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Port Moresby
January 19, 2021

PM Welcomes Ombudsman Commission’s Loan Review

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Prime Minister Peter O’Neill today welcomed the review of the UBS loan by the Ombudsman Commission.

He says the review will clarify the lies and misinformation about the loan.


All details regarding the loan will be available to the Ombudsman Commission for the review to be conducted.


Mr. O’Neill maintained that the loan was obtained to secure shares in Oil Search, and to ensure PNG continued to be strategically placed to benefit from its resources.  


Mr O’Neill said the details of all transactions on the UBS loan will also be tabled on the floor of Parliament during the May session.


All these surfaced after the former Treasurer Don Polye revealed that he was sacked by the Prime Minister Peter O’Neill for not signing the K3 billion loan.


The loan agreement has since drawn public outcry. Several groups including University student’s held forums to inform the public on the loan deal.

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