PNGBLOGS

Congratulations, Mr Polye, on winning the re-count for Kandep district!  We realise sinister political forces were at work to bring about the re-count.  Thankfully you won. PNG needs your leadership now like never before.  As you know we are currently saddled with a limping-along economy that is likely due to corrupt government.  The eyes of all Papua New Guineans are on you to take the lead in challenging the O’Neill administration.       One year ago in the October 8, 2015 edition of the Post Courier you were spot on in your claim that the PNG LNG funds were being parked in an account in Singapore, and not in the Bank of PNG as claimed by the O’Neill administration.  Thank you for bringing that to the light of day. You can’t rest now.  You need to continue to hammer away and demand transparency of  government finances.  In particular you need to focus on the UBS loan, now rolled into a Credit Suisse loan.  Secondly you need to demand full disclosure of the PNG LNG income.

THE LNG LANDOWNERS OPPORTUNITY TO BUY 4.22 % EQUITY FROM THE STATE ENDS ON 30 JUNE 2016; WILL PETER O’NEILL FIND THE MONEY TO MEET THE OBLIGATIONS? by ANDRE BILAK STEVEN PNG is already having a serious cash flow problem, and nothing can be more evidenced than the Minister for Finance James Marape’s statement few weeks ago that all MPs (who supposed to receive K15m DSIP funds) will receive K1 million each for this year. The cash flow crisis is affecting business houses, government departments and households like never before. The Bank of Papua New Guinea has about less than US$1.4 billion in reserves against pending foreign exchange orders of around K4 billion plus and the situation is not improving any sooner. The endless cue for sending funds overseas is unbearable and killing many import reliant businesses in this import-reliant economy. Many learned experts in economic management have advised O’Neill, since early signs of doom emerged, to take remedial actions immedia

Dear Honourable Members of Parliament.  Papua New Guinea is not broke but only one person is holding this country to ransom, and the consequences will adversely affect your political careers. if you allow Peter O'Neil to be in power after 13th June, 2016, the default date of the UBS loan, UBS will likely declare PNG insolvent. Meaning PNG government can print K3 billion but we do not have the foreign currency to convert this printed money. World Bank is already in the country, they are funding roads and infrastructures now, after we've been declared insolvent under Peter O'Neil. World Bank IMF will give us money for Budget Support with the following austerity measures: 1. No DSIP/PSIP 2. NO Free Education and Health Care 3. Budget cut by 60% 4. Customary Land Mobilisation Program The stoppage in DSIP/PSIP funds will affect most the programs you honourable MPs have created and you will end up loosing your seats. Many other consequences you might face. Tuesday is

by SALMA KULI JACOB It is small wonder that the UPNG students burnt stacks of the toiletpaper dailies AKA The National and the Post Courier.   Both of them fail miserably at objective reporting or achieving any kind of balance in giving both sides of the story.  They’re both content with recycling government verbal diarrhea into certified Post Courier or National pekpek, without  checking out the accuracy of anything they’re asked to run.   IFC Loan Approved For PNG.   Or Was It?   The Post Courier led the way in unprofessionalism on 2 May with the following story: This news comes from the Bank of PNG which we all have come to see is in collusion with Peter O’Neill.  Mind you, no nation’s central bank should ever come under political pressure, because this erodes confidence in a central bank to do what’s best for the economy, no matter what the political fallout.  Unfortunately, the big picture of making decisions usually seems to escape our leaders and top level bureau

by MICHAEL JOSEPH PASSINGAN The recent and continuing actions by Police Commissioner Gari Baki have got deeper intentions than what appears to the public. Gari Baki is part of, and executing a conspiracy to completely set Peter O’Neill free from all corruption charges relating to the Paul Paraka Lawyers payments, LR Group-PNG Power Generators Deal, K3 Billion UBS Oil Search Deal etc and many other complaints of frauds that is currently investigated by the National Fraud And Anti-Corruption Directorate. If you have been watching closely, Peter O’Neill is running out of defences. He knows that you don’t have to benefit financially from the fraud to be guilty of the crime (Paul Tiensten being the example). He latest lowest point was when he said words “mi paulim meri blong ol na ol laik karabusim mi oh”, a reflection of a primitive mentality of Wiru Pangia. Peter O’Neill’s popularity is evaporating very fast. Prominent citizens including the two former Prime Ministers, Sir Mekere

by GOVERNMENT INSIDER In a meeting with some World Bank people and some former Ausaid Consultants to PNG, this is what they had to say about PNG parliamentarians and the current government's management of the economy. They say, 99% of our parliamentarians are economically and financial illiterate. For example; They do not have any idea about the UBS Loan or the LR Generator deal, or even the importance of the 2016 budget document, as such no one is capable of debating the nitty gritty ties of such enormous financial transactions and legislations provocatively.  They even don't care about the economic implications befalling from such decisions. Therefore PNG Parlaiment under the current regime lacks good governance. What a shame? The other thing, they said there is no prudential Management of the PNG economy by the Peter O'Neill government, they said the current government manipulated fundamental data and statistics on the real GDP, a sign shown by the 2015 budget outcom

PNGBLOGS EXCLUSIVE 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 economi

by MICHAEL J PASSINGAN The Swiss Bank behind Prime Minister Peter ONeill’s’s illegal and corrupt loan to buy 10% of Oil Search is facing new allegations of money-laundering and financial fraud.   UBS is being investigated over money laundering and serious organised tax fraud in Belgium. A statement from prosecutors said: "The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes."   UBS said it would "defend itself against any unfounded allegations". The prosecutors' statement said the judicial investigation came after "excellent" help from French authorities, who had been looking at allegations that UBS had been encouraging clients to open accounts in Switzerland to avoid tax between the years 2004-12.   The US has also been looking into whether the bank allowed its US customers to hide their wealth from the Internal Revenue Servi

by MICHAEL JOSEPH PASSINGAN Prime Minister Peter O’Neill has just cost Papua New Guinea almost K1.5 billion because of his reckless, corrupt and unnecessary borrowings. The loss is on the refinancing of his illegal K3 billion UBS-Oil Search loan. The deal was done in secret in Sydney earlier this month to avoid having to reveal the massive loss that the Prime Minister, UBS and Oil Search have inflicted on the nation. Details of the deal were not revealed when Kumul Petroleum MD Wapu Sonk announced it over the weekend.  Mr O’Neill’s secret loss comes at a time when the Government is virtually bankrupt, unable to pay public servants and cutting spending on essential services such as health, education and power generation.  It will add to the record and illegal levels of debt already incurred by the Prime Minister. It will contribute to further worsening of the living standards of ordinary Papua New Guineans. The refinancing of the UBS-Oil Search loan is even worse tha