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June 14, 2021
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Polye presents evidence to COI on UBS Loan

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Former Treasury and Finance Minister Don Polye presented documents before the Commission of Inquiry into the Union Bank of Switzerland, three billion Kina loan yesterday.

Former Treasury and Finance Minister Don Polye.

The controversial loan was acquired in 2013 by the Peter O’Neill-led government where Polye as a senior minister of state challenged and was sacked.

The former Treasurer at the time of the controversial loan fronted the inquiry with evidence.

The evidence provided by Polye was on the conditions of the loan including the financier, facilitator, and implementer of the loan. Polye revealed UBS was all three.

He also provided information on the ‘red flags’ he issued to the government then.

Polye added he only presented these information to establish the truth so that future governments including the current, make careful decisions.

As the royal commission into the UBS loan continues, those including Polye who were present at the time continue to come forward to provide documents and evidence to the inquiry.

In 2014, Polye was sacked after reportedly opposing the move to obtain the loan.

The loan was supposedly acquired to buy 10 percent shares in Oil Search. That to this day hasn’t reaped rewards to benefit the state, landowners of the LNG-affected communities, and citizens of the country.

The key witness in the huge loan deal will appear again this month to present more evidence to the inquiry.

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