PNG LIKELY TO BE DECLARED BANKRUPT IN JUNE 2016
PNG IS GONE AS A SOVEREIGN NATION IN JUNE IF NOTHING IS DONE TO REVERSE THE LOAN TAKEN BY O'NEILL GOVERNMENT TO BUY OSL SHARES.
If the PNG Government does not find USD 1.5 Billion by 13th June, 2016, UBS will ask the government to Appoint a Receiver Manager for the Oil Search shares, the Receiver Manager will manager the Escrow account in Singapore. by June UBS will declare PNG bankrupt.
This frightening revelation was revealed to PNGBLOGS by Government Insider working with the Department of Prime Minister and NEC who has sighted the original deed.
The Principal Maturity date for the UBS loan was 13th March 2016.The Papua New Guinea Government has now K3.2 billion to pay UBS. We are in the grace period but that ends on the 13th June, 2016.
Peter O'Neil signed with JP Morgan for refinancing turnaround time two weeks has lapsed. The World Bank, IMF, ADB and AusAid have already started painting bad picture about Peter O'Neil. He is an economic and financial risk to the international community and financial institutions.
The only way to have this reversed is to remove Peter O'Neill as Prime Minister and come up with a new Government that will move a motion to nullify the UBS loan, transfer the Liability to Peter O'Neill personally and UBS and Peter O'Neill can solve the issue, free the state by: the Speaker of Parliament and new NEC via the GG apply to the Supreme Court of NSW, transfer the UBS liability to Peter O'Neill's name, bring the money from Singapore Escrow account and pump up the hailing economy.
If the current MPs can't do that they bunch of good for nothing empty suites wasting their time in Parliament
This is more headache to the corrupt O'Neill regime which has been hit this week by the Supreme Court discharging orders preventing the arrest of Peter O'Neill and James Marape.
The Supreme Court dismissed the Appeal by James Marape and further discharged restraining orders preventing the arrest of O'Neill and Marape in relation to payments made to Paraka Lawyers.