UBS

Marape Calls On Key Players to assist Inquiry

The Prime Minister mentioned the Union Bank of Switzerland Australia and Pac LNG as among those major players involved.  

“I call upon UBS wherever you are, UBS Australia who facilitated the transaction should come and assist the inquiry. UBS bank who lend this money out, come and assist us with this inquiry.

Pac LNG, who owns 20 per cent of the ELK-Antelope project, was the biggest beneficiaries of this transaction. $US 800- 900 million dollars was transacted from UBS to Pac LNG so that Oil Search will own shares in Papua LNG/PRL 15.

Bank South Pacific eyes ASX listing via UBS

Bankers at UBS met with fund managers in the past fortnight, testing their appetite for a dual listing of the financial operation in Australia, in addition to the Port Moresby stock exchange, where it is already listed.

The bank — one of the largest listed on the Port Moresby Exchange — has more deposits than loans because of the limited corporate field to lend to in Papua New Guinea, according to sources.

There are a number of economic headwinds in PNG — its biggest market — with inflation running at 6 or 7 per cent, while currency risk remains a factor.

PM Condemns Reckless Litigation by now-former MP Polye

PM O’Neill said the application brought by the now-suspended Member of Parliament and Opposition Leader should never have been brought forward in the first place.

“I welcome the ruling handed down by the Supreme Court that proves that the UBS Loan was obtained within the laws of country,” the Prime Minister said.

“The State took on the loan so that our people could have a healthy investment in our resources sector.

“This was a sound decision, made with full legal consultation, and should never have been the subject of such malicious litigation.

Kua alludes to financial disaster looming

He said Papua New Guineans will soon pick up the pieces of this colossal financial disaster come March 13, 2016 when the UBS (Union Bank of Switzerland) collar loan facility matures and falls due.

Kua in a statement said the government would need to repay this debt by settling the A$900 million (K1.8 billion) to UBS or refinance the current existing facility with an additional and more expensive short-term debt facility.

PNG poised to roll over Oil Search loan with UBS, JPMorgan

Street Talk understands PNG's government is seeking two banks to jointly provide the new funding package and is likely to turn to long-time financier and architect of the initial $1.239 billion funding package, UBS.

The second bank is expected to be Wall Street giant JPMorgan, the sources said. 

It's understood the parties are working through the terms and seeking to have a deal signed in the next few weeks. The clock is ticking for PNG whose $904 million collar loan, initially arranged with UBS in February 2014, will mature at the end of the month.