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Port Moresby
June 30, 2022

Polye Explains On Sacking

In a media conference this afternoon, Polye revealed that his sacking was done because of differences in position, between the Prime Minister and himself, on the 10.1 percent Oil Search shares acquisition, by the state.


He said his view was one of conscience, not to bring additional debt onto the PNG economy.


He said if the government is to incur a debt of K3 billion, it must have the authority of the 7.8 million people, meaning it must be passed on the floor of parliament.


It was a solemn former treasurer that appeared before the media this afternoon.


He started off by stating after much consultation, that he felt duty bound, to explain why he was sacked.


He said the government acted in a hasty manner to incur the K3 billion debts from an Australian financier, UBSA G.


He said the economy is going to go into huge level debt.


He said the announcement by Oil Search on the 10.01 percent shares, by the state, was done in haste, two weeks too early.


The loan itself was not in the 2014 budget, and therefore, should have awaited a supplementary budget.


He said the government has a number of constitutional laws including:

  • Section 209, where no prior parliamentary approval was given before signing the loan agreement.
  • PNG Fiscal Responsibility Act
  • Loans (Overseas Borrowings) Act, amended 2013
  • Public Finance Management Act
  • The IPBC Act,
  • Appropriations Act 2014, and,
  • Attorney General Act, whereby no external lawyers were briefed on behalf of state.
From the business perspective, he said, putting PNG’s assets on the stock market is not a good business deal.


Mr. Polye also outlined that the country has major infrastructure development projects, yet to be fully financed. The government should be getting its priorities right, investing on physical needs.


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