The Bank of Papua New Guinea is being challenged to clarify to Papua New Guineans if there is a trust account holding proceeds of the LNG project.
This challenge came from Opposition Leader Don Polye who claims Prime Minister Peter O’Neill lied when he told the people of Hela that proceeds of the LNG project were being held at the Bank of Papua New Guinea.
“In saying that LNG funds are kept in a trust account in the Bank of PNG is compromising the integrity and independence of the bank,” he says.
Polye says the proceeds of LNG have been transferred into an account in Singapore owned by the UBS Bank as per the payment directive deed signed by the National Petroleum Company PNG (NPCP) when the government borrowed K3 billion from the bank.
“This is for the repayment for the K3 billion loan borrowing. There is no money from the sale of LNG kept at the Bank of PNG,” he says.
Polye says he has documents to prove this claim but refused to share the proof with the media.
“This is why I am challenging the Governor of the bank to come out and clarify the claims made by the prime minister,” he says.
Polye says he is sick and tired of the "lies" because he knows the truth is there is no money from the LNG project.