Prime Minister acknowledges BSP’s co-operation to extend Puma’s banking period

 Monday 29 January 2024

 At the State’s request that in the interest of national security, BSP Financial Group Limited (BSP) extend the account closure date for Puma Energy and Puma Refinery Accounts (Puma Accounts), BSP has agreed to a further extension of 90 days from the 8  March 2024 to 7 June 2024.

The Prime Minister expressed his thanks to BSP for its decision to extend Puma’s banking period by 90 days.

He acknowledged BSP’s decision to do so was made in consideration of possible disruptions to the transfer process caused by recent civil unrest.

 The State will now have additional time and opportunity to liaise with the Bank of Papua New Guinea (BPNG) and other stakeholders to ensure the transfer of Puma’s banking to another bank.

Puma has confirmed to all stakeholders that accounts are already established at Kina Bank and noted that BSP has offered to assist Puma with a smooth transition.

The Office of the Prime Minister gives every undertaking to continue to be directly involved in finding a permanent solution to this issue during this extension period.

The State expects that Puma will provide regular updates on its transition during this  period.

The State fully understands the international banking and finance standards, and the strict compliance practices governing all banking and financial institutions and therefore appreciates the co-operation offered by BSP

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