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
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INSIDE INFORMATION By Carl of BPNG and Pat of Treasury Department Peter O’Neill, Patrick Pruaitch, James Marape, and Loi Bakani have not told Papua New Guineans the real causes of our economic crises and the effects that should be expected. PNG’s economic crisis is far worse than what it appears and we are dumbfounded by the silence of the people in the know. Learned Papua New Guineans continue to zip their mouths and eyes whilst Prime Minister Peter O’Neill continue to peddle his lies across our simple minds. Two of us have compiled this report together for the love of our country. Most of these information are already available to the public. We hope that all equally concerned Papua New Guineans will be enlightened by this article, for an enlightened citizenry never remain silent. We have four interconnected yet separate problems on hand at the moment: Government Coffers without Money Bank of Papua New Guinea without Sufficient Foreign Reserves (Forex)