Somare calls on Prime Minister O'Neill to come out clear on UBS Loan

Grand Chief Sir Michael Somare, accompanied by Former Member of Parliament, Sir Mekere MORAUTA, called on the Prime Minister, Peter O’NEILL to come out clear to the people of PNG, with the Government’s intent of UBS Oil Search Loan, which they believe is now having a huge effect on the country economy.
Sir Michael stated that not only has the PM handed over control of Government LNG revenue flows to UBS; he has also handed over control of the revenue flow to the landowners.
The two former PM’s also claim that such secretive transactions had seen the sacking of Cabinet Minister from Government, they are Don Polye, Kerenga Kua and William Duma, who, according to Sir Michael, questioned the alleged “ illegal UBS loan”
“ We believe that the information revealed about the transaction warrants an independent investigation by the Fraud and Anti Corruption Directorate of the Police,” said Sir Michael.
“We are also aware of that the Ombudsman Commission has already begun its own inquiry, which the Prime Minister has defied and we trust the Ombudsman Commission inquiry is continuing and urge the PM to cooperate himself and ensure that other Members of the Government and Public servants also cooperate to the fullest, “ he added.
Ten questions were put forward for the PM to answer one of which included, “Why did the Prime Minister allow UBS to charge an effective annual interest rate of 13.3% on the K330M bridge loan part of the transaction – about five times the rate at which banks like UBS lend to each other in Australia?”
The Grand Chief did not wish to answer questions relating to his proposed resignation letter until the National Alliance Party meets later this week.