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the sellers were located in Papua New Guinea.

Sir Julius had earlier pressed the underwriters stockbrokers Wilson’s of Brisbane and Mclntosh Hamson Hoare Govett of Sydney to make sure the full 10 per cent would go to PNG as agreed even though the Australian allocation of the issue was heavily oversubscribed.

Sir Julius also backed Wingti in seeking to extend the deadline for their purchase.

In an ensuing parliamentary question, Sir Julius faced several calls for information on the Placer issue. He was also asked if he was “brave enough” to declare his business dealings.

Sir Julius: “What has bravery got to do with it? Why should any one of us be expected to reveal confidential information when no other businessman is obliged to?”

He told the House he completed the required declarations fer the Ombudsman Commission each year but would not make such information public.

“ Any businessman who does so should not call himself a businessman at all. ”

He added: “If a block of one million shares were applied for, allotted and then sold on the market at a profit, then really that is not a ’racket’. That is the very business these publicly listed companies are doing

every second of the day. It goes on in every company and on every stock exchange.”

Opposition leader Mr Michael Somare said Sir Jul kius’ share purchases were “selfish” though perfectly legal.

He said: “It appears that Sir Julius used the information available to him to ensure that his companies, political party and staff acquired the large amount of shares available.

“How else could they have arranged finance at short notice and bought that many shares?

“Sir Julius’ contention that the extension of the deadline was to enable smaller Papua New Guineans to buy Placer shares appears now to be a smokescreen.

“I wonder how many villa gers in Misima or Porgera (where Placer Pacific intends to develop gold mines) were able to take out Placer shares?

“The implications of the Plac er share affair are very far reaching and very serious in deed.”

Fr Momis added: “Once again the leaders have bene fitted and the people have missed out. This sort of be haviour is grossly improper and goes completely against the spirit of the Leadership Code.

“Unfortunately, it’s a waste of time calling on Sir Julius to resign. He is apparently incap able of recognising a conflict of interest.”

Prime minister Wingti - under pressure.