PM: K3b UBS loan wrongdoers to be criminally prosecuted

News that matter in Papua New Guinea

PM Marape: K3b UBS loan wrongdoers to be criminally prosecuted

PORT MORESBY: Prime Minister Janes Marape says those implicated in the controversial K3 billion Union Bank of Switzerland (UBS) loan will be criminally prosecuted.

“We will also be implementing the recommendations of the commission of inquiry into the UBS loan. This will set the precedent for the future.

“Any transaction done by a prime minister, ministers or state secretary is a public transaction because our country is a democracy.

“If people demand answers, we must give them answers and this applies to my government too. If in the future, people demand answers for our decisions, we must give them answers and allow them to scrutinise us,” he added.

The news break was reported by The National:

K3bil UBS loan report released

April 6, 2022The NationalMain Stories

By REBECCA KUKU
PRIME Minister James Marape says those implicated in the controversial K3 billion Union Bank of Switzerland (UBS) loan will be criminally prosecuted.
“We will also be implementing the recommendations of the commission of inquiry into the UBS loan. This will set the precedent for the future,” Marape said.
“Any transaction done by a prime minister, ministers or state secretary is a public transaction because our country is a democracy.
“If people demand answers, we must give them answers and this applies to my government too. If in the future, people demand answers for our decisions or transactions, we must give them answers and allow them to scrutinise us,” he added.
Marape spoke at the presentation of the inquiry report yesterday by inquiry chairman and former chief justice, Sir Salamo Injia.
The inquiry, costing about K30 million, was established by Marape in 2019 shortly after he assumed office.
The probe into the UBS loan secured by the Peter O’Neill government in 2014 to buy shares in Oil Search Ltd lasted about two years.
The probe sought to establish facts surrounding the whole transaction, including all persons and entities involved in the deal, and whether or not the deal followed proper and legal process and procedures. The 15-volume report was completed on March 31 and was with inquiry commissioner Margaret White who was in Brisbane.
The report was brought in this week and presented in two suitcases.
Marape said the report would be made available to all MPs in the next and last sitting of Parliament and then to the public. Meanwhile, former prime minister Peter O’Neill said Marape should wait until the report was tabled in Parliament and only Parliament can act on its recommendations.
“It is not for Marape to act as he has been hell bent on politicking the inquiry from the beginning,” O’Neill said.
“He has consistently undermined the inquiry by making unfounded claims that the transaction was illegal.
“Apart from interest payments, no government funds were used to repay the loan. It was repaid through the sale of Oil Search shares.
“The truth will prevail … One day he will answer for all this.”

Comments

Post a Comment

Popular posts from this blog

Growing unemployment rate in Papua New Guinea

Image
News that matter in Papua New Guinea Growing unemployment rate in Papua New Guinea (Employment stagnant since 2014) PORT MORESBY: Employment in Papua New Guinea (PNG) has remained stagnant since 2014 with millions of unemployed looking for jobs. The formal job market currently can only accommodate between 400,000 and 500,000, Institute of National Affairs executive director Paul Barker says. “As more young people enter the job market this year after graduating from tertiary institutions and schools, the chances of securing formal employment is slim. “Employment had remained stagnant despite the increase in potential workers coming out of educations institutions,” he added. Read on for more details as published by The National : Hard to get jobs January 27, 2022 The National Main Stories By DALE LUMA MILLIONS of eligible workers around the country are looking for jobs in the formal sector, which currently can ...
Read more

Sugu Valley tribal war death toll rises to at least 30

Image
News that matters in Papua New Guinea Armed tribal warriors on the move in Sugu Valley. Sugu Valley tribal war death toll rises to at least 30 PORT MORESBY: At least six tribes have been fighting in Sugu Valley (Kagua-Erave, Southern Highlands) since Feb 10, 2019, without any signs of an end and peace. In fact, the death toll has risen to at least 30, up from 11 on May 23, 2019, and the opening of a new battlefront in Sumbura near Poroma with multiple deaths reported in 24 wards. Armed tribal warriors on the march into the forests and jungles. PNG Cyber Monitor had on a May 25, 2019, posting ( https://pngcybermonitor.blogspot.com/2019/05/real-life-rifles-bows-and-arrows-bloody.html Real life rifles, bows and arrows bloody fights in PNG ) highlighted the bloody battle waged by tribal warriors armed with rifles, bows and arrows and knives. PNG Cyber Monitor is again highlighting the plight of the villagers who have been living in fear as reported by The Nationa...
Read more

Sorcery shame for Papua New Guinea in X’mas

Image
News that matter in Papua New Guinea Sorcery tortures and violence are still being practised in Papua New Guinea in this 21st Century digital era. Sorcery shame for Papua New Guinea in X’mas PORT MORESBY: It was international shame for Papua New Guinea (PNG) this Christmas when sorcery reared its ugly head. Six women were stripped, bound to poles and burnt with hot knives as they screamed in pain, watched by an unsympathetic crowd. In a video that has gone viral in the internet, the women were accused of practising sorcery in Southern’s Enga. Police Comm David Manning described the sorcery torture as vile, inhumane, uncivilised, void of any human decency. “Papua New Guinea cannot progress without letting go of these horrific traditional beliefs. We have launched an urgent probe into the incident in Aiya’s Pawayamo village in Kagua-Erave.” The news break was published by The National : Horror torture of women Decem...
Read more