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IPA removes 4,724 companies in PNG
00:35 am GMT+12, 29/01/2020, Papua New Guinea

A total of 4,724 companies in Papua New Guinea have been removed from the Investment Promotion Authority’s (IPA) registry for failing to comply with regulations, according to acting registrar of companies Harriet Kokiva.

She said the action followed the notice of intention issued on 07 Nov, 2019, to remove 5,000 companies that had failed to file annual returns since 2000 in accordance with section 368(1) of the Companies Act 1997 (as amended).

Kokiva said about 5.5 per cent (276 out of the 5,000 companies) had complied and their names had been removed from the default list or the notice of removal list.

She said those companies were given a month.

The deadline was on 10 Dec. It was extended to 16 Jan as there were a lot of appeals received from those companies.

“We saw that their reasons were genuine so we gave them that privilege,” she said. “On 17 January, we removed those companies.”

“It was encouraging to see that a good number of companies responded to the publication of the notice of intention to deregister,” she said. “These were companies who had not shown any activity of compliance. So we are generally pleased with the results.

“We also gave consideration to companies who had approached us in time and gave their assurance to comply. Their names have also been removed from the list.

“However, they will be removed in the second batch if they fail to meet their commitment to comply. We have removed a total of 4,724 companies from that list.

“In the notice of intention, there were 202 foreign companies that were non-compliant, said Kokiva.

SOURCE: THE NATIONAL/PACNEWS


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