Polye commends Ombudsman Commission's Intervention on USB Loan

Former Treasurer and Triumph Heritage Empowerment Party Leader, Don Polye said he refused to sign the three-billion Kina U-B-S loan, because it lacked transparency and was a bad decision by the Prime Minister.

Mr. Polye told the FM100 Talk Back Show today, that this was a one-man decision forced down on Cabinet, which would affect the country's debt level and the national budget.

He said his refusal to sign the loan was the reason behind his recent sacking from Cabinet and not because of causing instability, as mentioned by Peter O'Neill.

Mr. Polye said, the Cabinet paper on this loan was submitted without going through the Government process.

Polye said, the P-N-G L-N-G Project has been mortgaged for this loan from U-B-S and the promised Sovereign Wealth Fund will not eventuate, as the gas proceeds will be used to repay this loan.

He has joined the Opposition in welcoming moves by the Ombudsman Commission, to investigate the processes involved in obtaining this loan.

The loan from the Swiss Global Financing Services Bank, is to buy a 10-point-1 per cent equity share in Oil Search Limited