UBS COI Final Report Due September

Commissioners Sir Salamo Injia and Margaret White announced in a recent public statement that the Commission requires more time to secure evidence from overseas sources, thus the commencement of the hearings have been adjourned by two weeks.

The hearing will now begin on the 26thof July and conclude no later than 13th August 2021, with final oral submissions to follow suit.


Marape Calls On Key Players to assist Inquiry

The Prime Minister mentioned the Union Bank of Switzerland Australia and Pac LNG as among those major players involved.  

“I call upon UBS wherever you are, UBS Australia who facilitated the transaction should come and assist the inquiry. UBS bank who lend this money out, come and assist us with this inquiry.

Pac LNG, who owns 20 per cent of the ELK-Antelope project, was the biggest beneficiaries of this transaction. $US 800- 900 million dollars was transacted from UBS to Pac LNG so that Oil Search will own shares in Papua LNG/PRL 15.

Marape claim PNG lost over $US1 billion in the UBS loan transaction

The amount is equal to more than K3.3 billion.

Prime Minister Marape announced this after giving evidence before the royal commission on Monday.

“From my records from what was directly lost and indirectly lost and the opportunity cost associated, we lost over $US1-2 billion dollars in the process of the UBS transaction,” he said.

Early during the inquiry, Managing Director of the Kumul Petroleum Holdings, Wapu Sonk revealed that that the country lost $US432 million.

Eight eye witnesses fail to show up

The inquiry was scheduled for Tuesday 30th March and Wednesday 31st March, 2021.

Tuesday’s hearing proceeded with the statement of the Late Grand Chief Sir Michael Somare; it was read by his lawyer, Sir Arnold Amet.

Other witnesses who failed to turn up include, Sir Julius Chan, Chief Dr. John Momis, Sir John Kaputin, Sir Rabbie Namaliu, Sir Charles Lepani, Dr. Clement Waine, Dr. Lawrence Sause and Dr. Solomon Awili.