Former PNG Treasurer Polye Describes People involved in Controversial UBS Loan as Enemies of State

The people implicated in the controversial Union Bank of Switzerland (UBS) loan, should be held responsible for the massive loss incurred as a result of the arrangement.

In March 2014, the O'Neill led Government made the decision for the State to borrow K3 billion from UBS, and to acquire over 149 million shares in Oil Search while retaining 10 per cent shareholding.

Don Polye, who was Treasurer then, under the previous Government, who saw to the acquisition of the loan made these remarks when appearing before the Commission of Inquiry into the deal, recently. 

He was decommissioned due to his refusal to sign the instrument papers to facilitate the loan agreement at that time. 

Polye described these people as enemies of the State, and that they should not be let off easily. 

He adds that they, have made the people of PNG suffer, and it is unfair. 

The former Treasurer says, at the time, the development budget of the country was around K4 billion, and K3 billion had been spent on this loan - money that could have been used for health and education among others.

The member for Kandep, Don Polye is scheduled to re-appear at the Inquiry at 10am, on 14th July 2021.

 NBC News / PNG Today 

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