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September 18, 2021
Business Featured Finance News

Pruaitch pledge to recover losses from ‘PNG’s worst deal ever’: the UBS Loan

Former treasurer and member for Aitape-Lumi Patrick Pruaitch has indicated that he will work with Prime Minister James Marape to recover and salvage Papua New Guinea’s losses from the UBS loan.

He said “If necessary, he will accompany the Prime Minister to Singapore or Switzerland to recover the losses from this transaction by reporting the matter to the Swiss and Australian Regulators.

Pruaitch made these remarks during the closing of the Commission of Inquiry into the UBS Loan today.

Pruaitch made it cleared in his evidence tendered at the Inquiry that “the state through Kumul Petroleum Holdings has received by December 31st 2019 K5.345 billion since the commencement of the first shipment LNG cargo.

Pruiatch urged KPHL as the state-owned enterprise who was novated the UBS debt of $1.2 Billion from the Government of Peter O’Neill to be transparent as to the extent of the losses suffered by the people of Papua New Guinea and the State.

“I am compelled to want PNG to recover all its loses from the botched Oil Search share UBS deal which is clearly an unadulterated scandal of monumental proportion.

The average Papua New Guinean should not suffer unnecessarily at the hands of the already corrupt and wealthy but greedy few,” says Pruaitch.

Pruaitch also thanked Prime Minister James Marape for taking the bold decision to the Royal Commission of Inquiry into the UBS Loan.

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