Showing posts with the label ubs Loan

Simple Facts on the UBS Loan Arrangement

by DAVID LEPI Whilst the recent Oil Search share offloading by the government is attracting a vast array of discussions that are now gaining momentum by the day and the Prime Minister said to make public the facts surrounding the share sales perhaps it might be good we go back where all things started and take a look at the chronology of events. IPIC Loan It started in 2009 from what is known as the largest investment decision ever made by any PNG government. The Somare led government was investing in the 11 billion Exon-Mobil led LNG project in taking up equity of 16.8 percent by borrowing 1.68 billion Australian dollars from a little-known fund called International Petroleum Investment Company (IPIC) in the Middle Eastern oil state of Abu Dhabi. This took place at a time when the economy was feeling the global credit crunch and a dramatic drop in commodities prices that had made finding funds for new resource projects very uncertain. Arthur Somare, the then state enterprise m


By Keen Observer The decision by the five men bench of the Supreme Court concerning the case against the Prime Minister Peter O’Neill in relation to his referral for prosecution on the UBS loan allegations does not come as a surprise to many who have been keenly following this case. This is a situation where the outcome was designed right from the beginning and all fingers point to the Public Prosecutor, Pondros Kaluwin. Mr Kaluwin is a seasoned prosecutor whose entire career was with the Public Prosecutors Office. He knows the functions and powers of his office very well. The mistake that compromised PM O’Neill’s case is very rudimentary (basic) and therefore it is beyond believe that a person in the like of Kaluwin could make an innocent mistake or a professional misjudgment on a very important case. Like I said –this was designed. The Public Prosecutor committed two cardinal yet deliberate sins that deprived the people of Papua New Guinea justice in the case again


by JAMES SEMA - NIUGINI OUTLOOK   Please spread this story as much as you can throughout the social media in the hopes that some witnesses or people who have relevant details will come forward, share what they know, and let us either put this rumor to rest or develop it into a full allegation. Few of you reading this will know how good investigative journalists go about their work. It may surprise you to know that the very best ones who crack the biggest stories use many anonymous sources of information. You may think that such information carries no power, but in fact it does when you combine all the stories of the witnesses and look for common themes in what they're saying. Prophets of defeat will say that none of this is evidence. Ah but you're wrong. Witnesses without hard evidence are in fact powerful evidence. Scattered facts and details here and there can be puzzle parts put together to make up a story. That is what we're doing to further investigate a


by NEMO YALO*  The National (19.10.15) in its editorial labelled the Opposition’s move to bring a motion of no confidence against the Government as “premature”. Referring to the speculated motion of no confidence it opened with the line: “Has Papua New Guinea gone to the dogs?” This is a seriously preposterous and bias characterization of a healthy process of democracy. Whether a motion of no confidence in the Prime Minister is tabled or not and what the outcome will be if it is voted is a matter for Parliament. What must not go unchallenged is The National’s lopsided and politically biased editorial. The editorial attempted to demonstrate balance by quoting what the Opposition and its members said in a recent press conference and then quoted the Prime Minister’s response to the Supreme Court ruling on 4 September 2015 which nullified the so-called “grace period” Constitutional amendment. The invalidated constitutional amendment granted a government 30 months i


  by SAM BASIL MP Low Oil Prices/Stockmarkets Share Prices Plummeting Further Exposing UBS Loan and impact on PNG’s economy As Deputy Opposition Leader (DOL), I have issued several statements about the mismanagement of Papua New Guinea’s (PNG) economy since 2012 by the O’Neill-led government. I have revisited the reality of them in recent days following developments in Bulolo and the Morobe Province in delivery of services to the rural areas. As any elected member of Parliament regardless of party membership, it is our duty to make statements on our directions of PNG and what our future looks like under this PNC-led government. With Parliament member’s silence, they have deliberately exposed PNG to high debt spending with figures now stating that our economy is on the decline and rather than reduce DSIP’s/PSIP’s, they are now thinking of increasing GST, impacting heavily on our citizens; I will not be supporting the Bill, to increase GST/VAT! One specific decision that O’Neill dire