Papua New Guinea's Finance Minister has revealed more than US$300 million is sitting in secret trust accounts without any government control.
James Marape says the funds are hidden in commercial bands by various state owned enterprises and agencies without the full knowledge of Treasury and the Finance Ministry.
He told the Post Courier News the government was working towards removing so called 'ghosts' on payrolls and keeping a closer eye on agencies.
He has just launched a new Integrated Financial Management System which would scrutinise public funds on a real time basis under the new Public Monies Management Act.
Mr Marape said he hoped the crack down would led to greater financial transparency and he gave the example of the National Forestry Authority having more than 36 accounts sitting in three commercial banks throughout Papua New Guinea.
Papua New Guinea's prime minister Peter O'Neill (with glasses) celebrates being declared winner of the election in his Ialibu-Pangia electorate, alongside fellow victorious People's National Congress member James Marape (red hat). Photo: PMO Media