The former Prime Minister said he is surprised that senior ministers who were part of his 2014 cabinet, were not briefed on the K3 billion UBS loan and other transactions.
“For any NEC cabinet decision, the Prime Minister does not make unilateral decisions,” said Mr O’Neill.
He said the complex transaction to acquire the K3 billion loan from UBS was to buy back shares from IPIC.
In 2019, the Somare-led government acquired loans from IPIC, Abu Dhabi to fund the PNG LNG project.