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By Staff Reporter : PNG Today

PM O'Neill Condemns Reckless Litigation by now-Former MP DonPolye

PM Peter O'Neill (L) Condemns Reckless Litigation by now-Former MP Polye (R)
Supreme Court Dismisses Polye’s UBS Application - Confirms UBS Loan was obtained within the Laws of country - PM Condemns Reckless Litigation by now-Former MP Polye

The Prime Minister, Hon. Peter O’Neill has welcomed the decision by the Supreme Court of Papua New Guinea to dismiss the application brought by Don Polye to challenge the constitutionality of the State's UBS loan.
PM O’Neill said the application brought by the now-suspended Member of Parliament and Opposition Leader should never have been brought forward in the first place.
“I welcome the ruling handed down by the Supreme Court that proves that the UBS Loan was obtained within the laws of country,” the Prime Minister said.
“The State took on the loan so that our people could have a healthy investment in our resources sector.
“This was a sound decision, made with full legal consultation, and should never have been the subject of such malicious litigation.
“The people of our nation, and the investors who have confidence in our country, are sick and tried of this reckless behaviour by politicians who should know better.
"If people like Don Polye continue to play politics with issues like this, institutions like UBS and others could stop doing business with us.
“What Polye has been doing is undermining economic and investor confidence, and harming the good name of a global banking institution.
“What should have been clear to Polye before he even began his reckless attacks, is that organisations such as UBS do not enter into agreements without doing full checks on the legality of all arrangements.
"Banks like UBS are reputable and they lend only after making sure that every box has been ticked before they approve loans.
“Does Mr Polye think that UBS would have not gone through rigorous processes the bank has in place, and also checked that the national Government had made sure the arrangement was properly legaled?
“Politicians like Mr Polye have got to stop acting like amateurs and start behaving like Leaders.
“Leaders must be careful and not plays politics with sensitive national interest issues, particularly where this can potentially damage our international credibility.
“Now that Mr Polye is no longer a Member of Parliament, I hope he takes this time to consider the national interest and change the way he plays politics if he is ever returned to the Parliament."

Posted by Staff Reporter : PNG Today on 1:02 AM. Filed under , , . You can follow any responses to this entry through the RSS 2.0. Share this Article


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