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Showing posts with the label DEALS

WHERE IS DR JACOB WEISS? O'NEILL'S SUPER ECONOMIST

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by STEVEN ROLLAND

As the country is fast sinking into debt and economic ruin, we are seeking answers. We know Prime Minister Peter O'Neill is a failed businessman, having failed in three (3) businesses he started before joining politics. His true success in business came when he put his hands into the public coffers. The rest is history. We cannot expect miracles from him. He is like an inexperienced mechanic who enjoys stripping all the parts of a vehicle in the pretext of fixing it but really does not know how to fix it. It will be moments when he will disappear without fixing the mess he created.

Behind O'Neill's shonky economic management were a number of spivvy characters. One that PM O'Neill relied most was Dr Jacob Weiss, who provided most of the advise on structuring and procuring more loans. Jacob Weiss would attend Government Caucus meetings and mislead all the clown/naïve Members of Parliament that it was okay to borrow excessive from overseas and domestic m…

PETER O’NEILL’S ROLL OUT OF THE ILLEGAL K6 BILLION CHINESE EXIM BANK LOANS

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by BARRY PISIMI

On or around September 2012, immediately after Peter O’Neill was installed as the Prime Minister, he (O’Neill) took a huge delegate to China, organised by his sidekick, Ni Cragnolini. It was openly reported that a loan of K6 billion was obtained from the Chinese Export-Import Bank (Exim Bank) to fund certain rehabilitation of ailing infrastructures. One would have thought that PNG Powers rundown and incompatible power generation and distribution equipment would be first priority. NO!

The K6 Billion was never appropriated in the 2012 National Budget, nor was it captured in the subsequent budgets in 2013, 2014 and 2015. We really don’t know whether that loan was obtained and if so, did the money ever enter PNG?

One of the mandatory conditions of Exim Bank loans is that a Chinese multi-national corporation, mostly State owned enterprises, has to be nominated to deliver the projects identified by the recipient country. Under this arrangement, the funds remain in China. Onl…