The PNG Power Ltd (PPL) Board of Directors has resolved to suspend Chief Executive Officer John Tangit following receipt of serious allegations of impropriety.
The suspension is effective as of March 10, 2014 and the Board has resolved to appoint a Chartered Accounting Firm to undertake investigations into the allegations and provide a detailed report to the Board.
Following the investigations, the Board will decide on the appropriate steps to take with regards to the CEO’s role.
In the interim, the PPL Board has appointed Chief Financial Officer Brendan Raftery as the Acting CEO until further notice and will report to the Acting Board Chairman, Robert Bradshaw.
The Board also resolved that the Acting Chairman, Mr Robert Bradshaw to spend required time with PPL during this interim period with the appointment effective as of 10 March 2014.
In the interim periods when the investigations are being undertaken, all PPL staff have been advised to cooperate with the appointed firm that will be tasked to undertake the investigations.
For purposes of this investigation, the Board also resolved that;
- The Chief Financial Officer or the person acting in the position for the time being will functionally report directly to the Acting Board Chairman.
- The Manager Finance or the person acting in the position for the time being will functionally report directly to the Acting Board Chairman.
- The Manager Information Technology and Mr Henao Korema will functionally report directly to the Acting Board Chairman.
- Any payment to any person exceeding K100, 000 be sent to the Acting Board Chairman for approval before payment is made.
The Board is also appealing to all staff and the union body to give Mr Bradshaw and Mr Raftery their utmost support.
PPL’s business impacts significantly on the lives of PPL employees, people in the community and particularly our customers.
It is our responsibility to ensure that all of our customers get the best service possible and we have a lot of challenging issues. A lot of work needs to be done to improve the reliability of power supply and to win the confidence of the community at large. This can only be achieved when the Board, Management, staff and the Union all work together to achieve this.
All PPL staff must continue to work together with the Board in maintaining a concerted effort to improve the power supply to all our customers. We must all do our part with honesty and integrity, to provide the best possible service we can under difficult and trying circumstances.
Acting Board Chairman
PNG Power Ltd