O’Neill: I will not step down

PNG Prime Minister says he won't step down.

PRIME Minister Peter O’Neill will not step down while a leadership tribunal on misconduct allegations over the K3 billion UBS loan to purchase Oil Search shares gets underway.

He confirmed on Saturday at a media conference that he received the notification from the Public Prosecutor that a leadership tribunal has been requested to hear matters relating to the Government’s decision to buy the shares in Oil Search Ltd through a UBS loan facility.

Mr O’Neill welcomed the notification from the Public Prosecutor, adding that he stood ready to clear his name.

While he said sources behind the allegations were somewhat dubious and driven by people with political motivation, he will use the opportunity to provide clarity on this investment by the state into the national resources sector.

"The Public Prosecutor’s referral is noted, and we welcome this decision," the Prime Minister said.

"It gives us an opportunity to go before the independent tribunal and the courts to determine the outcomes of these decisions based on real evidence that will be presented to the tribunal and can be cross-examined.

"Our actions have been to ensure that the State continues to have some ownership of Oil Search which it has been doing since its inception.

"We have acted in the best interests of our country, in the best interest of our people, and it is important that we continue to be participants in resource development in our country.

"The only way to effectively participate in these resource developments is by making sure that we have ownership of some of the shares in those companies.

"Otherwise we will continue to be bystanders while other people come and continue to develop our resources.

"This in no way implicates personal gain on these matters." PNG Today/Post Courier