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June 17, 2021
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Govt. to support Commission of Inquiry on UBS Loan

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Deputy Prime Minister and Attorney General Davis Steven says the national government is committed to supporting the Commission of Inquiry into the K3 billion kina UBS loan deal.

The Inquiry is set to commence on 27th January 2020 and end on 27th July 2020 when the report will be presented to the Prime Minister.

However, during the public hearing on Monday this week, it was announced the commission needs an additional K27 million to fund the inquiry.

A public hearing held by the full commission on Monday highlighted the six phases the commission will cover in the six month period to complete the inquiry.

The full commission includes Sir Salamo Injia and John Gilmour as Chairman of the Commission and Commissioner respectively, counsels and solicitors.

However, because of the delays within the Officer of the Solicitor General and the Board of the National Procurement Commission, there was no solicitor or counsel present.

The Inquiry into the K3 billion UBS loan comes after a report produced by the Ombudsman Commission concluded that the leaders and persons mentioned in the findings had failed to comply with proper processes and procedures relating to laws to the borrowing of $1.4 AUD.

The report named James Marape and Peter O’Neill as the then Finance Minister and Prime Minister respectively, to face the Leadership Tribunal

The COI needed additional funding of K27 million is because the inquiry will cover all aspects of every party that was involved in the borrowing of the K3 billion loan.

By Theckla Gunga, EMTV News, Port Moresby

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