Last year's Commission of Inquiry into the accident put the death toll at between 142 and 161 lives and found the 310 capacity-certified ferry had 392-411 people on board when it was capsized by three waves up to 4m-high in gale force conditions while en route to Lae on February 2, 2012.
According to The National, Police Commissioner (operations) Simon Kauba said the police investigations, which started months after the commission's findings, were nearing completion.
He reportedly said arrests would be made once the investigation team finalised the data collected.
"Investigators have been collecting evidence in Buka, Kokopo and other centres but it is too early to predict the outcome," he reportedly said.
"They have to put together the evidence file before further moves can take place."
