Somare before COI

Former State Minister, Arthur Somare appeared before the Commission of Inquiry today to give evidence.

Questions put forward to him by the inquiry involve the IPIC transaction acquired in 2009 by the government when he was the State Enterprises Minister including the total revenue figures from the PNG LNG exports.

The main focus of the Commission of Inquiry is to investigate how a substantial amount of public money was lost in the UBS transaction, however the inquiry will also seek answers relating to the International Petroleum Investment company (IPIC ) loan, that was used to fund the PNG LNG Project.    

According to Arthur Somare’s figures, the Kumul Petroleum Holdings Limited (KPHL) received K5.345 billion from 2014-2019 from the revenue exports of the LNG Project.

Chief Commissioner Sir Salamo Injia said the inquiry was trying to trace what happened to the money that KPHL received during that period of the UBS transaction.

During Wopu Sonk’s last appearance, the Managing Director of KPHL did not provide the relevant figures before the Inquiry.

Sir Salamo said with the figures Mr Somare presented, the inquiry would further investigate with KPHL when Sonk appears for his next appearance on 3rd of August.

Other individuals who were summoned before the inquiry includes, Nathan Chang, Peter Graham, John Beattie and Charles Abel.

Press Release