UBS Loan Inquiry Not A Waste Of Time

Prime Minister James Marape has urged the country that the inquiry into the Union Bank of Switzerland loan saga is not a waste of time and resources.

The inquiry began on April 16 and once this is completed, a final report will be finalized and presented before Parliament. Those involved in the UBS Loan deal would be prosecuted.            

 “This inquiry is not time bound. I encourage people of PNG, it may seem that we are consuming time and resources but this is to establish one fact and that is no system of government must be used to siphon off peoples resources.”

Prime Minister Marape said more details into the controversial loan deal will be discovered during the inquiry.

“We will not stop and look into criminal intent. We will look into money laundering. We will look into people benefiting personally from these sort of scams. Further detail will come out.

“The PNG government system must not be used by one or two persons by people of authority to siphon off millions of kina belonging to our people,” added the Prime Minister.

PM Marape said the country lost substantial money and the country deserves to know what has happened and those who had a role, including himself and if they deserve to pay a price for it.  This inquiry will unlike the Ombudsman inquiry, has a criminal intent to it.

The inquiry is expected to hear more evidence from key persons involved this week.

Author: 
Jemimah Sukbat