Transparency International Papua New Guinea has welcomed the conviction of lawyer Paul Paraka as the police confirm they are widening the investigation into the fraud commmitted.
According to TI PNG s Chairman Peter Aitsi, his group is putting the government on notice.
Transparency International PNG s 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 reportedly profited around $US83 million in fees, interest and trading revenue from the deal,
The commission of inquiry has heard how the loan was pushed through against cabinet advice and not put before parliament until after it was in place.
Transparency International PNG s Peter Aitsi
Photo: Transparency International PNG
Papua New Guinea has been the Pacific country worst-hit by the pandemic, with more than 10,000 cases recorded and 100 deaths, though with low testing rates the true tally is believed to be far higher.
Amidst this, there have been regular reports of misappropriation in the government response to the pandemic, including contracts being awarded to public servants with a direct conflict of interest. Clearly this is not acceptable, said the director of Transparency International PNG, Peter Aitsi.
As the pandemic further grips PNG, government officials have struggled to get the public to listen to calls for social distancing and other health measures.