Kumul Consolidated Holdings was formed by the Government of Papua New Guinea under an Act of Parliament: Independent Public Business Corporation of Papua New Guinea (Kumul Consolidated Holdings) (Amendment) Act (2015). The Act is an amendment of the IPBC Act of 2002 (previously amended in 2012), for the benefit of the state, to act as the trustee owner and all-encompassing authority for the State Owned assets and enterprises documented herein.
To exercise on behalf of the Government, and for the benefit of the State, the trustee ownership of, overarching business management of, and provision of financial resources and services for, certain State assets, notably the corporatized entities known as the Majority State Owned Enterprises, and to act as trustee of other certain prescribed trusts.
Kumul Consolidated Holdings is the new identity of The Independent Public Business Corporation (IPBC) – a 100% State-owned Statutory Corporation. IPBC succeeded the Privatisation Commission and all assets and liabilities were transferred to IPBC after the Privatisation Act (1999) was repealed. Those same assets remain with Kumul Consolidated Holdings with the exception of the National Petroleum Company of PNG which is now Kumul Petroleum Holdings and minerals assets which is now identified as Kumul Mineral Holdings.
Kumul Consolidated Holdings is an independent entity and the independence is embodied in the IPBC (Kumul Consolidated Holdings) Act with any inappropriate political intervention proscribed and required to be reported to Parliament.
Accountability provisions require strict reporting, adherence to standards and transparency with substantial mandatory penalties if these aspects are breached. Once assets are vested in Kumul Consolidated Holdings in trust, the Government cannot transfer those assets elsewhere. The Government has powers to nominate assets for privatization and approve timetables and final sales contracts.
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