COI To Present Report In March

Prime Minister James Marape said he looks forward to the conclusion of the Commission of Inquiry into the controversial K3 billion Union Bank of Switzerland (UBS) loan.

He stated this after giving evidence at the COI in Port Moresby on Monday. The COI established in 2019 by Marape is establishing facts surrounding the whole transaction, including persons and entities involved and whether or not the deal followed proper and legal process and procedures.

It has taken two years probing into the UBS loan obtained by the previous government headed by Peter O’Neill to buy shares in Oil Search Limited.

“I certainly look forward to the conclusion of the inquiry. If there are suggestions that we can draw from the inquiry, improve public governance in the way we do business, especially to ensure public money is safeguarded, I certainly look forward to embrace those recommendations,” added Prime Minister Marape.

COI Commissioner, Sir Salamo Injia said the COI would present its report in March 31, 2022.

“The thinking right now is a question of whether the report will be presented to you publicly, at a hearing of this nature, because the proceedings have been conducted in public,” he told PM Marape.

“We may be asking you to appear in person, to come and receive the report, at a public hearing, compared to past where the report was taken to your office and presented by a representative of the commission.

“The thinking now is that we may present the report at a public hearing like this, and we may be asking you to come and receive it,” he added.

The Prime Minister told Sir Salamo that he would accept whatever way the COI wanted to presented its report.

Press Release