Hides 4 PDL7 landowners in Hela Province have launched a subsidiary business arm, Kroton Laitepo Equities Limited and the Hides 4 Landowners Umbrella Association Inc.
Executive Chairman, Andy Hamaga says these entities will represent the interest of the landowners while managing benefits and initiating impact projects in the PDL7 area.
Chairman Hamaga described the occasion as a new chapter and direction for the Hides 4 landowner communities.
“You all have given the mandate to the six Directors to ensure your benefits are put to good use,” said Hamaga.
He told hundreds that gathered at the HGDC Para Camp who came to witness the occasion.
Hamaga said these establishments represent the 277 clans within the PDL7 area of the PNG LNG Project.
The Hides 4 PDL7 leaders were one of the first signatories of the UBSA and LBSA agreement of the PNG LNG Project. As signatories, an equity of K22million was paid for 2017 to 2021.
The Executive Chairman says 10% which is about K2.2million by law will go to churches within PDL7 area as agreed and signed in 2009.
“We agreed to pay 10% as tithe to God. We have now fullfilled our promise to God by giving back this one-tenth to God and all our churches in our communities will receive these funding, said Hamaga.
Also included in the program, was the announcement of impact projects. These include Hides water supply project, electricity, Andira hospital and roads for Kabote, Yarima, Tombete and Well-pad A and a ring road in and around the Hides area.
Mr. Hamaga says the six Directors have also decided to invest 30% of the benefits.
“We are looking at investing in commercial banks and many other businesses for our future generations to benefit, ” said Hamaga.
Meanwhile, the General Manager for Kroton Laitepo Equities, Lufai Wari says the subsidiary is guided by operational procedures and financial laws to ensure benefits are managed well for landowners.
He added that the board and management will be operating using a trust deed.
“This will ensure your money is not abused or invested in wrong places, but will be beneficial to all you impacted communities in the Hides 4 PDL 7 area,” Wari said.