UBS faces âgrave reputational riskâ in PNG probe
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The counsel assisting the Papua New Guinea royal commission into a controversial UBS loan has scolded the Swiss bank, law firm Norton Rose and their advisers for their lack of co-operation with the inquiry.
James Renwick, SC, in his opening statement, delivered virtually from Sydney, said UBS had finally delivered documents relating to the royal commission called to investigate whether the Pacific island nation suffered as a result of the deal and whether anyone should be held to account.
But Norton Rose, the lawyers that advised the PNG government, had not handed over a single document, Dr Renwick said. He called on the NSW legal authorities to investigate.