PNGBLOGS

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

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 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

by MARK AMBANE Prime Minister Peter O’Neill’s illegal and corrupt deal with UBS to buy 10 percent of Oil Search is now a full-scale disaster. It is threatening the viability of the 2016 Budget and could further undermine Government finances, which are already at crisis point. The State’s 150 million shares were bought in March 2014 for $8.20 each. That is a total $A1.2 billion, or about K3 billion at the exchange rate early that month. A few days later, on 14 March 2014, the Prime Minister boasted that the country had already made a profit on the shares of $A75 million (about K170 million). Today, the losses on the purchase are stupendous. Those 159 million shares were worth slightly less than $A5.70 today. That is a loss of $A400 million. At today’s exchange rate that is about K850 million. Peter O’Neill, Peter Botton of Oil Search and UBS have cost Papua New Guineans almost a billion kina. Worse still, the disastrous slide in the value of Oil