PNG PM Marape Tables COI Report on UBS Loan in Parliament

The Commission of Inquiry into the controversial Union Bank of Switzerland loan deal has revealed that UBS Australia overcharged over K400 million - monies that need to be repaid to the State and its people.

PNG Prime Minister James Marape who presented the report findings on Wednesday to the House, says, the Inquiry has also recommended that those involved face prosecution.

While these findings have been made public, the persons involved can only face prosecution if relevant authorities take up the case and further investigate.

Mr. Marape told parliament the loan deal was wrong and shouldn't have been taken up in the first place. 

''Lost opportunities, including the opportunity to establish Sovereign Wealth Fund as intended when the PNG LNG first revenue was coming in and a significant diversion of revenues from Papua New Guinea LNG project, once the export of LNG began in 2014.

''The first gas returns were coming in 2014 and instead of benefiting directly from the first gas return money was siphoned off into that crafty scheme for the purchase of Oil Search Share, shares,'' said Marape,

He says findings from the COI recently concluded found that the loan deal cost the people of PNG around K900 million in losses:

In 2014, the O' Neill led government made the decision to obtain over 3 billion kina loan in order to acquire and retain a 10.1 %  share in Oil Search Limited. 

NBC News / PNG Today

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