UBS CoI roadmap announced

A roadmap for the Royal Commission of Inquiry into the off-shore Union Bank of Switzerland (UBS) loan was announced today.

Commissioners Chief Sir Salamo Injia and John Gilmour QC announced this in their first sitting since their appointment was formalised early this year.

The siting also marks the public opening hearing of the inquiry.

In its first sitting, the Commission made six announcements. These include:

  • Announcing an interim list of witnesses to give evidence and fix a return date for the summonses that it will issue today;
  • Set out a roadmap for the conduct of the inquiry;
  • Make a statement on the sittings of the Commission by the Commissioners;
  • Make a statement in the funding situation for the six-month extended period; and
  • Deal with an application for leave to appear that has been filed by an interested party.

According to the roadmap for the conduct of the actual inquiry in 2020, following the return of summons, the investigation phase begins by the Counsel, Solicitors and other technical officers in February and March 2020.

The public hearing phase runs from April to May, with the report writing phase from June 2020, and the delivery of the report by 27th July, 2020.

“The Commission has determined that the extended 6-month inquiry period for the inquiry, approved by the Prime Minister on 18th September 2019, will commence to run from the date of the actual inquiry on 27th January 2020, and finish on 27th July 2020, when the report of the Commission is completed and delivered to the Prime Minister for presentation to Parliament,” said UBS CoI Chairman, Chief Sir Salamo Injia.

Meanwhile, the Commission says the need for additional funding, caused by the extended period of the inquiry from three to six months, and the appointment of overseas Commissioner, Counsel and Solicitors, is apparent.

“The Commission is yet to receive an additional K27 million approved by the Prime Minister on 18th September 2019, and subsequently requested of the Department of Secretary by the Chief Secretary of Government to be made available to this Commission,” said Commissioner John Gilmore.

The CoI has been adjourned to the 27th of January, 2020.

Cedric Patjole