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Showing posts with the label UBS

PNG WHERE YOUR KINAS BUYS MORE

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by Therow Zuaru

The economy of the world and the way money is valued, is one of the biggest scams of the universe. Money and wealth are naturally backed by mineral resources, land, and basically physical commodities such as precious metals. But in Papua New Guinea, it is not so. It has created a view on national success as putting priority budget areas on financial assistance.

It is amusing to watch our politicians continue to become researchers researching into international financial schemes like WB, IMF, Exim Bank, ADB, EU, Ausaid, UBS, EU for soft loans development funds, financial aid to survive. Virtually for almost 45 years these financial institutions have been the proud sponsor for Papua New Guinea existence.

Papua New Guinea has been recipient of foreign assistance since independence and prepare our budgets factoring the aid dynamics into them. Important issue we must look at is the financial assistance has obviously been a primordial source of income for many Papua New Gui…

PETER O'NEILL PERSONALLY AND UNILATERALLY DIRECTED PNG TO BORROW USD$1.2 BILLION

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Part 2 – Sweetheart deals cost taxpayers and landowners

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THE TRUE STORY OF THE UBS LOAN AND OTHER DEALS BETWEEN THE O’NEILL GOVERNMENT AND OIL SEARCH Part 2 – Sweetheart  deals cost taxpayers and landowners
BY A SPECIAL CORRESPONDENT IN SINGAPORE Comments by Oil Search executives and directors at the company’s annual general meeting earlier this year raise serious concerns about its knowledge of many specific instances of corruption in Papua New Guinea relating to its business, and its corporate behaviour. These instances are separate to the illegal UBS Loan which Oil Search helped to arrange, as detailed in Part 1How Peter O’Neill and Peter Botten cost Papua New Guinea at least K1 billion. Some of these issues were the subject of questions in in the Australian Senate, but no satisfactory answers were provided by the Australian officials responsible. For example landowners in the PNG LNG project are owed hundreds of millions of kina in royalty payments and other entitlements, much of which is paid to the Government by Oil Search and its partners.…

EXCLUSIVE: THE TRUE STORY OF THE UBS LOAN: How Peter O’Neill and Peter Botten cost Papua New Guinea at least K1 billion

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BY A SPECIAL CORRESPONDENT IN SINGAPORE Part 1 – How Peter O’Neill and Peter Botten cost Papua New Guinea at least K1 billion The Oil Search Annual General Meeting in Port Moresby earlier this year confirmed that the company is acutely aware of the extent of corruption in the Papua New Guinea government of Peter O’Neill.
Oil Search executives privately commented to attendees after the AGM closed that "... everything here in PNG is corrupt …" “… the government is so corrupt …”, "… PNG has a lot of corruption issues …" and others in similar vein. The cost of O’Neill Government corruption is high, estimated to be several billion kina a year. Now the contribution of Oil Search’s own questionable dealings with the O’Neill Government has come under public scrutiny. Late last month stockmarket trading announcements revealed that the nation has lost at least K1 billion in an illegal sweetheart deal organised in secret between Prime Minister O’Neill and Oil Search Managing Direc…

WHO PAID LOSS OF K780 MILLION TO UBS?

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by HOPE PNG
The sale of Oil Search shares by UBS resulted in it recovering part of its principal from the US$1.2 billion (K3 billion) loaned to PNG Government to purchase the shares initially.
Of that K3 billion loaned to PNG Government, UBS only recovered K2.22 billion from that sale. Simple math dictates that UBS made a loss of K780 million on the principal amount loaned.

• The first shipment of PNG LNG was made in the last week of March 2014 (source: PNG Business Advantage)

• PNG LNG proceeds were held in a UBS bank account as collateral in Singapore.

• The State offloaded (by directing UBS) the Oil Search shares and made a loss of US$250 million (or K780 as stated by Wapu Sonk).

• The actual loss would be well over K1.8 billion when calculating collar costs, commissions to advisors and all other costs associated with the UBS loan.

• O’Neill claimed Government made a net gain of K100 million from that sale.

• The only logical conclusion one can draw is that UBS dipped its hand into…

Open Letter to Sir Michael Somare

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Open Letter to Sir Michael Somare   
byJAMES PARAKISAN

Grand Chief, before you bow out of the picture, we need you.  We realize you are 80 years old and you will be retiring from PNG politics in June 2017.  At the same time your influence, stature and leadership is essential during this time of unparalleled corruption.  
The current administration is knee-deep in pekpek of its own making.  They’ve done a masterful job of sidelining and silencing Sam Koim, leader of the Task Force Sweep.  Koim was hand-picked by the O’Neill government to spearhead the drive against the corruption pervasive in all levels of government.  Then, ironically, when Koim starts making some headway in addressing government fraud, O’Neill neutralizes him.  
Sir Michael, please address two or three of the major corruption issues of the last several years.  Shout out from the rooftops about the abuse of power of the current administration.  It’s been reported once before, but the people of PNG need to hear it again.��…