Securities Commission (SECOM) and that he at that material time had no powers to stop Oil Search Limited (OSL) from Capital Raising of AUD 1.6 billion on PNGX and ASX in 2020.
Ani J has ruled that Exemption 001-2020 dated 31 March, 2020 and Exemption 002-2020 dated 16 April, 2020 respectively issued by Christopher Hnanguie as Chairman of Securities Commission of PNG were Valid Approvals and Exemptions of the Securities Commission of PNG to OSL. https://www.businessadvantagepng.com/oil-search-shares-suspended-on-papua-new-guineas-stock-exchange/
Alex Tongayu claiming as the acting Chairman of SECOM which is the market regulator had suspended OSL shares on the PNGX “until further notice” claiming OSL “has not complied with provisions of the Capital Market Act 2015 with its funding proposal” after OSL had successfully raised US$700 million or K2.4 billion on the stock exchanges in both Australia and PNG.
Aggrieved, OSL in a matter OS (COMM) No. 167 of 2020 between Oil Search Limited – plaintiff and Alex Tongayu – first defendant and Christopher Hnanguie – second defendant and Securities Commission of PNG – third defendant and PNGX Market Limited – fourth defendant had filed court proceedings on August 31, 2020 seeking declaratory orders and Anis J on 29 March, 2021 ruled in OSL’s favour that the Approvals and Exemptions granted by Christopher Hnanguie as Chairman of SECOM were valid Approvals and Exemptions of PNG SECOM.
The outcome of the SC ruling today will put to rest the issue of dual chairmanship of SECOM and restore stability and confidence in the PNG capital market.
Courts and business reporters are invited to attend this court session.
In another matter of Criminal Law; CR (FC) No. 293 of 2019 State Vs AlexTongayu before Berrigan J on April 7, 2021, Alex Tongayu was found guilty of two counts of forgery.
Former Trade, Commerce and Industry Minister and Yangoru – Saussia MP, Richard Maru had filed police complaint against Alex Tongayu whom court found him to be guilty in forging Maru’s signature as then Minister in appointing Tongayu as acting Chairman of the SECOM and using a falsified National Gazettal No. G441 to effect his self-style appointment.
Submissions by lawyers have been made awaiting sentencing by the Court. Tongayu could face up to six years imprisonment.
