PRESS STATEMENT NO. 1 of 2022
 

 

Further to Press Statement 19 of 2021 issued on 6 July 2021 announcing an updated roadmap for the future conduct and completion of the Inquiry, the Commissioners today announced as follows:

 

The full Commission will sit for further public hearings commencing on Thursday, 20 January 2022 at 10.00 am at APEC Haus, Port Moresby, Papua New Guinea and by video-link in Australia. 

 

Further public hearings are listed on:

 

  • Friday, 28 January 2022

  • Wednesday, 2 February 2022

  • Thursday, 3 February 2022

  • Friday, 4 February 2022

  • Monday, 7 February 2022

  • Tuesday, 8 February 2022

  • Wednesday, 9 February 2022

  • Thursday, 10 February 2022

  • Friday, 11 February 2022

 

Final oral submissions by Counsel Assisting will follow shortly after the close of evidence.

 

Potentially affected individuals and entities will have until the end of February to lodge any written submissions in response, and the Commission will submit its report by 31 March 2022.

 

 

DATED this 12th day of January 2022.

Sir Salamo Injia, Kt. GCL

Chairman and Chief Commissioner

PNG commission into UBS loan seeks cross-border co-operation
Jonathan Shapiro and Lisa Murray, Australian Financial Review - 22 August 2021

The chief commissioner overseeing the inquiry into the controversial $1.3 billion loan made by investment bank UBS to Papua New Guinea may call on other nations such as Australia to compel key individuals into providing evidence to the investigation.

As two weeks of hearings into the disastrous loan agreement that cost the PNG $432 million but netted the investment bank’s Australian unit tens of millions in fees and interest, the counsel assisting the commission, Dr James Renwick, SC, called for more time and expanded terms of reference to complete their work. Read More...

Latest Updates

 
PNG UBS loan inquiry ABC Radio Australia
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Investment bank UBS asked to repay tens of millions of dollars to PNG
ABC Radio Australia, On Pacific Beat - 20 August 2021
 

The Australian branch of international investment bank UBS is being asked to repay tens of millions of dollars to Papua New Guinea, after a royal commission in the country was told the bank "preyed" on the "poor country".
 

In 2014, the PNG Government took out a $AUD 1.2 billion loan through the Sydney office of UBS to buy shares in the ASX-listed company Oil Search. 

 

Read More...

 
 

UBS fees on PNG loan were ‘very stiff’, inquiry told
Lisa Murray and Jonathan Shapiro, Australian Financial Review - 18 August 2021

UBS charged “very stiff” fees for an overly complex loan to Papua New Guinea, a transaction that resulted in a value transfer to the investment bank of $174.8 million, a royal commission was told on Wednesday. Read More...

K3bil gift to Oil Search
The National, 27 July 2021

THE Peter O’Neill government’s Union Bank of Switzerland (UBS) loan transaction in 2014 was simply a gift of US$900 million (K3bil) to Oil Search Ltd, former Treasurer and Aitape-Lumi MP Patrick Pruaitch told a commission of inquiry yesterday.


Pruaitch told the inquiry that Parliament had not approved the loan as required under the Constitution. He said Oil Search used the funds to procure PRL15, the Elk and Antelope fields... 
Read More...

 
 

O’Neill explains loan deal
The National, 28 June 2021

FORMER Prime Minister Peter O’Neill told the Commission of Inquiry into the Union Bank of Switzerland (UBS) K3 billion loan two weeks ago that seeking parliamentary approval for loans had not been practised in the past. He told the inquiry on June 17 that “in my recollection, Parliament has never sat for every specific loan approval or transaction”.

“It does not require special sessions as and when transactions of Government are being made.
“Parliament approved through the budgetary process,” he said.. 
Read More...

Solicitor admits external pressure on UBS Loan
By Trevor Wahune, Post Courier, 24 June 2021

State Solicitor Daniel Rolpagarea has admitted to the Royal Commission of Inquiry into the processes of how the Union Bank of Switzerland (UBS) loan was obtained there was pressure on him at the time his office was assigned to make clearance for the transaction of K3 billion . Read More...

 
 

Revealed: PNG lost $576m on UBS loan in under four years
By Angus Grigg, National Affairs Correspondent, Australian Financial Review, 21 June 2021

Papua New Guinea lost $US432 million ($576 million) in just 3½ years on a loan arranged by the Sydney office of UBS, far more than earlier estimates, a royal commission into the ill-fated deal heard on Monday. Read More...

 

UBS was a bad loan: Polye
Post Courier, 21 June 2021

Kandep MP Don Polye has told the Royal Commission of Inquiry into the off-shore Union Bank of Switzerland loan last Friday that he was decommissioned as the then-treasury minister via a text message by former Prime Minister Peter O'Neill when he refused to sign the UBS loan deal in 2014Read More...

O'Neill: Not government borrowing but a State-owned entity borrowing
By Todagia Kelola, Post Courier, 18 June 2021

Former Prime Minister and Member for Ialibu Pangia, Peter O'Neill has told the Royal Commission of Inquiry into UBS loan that Section 209 of the constitution on Parliamentary Responsibility concerning loans by the Government, in his understanding cannot apply to this UBS Loan because that provision is basically for budget financing.

The UBS offshore loan was a Government investment decision, and can be approved by parliament during the Budget session in November or December each year. Read More...

Norton Rose under fire for withholding documents
By Angus Grigg, National Affairs Correspondent, Australian Financial Review


Top tier law firm Norton Rose Fulbright is refusing to hand over any client files relating to its work on a disastrous $1.2 billion loan extended to Papua New Guinea and said it would no longer co-operate with a royal commission set up to investigate the deal put together by investment bank UBS.

 

Norton Rose has been heavily criticised by the commission for its “intransigence” and for refusing to hand over the files despite its client, entities owned by the PNG state, providing at least three letters of consent. Read More...

New AGL chairman under pressure over PNG royal commission
By Angus Grigg, National Affairs Correspondent, Australian Financial Review

Former Oil Search managing director Peter Botten is under pressure to co-operate with an inquiry examining his role in a disastrous $1.2 billion loan extended by the Sydney office of UBS to the government of Papua New Guinea.

The PNG royal commission of inquiry into the 2014 deal was told on Friday that Oil Search was yet to hand over any files despite a request being made five weeks ago, prompting an accusation of double standards.  Read More...

 
Last updated 15/12/21