UBS should be banned from doing business in PNG after loan deal, PM tells parliament
James Marape says failed deal cost country ‘in excess of $AUD340m’ and accused bank of overcharging by AUD$175m
The Australian arm of UBS should be banned from doing business in Papua New Guinea for ten years and former prime minister Peter O’Neill should be prosecuted over their roles in a loan that resulted in a huge loss to the country, current prime minister James Marape has said.
A former government led by O’Neill obtained the AUD$1.3bn loan from global investment bank UBS in 2014, in order to acquire a 10.1% share interest in oil and gas exploration company Oil Search Limited. However the price of Oil Search shares soon plunged, with PNG’s shares later sold at a loss.
＼ 最新情報をチェック ／
