Investigators appointed to investigate NISCOL
Minister for Finance and Economic Management, Moana Carcasses has appointed this week a four-man team to investigate the Northern Island Stevedoring Company Limited.
According to Minister Carcasses, the appointment for the investigation follows “numerous complaints that NISCOL has not been paying its bill, no auditing” and other allegations surrounding the Company.
Carcasses made the appointment according to Cap 191 which provides the power for the minister to appoint investigators to investigate government statutory bodies.
The group of investigator will be led by Antoine Pikioun as Chief Inspector, Lawyer John Timakata, Leon Katty Warsal, and Lorence Dick who is a qualified accountant.
They will be working with a budget of Vt7 million to carry out the investigations.
“The main role of the investigators is to find out whether NISCOL can continue to function as it is or face liquidation,” said Carcasses.
“The investigators are expected to report back in three months time,” he said.
“After the report then I will have to consult with the Council of Ministers if liquidation is the best solution and ask the stakeholders to make a decision based on the findings of the investigation for a better management”.
The Finance Minister said the government is looking forward to loaning for funds to upgrade the NISCOL Wharf so the company has to be in a good position and be prepared for such development.
Meanwhile Daily Post understands that NISCOL is owned by 5 stakeholders, Torba owns 20%, Sanma 40%, Penama 20%, Malampa 20% and the Government has only 10%.
The current managers of the biggest company up North have questioned whether the action taken by the government is proper as NISCOL is not a government statutory body.