In November, La'o Hamutuk learned about this attempt to scam Timor-Leste's Petroleum Fund, and researched the company, which may or may not exist. La'o Hamutuk's repeated requests for information to the BPA, IAB and Ministry of Finance were declined or ignored. The Ministry asked us to hold off publishing, which we did although their promised information never came. The issue was mentioned several times on the BPA website, and La'o Hamutuk raised it in a BPA press conference, but local and international media never picked up on it, demonstrating that transparency also requires attention.

The IAB discussed the ACI proposal on 18 September,  23 October,  11 November,  20 November (including responding to an email from La'o Hamutuk) and 15 December 2009 (at which time the IAB Chairman incorrectly "noted  that the Minister had responded to La'o Hamutuk's request for further information"). More information became available only in September 2010, with the publication of the 2009 Annual Report on the Petroleum Fund, with its legally-required annex of all advice given by the IAB to the Minister.

Timor-Leste's successful defense against this attempt to steal one-fourth of our Petroleum Fund shows the importance of strong laws and institutions, clear processes, defined criteria, and professional decision-making. La'o Hamutuk appreciates the diligence and attention of the people and organs involved, and we hope that these strengths are maintained. It also shows that our Petroleum Fund is a tempting target, and that many unscrupulous characters will be attracted by what they perceive as "easy money."

After La'o Hamutuk revealed this scam on our blog, Fretilin raised it in Parliament. The Ministry of Finance hadn't responded by the end of September.

Postscript 2012

In early July 2012, Australian and local newspapers published articles with titles like "Talk is cheap on East Timor's financial future." In a secretly recorded 2010 conversation, IAB President Olgario de Castro boasted of millions of dollars to share with his friends, saying "I want the money, not the power," and making several comments related to the ACI scam. La'o Hamutuk's blog discusses these revelations, pointing out that $10 billion dollars owned by a small, impoverished, new nation with little experience is a tempting target for unscrupulous, greedy people.

Iha Novembru, La'o Hamutuk aprende kona-ba tentasaun ba kambalasu Fundu Petrolíferu Timor-Leste nian, no halo peskiza ba kompañia ne'e, ne’ebé eziste ka lae. La'o Hamutuk repete rekerimentu ba informasaun ba ABP, KKI no Ministériu Finansa ne’ebé dekliniu ka ignora tiha. Ministériu Finansa husu ba ami atu adia publikasaun, ne’ebé ami halo tiha maske sira nia informasaun ne’ebé sira promete ba nunka mai. Asuntu ida ne'e mensiona ba dala barak ona iha ABP nia website, no La'o Hamutuk foti sai asuntu ida ne’e iha konferénsia da imprensa ABP nian ida, maibé media lokál no internasionál sira nunka mais atu foti asuntu ida ne'e sai, hodi demonstra katak transparénsia mós presiza atensaun.

KKI diskute (hotu Ingles) proposta ACI nian iha loron 18 Setembru, 23 Outubru, 11 Novembru, 20 Novembru (inklui responde ba e-mail ida husi La'o Hamutuk) no 15 Dezembru 2009 (ne'ebé Prezidente KKI nian inkoretamente "nota katak Ministra responde ona ba La'o Hamutuk nian rekerimentu ba informasaun tan"). Informasaun tan mak bele hetan de'it iha Setembru 2010, ho publikasaun Relatóriu Anuál ba Fundu Petrolíferu, ne'ebe legalmente rekere Aneksu ba konsellu tomak ne'ebé fó husi IAB ba Ministra.

Timor-Leste ho susesu duni fó defeza hodi kontra tentasaun atu na’ok dolar biliaun ida husi ita nia Fundu Petrolíferu hodi hatudu importánsia husi haforsa lei no instituisaun sira, prosesu ne’ebé mós, defini kritéria, no foti desizaun ho profisionál. La'o Hamutuk apresia ba matenek no atensaun husi povu no órgaun sira ne’ebé involve, no ami espera katak forsa sira ne'e tenke mantén. Ne'e mós hatudu katak ita nia Fundu Petrolíferu sai nudár tarjeitu ba tentasaun, hahalok laiha moral barak sei bele atrai husi buat ida ne’ebé sira persebe nudár "osan fasil."

Depois La'o Hamutuk fó sai informasaun ida ne'e iha ita nia blog, Fretilin lori asuntu ba Parlamentu Nasionál no média. Ministra Finansas seidauk resposta.

Postscript tinan 2012

Iha inísiu fulan Jullu 2012, jornál Australianu no lokál balun públika artigu ho títulu hanesan "Konselleiru ba Fundu Mina-rai Timor-Leste nian haklaken oinsá gasta konta biliaun $10,5." Iha konversa ida ne'ebé grava ho segredu iha tinan 2010, Prezidente KKI nian, Olgario de Castro, gaba-an ho osan tokon barak hodi fahe ho nia belun sira, hodi hatete "Ha'u hakarak osan, la'ós podér", no halo komentáriu oioin relasiona ho kambalasa ACI nian. La'o Hamutuk nia blog diskute kona-ba revelasaun sira-ne'e, hodi hatudu katak dolar biliaun sanulu ne'ebé maka na'in hosi nasaun ki'ik, kiak, foun ho esperiénsia uitoan de'it maka sai alvu tentadór ba ema sira ne'ebé laiha eskrúpulu, kaan-teen.

Documents

• Petroleum Fund Law (2005)
• IAB Minutes: 18 September 2009,  23 October,  11 November,  20 November,  15 December 2009
• IAB Memo urging rejection of ACI proposal (18 Sep. 2009)
• All advice from IAB to the Minister of Finance during 2009
• Petroleum Fund Annual Report for 2009

Questions and analysis

• Dili Insider $250 million and Datuk Edward Ong (30 Apr 2009)
• Letters of inquiry from La'o Hamutuk to the Minister of Finance and IAB, and IAB response (Nov. 2009)
• La'o Hamutuk blog entry revealing this issue (23 Sep. 2010)
• La'o Hamutuk Radio Igualidade program (4MB Tetum MP3) on ACI scam (1 Oct 2010)

• Lei Fundu Petroliferu (Port.) (2005)
• Notulen IAB (Ing.): 18 September 2009,  23 October,  11 November,  20 November,  15 December 2009
• Memo IAB nian husu rezeita proposta ACI nian (18 Sep. 2009)
• Konselhu hotu husi IAB ba Ministra Finansas durante 2009
• Relatoriu Anual Fundu Petroleu nian, tinan 2009

Pergunta no analiza

• Dili Insider $250 million and Datuk Edward Ong (Ing, 30 Apr 2009)
• Karta inquerido husi La'o Hamutuk ba Ministra Finansas no IAB, no resposta husi IAB (Ing, Nov. 2009)
• Blog La'o Hamutuk nian fo sai asunto ida ne'e (Ing., 23 Sep. 2010)
• Programa Radio Igualidade La'o Hamutuk nian diskute Tentasaun Kambalasu Fundu Petroleu (1 Oct 2010)

For more information

• Timor-Leste's Petroleum Fund (including all reports)
• Revision of the Petroleum Fund Law (2011)

• Fundu Petrolíferu Timor-Leste nian (inklui relatoriu hotu)
• Revizaun ba Lei Fundu Petrolíferu