BPNG loses, Puma wins

News that matter in Papua New Guinea

BPNG loses, Puma wins

PORT MORESBY: Bank of Papua New Guinea (BPNG) has lost its feud with Puma Energy Limited. (Puma).

The National Court yesterday (Dec 6, 2022) dismissed the Central Bank’s application to stop Puma from halting the supply of refined petroleum products in the country.

For context, read the following earlier reports:

https://pngcybermonitor.blogspot.com/2022/12/court-to-rule-on-bpng-puma-feud.html (Court to rule on BPNG-Puma feud)

https://pngcybermonitor.blogspot.com/2022/12/bpng-vs-puma-over-alleged-forex-breaches.html (BPNG vs Puma over alleged forex breaches)

The National reported the court proceedings:

BPNG fails to stop Puma

December 7, 2022The NationalMain Stories

THE National Court has dismissed an application by Bank of Papua New Guinea (BPNG) seeking to stop Puma Energy PNG Refining Ltd from halting the supply of refined petroleum products in the country.
BPNG’s application through a notice of motion also sought to stop Puma from limiting its supply on the basis that it had failed to make available foreign currency through authorised foreign exchange dealers (AFEDs) in PNG, pending the final determination of this proceeding or until further orders from the court.
Acting Judge Gertrude Tamade ruled at Waigani yesterday that what BPNG had attempted to do for mandatory injunction was to disadvantage Puma by compelling it through an order to keep supplying petroleum refined products until it did not have the capacity to do so.
“When it is in a dire situation for the need for foreign exchange that it will succumb to the demands of BPNG and give in to its demands regarding the ongoing issue as claimed in these proceedings,” Judge Tamade said.
“The application to refrain Puma from communicating with BPNG and issuing publications to the public, customers and suppliers (in the hope of maintaining integrity in the commercial market place) both in PNG and overseas is aimed at silencing Puma to subject them, in my view, to the bank’s position.
“That is an unfair advantage and orders of the court, be it in mandatory terms, should not be wielded by one party to the detriment of another, or to the other’s disadvantage and BPNG’s gain.
“That is far removed from the intent of injunctive orders which is to preserve the status quo until all issues are determined at trial or substantive hearing proper.”
Judge Tamade said BPNG’s application to restrain Puma from holding supply of refined petroleum product was indirect and remote from its core function which was to manage the use of foreign currency in the country.
She also stated that as BPNG had proceeded by way of originating summons, parties should endeavour to get the substantive matters be heard as a matter of importance to resolve the dispute to ensure the dispute did not impact the country, the economy, business, the mining sector and/or domestic flights.
The court further noted that parties were also at liberty to consider the use of mediation under the alternative dispute resolution rules to settle these issues in an amicable and timely resolution.
BPNG was also ordered to meet Puma’s legal cost. The case was adjourned to Dec 12.
BPNG’s notice of motion also sought to restrain Puma from:

  • LIAISING directly or indirectly with BPNG on its need for foreign currency but instead liaise with AFEDs in the country;
  • ISSUING threats via any mode of communication or publication to BPNG or to the public with reference to BPNG to force the bank to make available foreign currency through the AFEDs in PNG in order to serve the purposes of Puma Energy and its affiliates; and,
  • ISSUING threats via any mode of communication or publication to BPNG or to the public with reference to BPNG which would impede or is targeted of restricting or preventing BPNG from performing its duties under the Central Banking Act 2000 and its regulations and any other relevant laws.

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