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UBS can no longer ignore its past misdeeds

UBS can no longer ignore its past misdeeds If UBS chooses not to engage with the PNG royal commission, it will almost certainly find the $1.3 billion loan was unconstitutional, charged excessive interest and was “false and miss-leading”. Jul 16, 2021 – 3.29pm Save Share For the past four months, a royal commission into an eight-year-old deal most Australians have never heard of, in a country that rarely rates a mention, has been quietly chipping away. James Renwick, counsel assis...
Papua New Guinea Norton Rose Peter Oneill Peter Botten George Oldfield Don Polye
Source: afr.com

Watchdog says PNG Govt will be on notice over UBS inquiry findings

According to TI PNGs Chairman Peter Aitsi, his group is putting the government on notice. Transparency International PNGs Peter Aitsi Photo: Transparency International PNG The inquiry is into a loan by the government of about $US1.2 billion dollars to buy shares in Oil Search, the largest oil and gas exploration and development company incorporated in PNG. The deal, which was broked by Sydney-based consultants of the Zurich-based investment bank UBS, led to a net loss of $US432 million. UBS re...
Papua New Guinea New South Wales Peter Oneill James Marape Peter Aitsi Don Polye
Source: rnz.co.nz

Polye back in PNG parliament

Don Polye (right) on the PNG election trail Photo: Supplied/ Wanpis Ako After Polye narrowly lost his Kandep seat in PNGs 2017 election, he challenged his rival Alfred Manases victory on the basis of irregularities during the vote count process. A number of ballot boxes from wards where support was usually strong for Polye were excluded from the vote count. A court-ordered recount of the election, including the ballot boxes that were earlier discounted, was conducted amid tight security in Eas...
Papua New Guinea Eastern Highlands Belden Namah Peter Oneill James Marape Don Polye
Source: rnz.co.nz

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