Call for an independent inquiry into UBS loan

 I WOULD like to ask some questions regarding the financing arrangement regarding the government’s K3 billion loan from UBS to pay for the government’s share in Oil Search Ltd (OSL).

• Does UBS hold shares in OSL and if so, was there a conflict of interest?
• Who negotiated the loan and its terms on behalf of the State?
• Was there any other bank available other than UBS?
• Why and how was UBS chosen?
• Who is being paid fees in this deal and how?
• How much are the fees and who authorised the payments?

The most honourable thing in the eyes  of  all  Papua New Guineans and the rest of the world is for an independent inquiry to be established that involves the police, the auditor-general and the parliament’s finance committee.
I would prefer a no-nonsense shooter like John ‘Wayne’ Hickey as chairman for good measure.
This inquiry will need to uncover whether the loan deal is constitutional, whether it is legal, whether there are enough checks and balances as well as why it is out of the budget, what are the dangers of being so and whether it is a good thing to be out of the budget.
Only an inquiry would close the gaps of suspicion and mistrust on the part of the public who have had enough of schemes and scams.
We  have had  enough of  bad deals, bad management and bad dreams that have pushed the country to the edge of a steep cliff.

Olive Popeye
Port Moresby