UBS loan

I will resign if implicated: PM

Marape made this statement in Parliament when responding to questions raised yesterday.

He said the inquiry will begin soon and those implicated must face the full force of justice.

PM Marape went on and urged the Ombudsman Commission to go beyond their investigation and hold those implicated accountable.

“I am not fearful of this inquiry. If I am found to have conducted improperly when the inquiry is terminated, I will be the first one to resign from this office, Mr Speaker,” he said.

CoI into controversial UBS loan

Prime Minister James Marape announced this in Parliament on June 26th while giving his statement on the Ombudsman Commission Report.

Marape stated that a full Commission of Inquiry will be conducted into the alleged improper borrowing of A$1.239 billion from the UBS and those implicated will be dealt with accordingly.

VIDEO: UBS Loan Zero Balance

Prime Minister Peter O'Neill made the statement on the floor of parliament on Wednesday morning when replying to questions from Sina-Sina Yongamugl MP and Opposition member Kerenga Kua.

 

Meredith Kuusa with more 

 

 

​State paid off UBS loan: O’Neill

Prime Minister Peter O’Neill made the statement on the floor of parliament this morning when replying to questions from Sinasina-Yongamugl MP and Opposition member Kerenga Kua.

“The proceeds of the shares have completely paid off all the UBS loans, all the interest that is outstanding,” said O’Neill.

“There is no further obligation on the part of the State or even the Kumul Petroleum Holdings.”

The PM further stated that there is a residual value of close to K120 million that will be paid to the state and placed in the government’s consolidated revenues.

Ombudsman to inform court on next move

On Sept 2, a five-man Supreme Court bench found that the process involved in the referral of Prime Minister Peter O’Neill for prosecution under the Leadership Code in relation to the K3 billion Union Bank of Switzerland loan was unconstitutional.

The case in the National Court was referred to the Supreme Court by Justice Collin Makail returned before him on Tuesday.

Justice Makail told the court the OC should immediately come back and advise the court on its position since the Supreme Court ruling in September.

UBS Reference hearing date set

Chief Justice Sir Salamo Injia in a directions hearing on Friday fixed the hearing date for the reference on Tuesday, Dec 13 before a three-judge Supreme Court Bench.

Parties in the case; the Ombudsmen Commission, Former Chief Ombudsman Rigo Lua and former Acting Chief Ombudsman Phoebe Sangetari, Prime Minister Peter O'Neill, and the Attorney General were ordered to file their arguments by the end of November.

The Ombudsman Commission was also ordered to file notices of the hearing to the Prime Minister’s lawyer and the Attorney General.

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Governor General in a critical medical condition

http://www.looppng.com/content/governor-general-critical-medical-condition

Governor General Sir Michael Ogio, is now being treated in Australia after been medivaced from Port Moresby early morning.

Prostitution will not be legalised says O’Neill

Andagali assures LOs on equity option

This was stated by former Kumul Petroleum Holdings Deputy Chairman, Larry Andagali.

He gave the assurance yesterday during a meeting between Kumul Petroleum Holdings Limited and all landowners affected by the PNG LNG Project.

“4.27 pesent ikuiti blo yupla mipla no mogijim. Mi bin sindaun na mi mekim shor osem at the board level. That did not happen,” said Andagali. (We did not mortgage the 4.27 percent equity belonging to you. I’m made sure whilst on the board that did not happen.)

​Ombudsman Commission’s appeal dismissed

Chief Justice Sir Salamo Injia dismissed the appeal on Thursday. However, he said the Ombudsman Commission is at liberty to file a Supreme Court review of the National Court’s decision of Jan 28, 2015.

He said if a review is filed by the Ombudsman, it will be determined on its merits.

The Ombudsman’s appeal was dismissed after the court was told that the documents for the appeal could not be located in the registry, despite a Supreme Court reference number or court file number being given for the case on March 6, 2015.

Polye re-files case on UBS loan

The case was re-filed by Polye’s lawyers from Henao Lawyers after a three-man Supreme Court bench on April 28 dismissed the case for want of prosecution.

The matter came for directions hearing today where Polye’s lawyer informed the court all parties were served copies of the appeal except the Union Bank of Switzerland’s Australian branch.

Wesley Bigy of Henao Lawyers sought for a week adjournment of the court to do so. The matter returns to court next Monday.