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The Independent Public Business Corporation (IPBC) has been formed by the Government of Papua New Guinea under an Act of Parliament (2002 and amended 2012) to exercise on behalf of the Government, and for the benefit of the State, the trustee ownership of, overarching business management of, and provision of financial resources and services for, certain State assets, notably and inter alia, the corporatized entities known as the State Owned Enterprises, and to act as trustee of other certain prescribed trusts.