OFFICIAL STATEMENT: ARREST OF CHIEF EXECUTIVE OFFICER – ANGORE HOLDINGS LIMITED

17^th February 2025

“TO WHOM IT MAY CONCERN”

RE:   ARREST OF CHIEF EXECUTIVE OFFICER – ANGORE HOLDINGS LIMITED

This Notice Serves to advise and inform the following Stakeholders:

1. Shareholders of Angore Holdings Ltd,
2. Exxon Mobil PNG Ltd,
3. Hides Gas Development Company Ltd
4. Service Providers and other interested Parties.

This Notice Services to inform the General Public and whoever is concerned about the arrest of Ms. Theresa Bob, Chief Executive Officer of Angore Holdings Limited that, on 14 February 2025.

Ms. Theresa Bob was arrested, profiled and charged under Section 372(1) of the Criminal Code Act (CCA), Chapter 262 by Detective First Constable Edwin Kauri 13929 of the CID Motor Squad Unit on two (2) charges of stealing and misappropriation.

She was arrested pursuant to the information laid by Tagali Contractors Limited which is a service provider to Angore Holdings Limited.

She was initially refused police bail, but after her legal counsel made the appropriate representations at the Boroko Police Station she was allowed bail and released after being charged with two (2) specific charges. These are;-

1. Stealing under section 372(1) of the CCA, and

• Misappropriation under section 383A (1) (a) of the CCA.

On behalf of the Board of Directors of Angore Holdings Limited and in my capacity as Chairman of Board of Directors, I hereby categorically state, without any reservations, that:

• Angore Holdings Ltd is a company duly incorporated under the Companies Act 1997 and is 100% owned by Landowners of Angore PDL 8, Tari, Hela Province.
• The accused Ms. Theresia Bob is the Chief Executive Officer of Angore Holdings Ltd. Ms. Theresia Bob is not a Director nor Shareholder of the company but only an employee of the company.

• Tagali Contractors Ltd is a service provider to Angore Holdings Ltd. Any alleged debt due, owing and payable to Tagali Contractors Ltd may only be settled or paid solely by Angore Holdings Ltd and not to be paid personally by Ms. Theresia Bob, the accused.

• Angore Holdings Ltd is a legal entity separate and distinct from it’s Directors, Shareholders and Employees. As such, Angore Holdings Limited’s, rights and benefits can only be pursued and realized for the sole and exclusive benefit of Angore Holdings Limited. Angore Holdings Limited debts and liabilities can only be enforced against Angore Holdings Limited and not against it’s directors, shareholders and employees.

• Under the principle of veil of incorporation and corporate legal personality, Angore Holdings Ltd can sue and be sued under it’s own corporate name, style and capacity. The Directors, Shareholders and Employees of Angore Holdings Limited are insulated or protected by the veil of incorporation.

• Angore Holdings Ltd as a company has its own business operational policies, processes and guidelines to assess the authenticity and veracity of any claims of creditors and determine it’s cash flow and settle it’s service providers as it considers it commercially justified and necessary.

In view of the forgoing consideration, Ms. Theresia Bob should not have been arrested by a creditor for the debts allegedly owed by Angore Holdings Limited.

She is only an employee of Angore Holdings Limited and she cannot be held personally liable for the debts and liabilities of her employer.

The proper and ideal course for Tagali Contractors Limited as the service provider to Angore Holdings Limited is to institute civil legal proceedings against Angore Holdings Ltd in the law courts to recover it’s alleged outstanding debts.

This is a purely commercial transaction mutually conducted and amicably concluded on an arm’s-length-basis and does not and should not attract or involve criminal prosecution and sanctions at all.

The criminal charges, in our considered view, clearly are tantamount to malicious prosecution and an abuse of the criminal justice system in PNG.

Should you require further information regarding the statement made above, please do not hesitate to contact me on telephone number +675 7183 5764 or email on poijohn45@gmail.com.