Inquiry Needs Documents

Sir Salamo Injia, Chairman of the Commission of Inquiry into the Union Bank of Switzerland, has appealed to Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk to provide relevant documents regarding figures relating to the UBS transaction.

Sonk, who appeared for his second oral examination at the inquiry on Monday, was unable to provide the documents, which involved KPHL’s involvement in the controversial deal.

The proceeding started with a disappointed bench over the lack of punctuality by the Managing Director of the Kumul Petroleum Holdings Limited, Wapu Sonk.

A week ago, Sonk presented figures at the inquiry, however the Commissioners asked if he could provide documents based on a spreadsheet of “Advisory fees” charged on the UBS loan transaction and how much money the UBS bank made from this transaction.

During his second Oral examination this week, Sonk was unable to provide the relevant documents advising the Inquiry to check with Treasury.

The Inquiry also questioned if the Managing Director can reveal the name of the financial institution that issued the letter of credit and provide the financial statements and records of the transaction.

Sonk responded he was not at liberty to disclose that information

However, Sir Salomo said the inquiry is not quite there yet in obtaining what UBS gained from the transaction, therefore the Commission has given Sonk another two weeks to provide those key transactional documents.

The Commissioners said the inquiry is running short of time to prepare the report.

“The Commission is interested in the actual documents so it can draw its own conclusion and make its own findings not just accept statements unsupported by documents,” said Sir Salamo.

Sonk will reappear before the inquiry on 3rd of August.

Jemimah Sukbat