Sinasina-Yongamugl MP

​State paid off UBS loan: O’Neill

Prime Minister Peter O’Neill made the statement on the floor of parliament this morning when replying to questions from Sinasina-Yongamugl MP and Opposition member Kerenga Kua.

“The proceeds of the shares have completely paid off all the UBS loans, all the interest that is outstanding,” said O’Neill.

“There is no further obligation on the part of the State or even the Kumul Petroleum Holdings.”

The PM further stated that there is a residual value of close to K120 million that will be paid to the state and placed in the government’s consolidated revenues.