Polye takes Government to court over UBS Loan
Mr Polye has taken legal action to seek an order to stop and for the courts to declare the transaction, illegal and unconstitutional. He also called on the minority beneficiaries of the USB Loan, to admit that the loan is a bad deal for the country.
Mr Polye, who was present with his lawyer John Napu of Napu & Company Lawyers, maintained that the K3 billion UBS loan was not just economically bad, but commercially bad.
He said given the fact that Oil Search Limited acquired only 22.8 percent shares for Elk Antelope LNG shares for 99 billion US dollars, while the French owned company, total acquired 41.1 percent shares for 401 million US dollars.
Mr Polye said since no one is coming out to reveal the truth, therefore, he has filed the court proceeding. This is the first time for a sacked Minister to file a court proceeding to be reinstated. He said the country already is in a K16 billion debt, and it was a bad economic decision to take add another K3 billion debt.
Lawyer representing John Napu said the UBS Loan is something that will have a boulder effect. Mr Napu said Section 201 of the Constitution has been by-passed during the process of acquiring the loan. Thus, these and others will be legally sought in court.
They hope the courts will nullify the USB Loan, and in turn save the nation from massive debt. The matter goes before the courts tomorrow.
The UBS loan transaction is currently being examined by the Ombudsman Commission, who have advised the public and government against commenting in detail on the transaction, until their review is complete.
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