PNGFA receives trust instrument for Forestry Future Investment Account

Assistant Secretary, Trust Accounts Branch of the Finance Dept Nelson Hwekwahin, presenting the two documents for the establishment of the Forestry Future Investment Trust Account to PNGFA Managing Director, John Mosoro (Image: Supplied)

The Papua New Guinea Forest Authority [PNGFA] reached a milestone on 10th September when the Department of Finance officially handed over the original trust instrument and gazettal notice for the establishment of the Forestry Future Investment Trust Account.

PNGFA Managing Director John Mosoro received the documents from Nelson Hwekwahin, Assistant Secretary of the Department of Finance’s Trust Accounts Branch.

Mr Hwekwahin confirmed the signing of the instrument and said the gazettal notice was secured promptly.

Our Minister [Finance, Thomas Opa] signed the instrument yesterday [9th September], and at the same lightning speed, we got the gazettal notice a few hours ago for the establishment of the Forestry Future Investment Trust Account.

“On behalf of Finance Secretary Samuel Penias, who is also a signatory to the account, as well as yourself as MD, I now present to you the original trust instrument plus the gazettal notice,” Mr. Nelson said.

PNGFA Managing Director John Mosoro has described the establishment of the Forestry Future Investment Trust Account as a major achievement for the organisation.

Receiving the trust instrument and gazettal notice from the Department of Finance, Mr Mosoro said he was both relieved and proud of the milestone.

“I can now breathe a sigh of relief. This trust account is the vehicle to park money for future investment. This is the first time for such a trust account to be established,” Mr Mosoro said.

He added that the achievement follows other key reforms under his leadership.

“I am really happy and proud to say that during my time as PNGFA Managing Director, we created the PNGFA business arm, PNG Diwai Holdings Ltd, and now achieved this key milestone,” he said.

This trust account will be used to obtain SPO [State Purchase Option] cargo and for future generations funds to be kept, as well as for the profit to be used to pay dividends or shares to the government.

“The establishment of this trust account is very important, and I thank Finance Secretary Mr. Penias, who, in his wisdom, supported this proposal. I also thank his hardworking staff, Nelson and Augustine Kambe for assisting PNGFA to make this a reality.

The PNGFA has welcomed the creation of the Forestry Future Investment Trust Account, describing it as a landmark first for the sector.

PNGFA Managing Director John Mosoro handing over the two documents to Ms Daugil and Mr Loyam in the presence of (l-r) PNGFA Manager - Management Accounting Joe Kuasiwi, Nelson Hwekwahin and Augustine Kambe, both from the Department of Finance, Rolynne Asik, PNGFA Acting Corporate Economist, and Esther Beni, Board Secretary (Image: PNGFA Media & Information Branch)

Managing Director John Mosoro thanked Finance Minister Opa and the Department of Finance for the swift gazettal, saying the account will provide a safe way to manage forestry funds and return dividends to the State.

Mr Mosoro credited PNGFA directors Verolyn Daugil and David Loyam for helping turn the long-discussed plan into reality.

"This is an achievement I want to celebrate and tell people about, that we have now set up a trust account. This will continue even after my term is over where revenue will be generated for the future of this country, especially the forestry sector. For foresters that are currently working, if something happens to them or their children, this trust account will support them for future generations to come", Mr Mosoro reiterated.