BY JARED KOLI

FISHERIES Minister Snyder Rini has been urged to ‘have a heart’ and use his powers to revoke a cabinet decision that permits only four beche-de-mer exporters for this harvest season.

A well-placed source, who has spent the last 15 years working with multiple local-based Asian beche-de-mer exporters, said having only four exporters will result in low competition among the buyers and impact hard on the resource owners.

“I work with them and knew very well what these Asians have been practicing during the past beche-de-mer harvest periods. They are good at manipulating prices. At times they lied to local sellers that there is a cut of price of beche-de-mer in overseas market.

“My concern is to have more buyers to allow a competitive market but at the same time enable people to have the best benefit they can have on their resource,” the man, who requested anonymity to protect his job, said.

He claimed one of the four Chinese beche-de-mer exporters has been red-marked by MFMR for breaching some of its regulations during a past harvesting period, but yet MFMR granted him an export permit.

MFMR, when reached over the matter, said; “The Ministry of Fisheries only implements cabinet decision and only cabinet has the power to revoke any decision.”

“As per your question regarding the claim by your source that one of exporters has issues with the Ministry of Fisheries – that issue has been cleared and therefore the Ministry cannot hold anyone liable for something that has already been resolved.”

BY JARED KOLI

THE Ministry of Finance and Treasury (MoFT) has been urged to come clean about the missing $1million shipping grant allocated to Didao Development Corporation (DDC).

Revelations furnished to Island Sun yesterday speaks volume of the inconsistency going on in the government’s top financial bureau.

DDC spokesperson Heddy Brian Wanealafa says he has been following up with the MoFT auditor general and the accountant general but they maintain that the payment has already been made.

The company, owned by local businessman Toata Molea, applied for $1 million through the Ministry of Infrastructure Development (MID) Shipping Grant from the National Government Transport Fund in September 2015 and was awarded in October 2015.

“Payment was then said to be paid by January 2016 through MoFT, but since then not a single dollar was paid to the company,”

“An audit report supplied by the Auditor General into the shipping grant clearly stated that we have received that $1million in 2015 but all documents are missing. What is the truth behind all this?

“No Payment Voucher (PV) or bank cheque was since accorded to the company. MoFT told us the PV was lost but the payment was already made. Where are they diverting the funds to?” Wanealafa queried.

He had consulted the new accountant general (AG) Anna Halea over a month ago to raise the PV but have not had any response since then.

“I want MoFT to clearly state which committee or panel decides on the issue to divert funds. Outgoing Finance Minister Snyder Rini must be held responsible for this,” he alleged.

He maintained that no one in the MoFT has the right to change the award which was given by MID.

Wanealafa said the company stands its ground and wants to know the reason behind this missing money and who is responsible for it.

“I want the current Accountant General to come out clear and point to where the payment was directed,” he said.

Accountant General, Anna Halea, who had recently took up the role in May this year, when contacted yesterday maintained that she is not aware of this issue.

“The issue of shipping grant was decided when I wasn’t taken up this post, and I have no idea about that.

“I don’t have any document related on the issue, might be somebody else,” Halea said.

She instructed this newspaper to check with the Financial Management Information Systems (FMIS) which deals with bank electronic transfers.

FMIS Director Mr Michael Menapi when reached also denied having any idea on the issue.

“Sorry, I’m not in a good position to answer that because I have no idea with that issue, we only deal with the information system,” Menapi said.

He told the paper that Chief Accountant Harriet Honimae would be a right person to comment on the issue – but she is on holiday leave.

The paper then contacted the Permanent Secretary (PS) through his Executive Personal Secretary (EPS) but the PS was not in office.

POLICE in Honiara have arrested four suspects in connection with an alleged armed robbery at the Panatina Ridge, East Honiara

The incident occurred on Friday morning, October 13, during which thieves took off with cash and property worth more than $50,000.

It is alleged that six masked men armed with bush knives and axes entered the house and robbed properties and cash while the family locked themselves in one of the rooms.

The security officers, who lived downstairs, tried to stop the masked men but they threw stones and empty bottles at them.

One of the security officers sustained an injury to the back of his head.

“Police have arrested four suspects and some property after the incident but wish to appeal to members of the public in the Panatina Ridge area in East Honiara to come forward with information that might assist with their investigations,” says Detective Sergeant Betty Tagini of the Naha Police Station.

“Police also want to advice members of the public to report anyone who is seen selling laptops and expensive mobile phones at a cheap price to Naha Police station on phone 39647 or the police emergency number 999.”

Police are continuing their investigations into the incident.

–POLICE MEDIA

BY CAROL-ANNE SULEGA

SOLOMON Islands’ very small economy (nominal GDP of $1.1 billion in 2016) offers limited scope for diversification of economic activity and leaves the sovereign highly vulnerable to credit negative shocks.

This is according to Moody’s Investor Services.

Such potential shocks include Solomon Islands’ exposure to climate change, which poses significant economic and fiscal risks.

At the same time, resilience is low on account of the country’s low level of development, reflected in very low incomes, low quality of infrastructure and weak institutions.

These characteristics, Moody adds, are somewhat mitigated by low government debt levels that provide room for expansionary fiscal policy, if necessary, and the potential for physical assistance and financial support from international partners.

The economic base is narrow, reliant on agricultural and forestry production for around 30 percent of GDP.

The economy’s dependence on forestry resources — which are depleting at a sustained pace — and goods exports to China — which account for a sizeable 26 percent of GDP — raise the sovereign’s susceptibility to sector and market -specific shocks.

The Medium-Term Development Strategy 2016-2035 aims to bolster the economy’s resilience through new sources of growth and revenues, though the effectiveness of these measures has yet to be revealed.

Constraints on access to finance are a hurdle to strengthening economic output.

Moody adds that although banks are adequately capitalised, highly liquid and profitable, a potential further reduction in correspondent banking services could hinder the flow of credit to trade and investment sectors.

Incomes, with GDP per capita around $2,000 in 2016 at purchasing power parity, are very low relative to other B-rated sovereigns, despite more than doubling over the past decade.

“Furthermore, most economic and policy institutions are nascent.

“Solomon Islands’ rankings on Worldwide Governance Indicators, particularly government effectiveness and the rule of law, are low.

“Perceptions of corruption have the potential to hinder the implementation of key investment projects and stymie progress on economic development,” the released document states.

Lack of transparency, it adds, on parts of government funding and spending weighs on the operation of and reporting of the budget, particularly given the emphasis donors have placed on adherence to fiscal reforms.

Moody’s Investor Services then added that the country’s very small size constrains the effectiveness of institutions by subjecting Solomon Islands to factors beyond the control of domestic policymakers.