Nation likely to plung into inflation if O'Niell the "bush economist" keeps with his myrad of ill advised spending
By MARK DAVIS The economic crisis caused by the Prime Minister's mismanagement of the nation's finances may be about to get much worse The Government is facing a payout of up to $US300 million in a legal dispute over the disastrous IPIC bond issue used to finance PNG's participation in the LNG Project. The case, brought by IPIC against the Government represented by the Independent Public Business Corporation, begins tomorrow in the Equity Division of the Supreme Court of New South Wales. A decision is likely within a month IPIC is seeking a payment of $US300 million (K700m plus at today’s rates) from PNG as part of the settlement of the IPIC bond issue. IPIC had the right to convert the bond into Oil Search shares, which it did. It also had the right to a cash component under the terms of the bond issue. The Supreme Court case is over the amount that is owed to IPIC, which is claiming $US300 million. It will blow yet another mighty hole in the Bu