UBS loan

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.

UBS Papua New Guinea 'deal': respected figures question PM Peter O'Neill's role

The former leaders called a press conference in Port Moresby on Monday afternoon to slam Mr O'Neill for "bulldozing" the UBS arrangements through government agencies and exposing the PNG people to "huge" risks and costs.

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UBS loan was to clean up Somare mess: PM

http://www.looppng.com/content/ubs-loan-was-clean-somare-mess-pm

Prime Minister Peter O’Neill says the UBS loan obtained by his government last year was done to clean up "the mess left behind" by the Somare Government and the Arabs.

Manusians facing dire drought scenario

UBS loan was to clean up Somare mess: PM

O’Neill was responding to an extensive article about the USB loan published by Fairfax Media.

The article titled “How Oil Search deal found trouble in Papua New Guinea” was written by John Garnaut Asia Pacific editor for Fairfax Media and published by the Fairfax media. .

The article showed confidential documents and minutes of meetings leading up to the signing of the UBS loan.