Prime Minister James Marape has assured the Parliamentary Opposition and the country’s citizens that Union Bank of Switzerland (UBS)  inquiry is ‘not a waste of time and money.’ https://postcourier.com.pg/marape-slams-namah/

Bluntly, he said the findings of the Royal Commission of Inquiry his government initiated ‘will not be another inquiry that will collect dusts.’

He said in a media release that those involved would be punished and damages done would be recouped. 

He said this in response to criticisms by the Parliamentary Opposition and others on the COI.

I want to tell the nation that the COI is not a waste of time and money. I made a commitment to the nation. The moment I took office in May 2019, fighting high-level corruption would be one of my Government’s main priorities.

PM Marape said his Government was investing time and resources into the COI. Additionally, he said this was to establish the criminal culpability of all persons involved in the UBS loan.

This is a ‘crime against our nation.’ Over K3 billion of PNG LNG money was sucked into this bad deal engineered by former PM. Peter O’Neill for the benefit of a few companies. The companies include UBS, Oil Search Ltd and PAC Energy – which picked up US$900 million belonging to the people of PNG.

“We are engaging the UBS COI to claim damages and restitution from those companies. Not only that but also, we will criminally prosecute individuals who knowingly participated in this crime without following due processes.

“I call on those who are innocent in this saga to come forward and place your evidence.”

IMPLICATION IN COI

PM Marape said evidence already presented to the COI implicated O’Neill and former Oil Search Managing-Director Peter Botten.

From evidence, it is now clear that before Peter O’Neill brought the USB loan submission into Cabinet on March 6, 2014. Botten had already announced details of the submission a week earlier on February 27, 2014.

“This is an example of scheming behind the scenes, and how Cabinet and Government processes were hijacked to formalize the ‘robbery’ of over K3 billion of PNG LNG revenue. https://pngsun.com/2021/04/20/polye-sworn-in-as-member/

Crony capitalism greed should not use PNG that sees lawyers, bankers, CEOs, consultants and politicians make money. This exercise, hopefully will put a stop to such abuses from recurring in the future. Also, we must punish those who caused this theft of our people’s money.