COI into final stage of hearing

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By BOURA GORUKILA
THE Commission of Inquiry (COI) into the Union Bank of Switzerland loan yesterday started its final stage of public hearing.
A list of witnesses have been posted on its webpage.
Commissioner helping the inquiry Dr James Renwick said they had a two-week running list with set dates for key witnesses such as Prime Minister James Marape and the former prime minister Peter O’Neill.
The inquiry opened on March 30 and will deliver its report by Sept 30.
“Experts from the Brattle Group will return to give their final evidence on Aug 9,” he said.
“Another expert in London will assist with recommendation and reforms for consideration on Aug 10, commissioners assisting will then make submissions on the recommendation and reforms.”
Dr Renwick said there was more evidence to come and submissions to be made.
“The evidence and submissions received so far provide material which will allow most of the terms of evidence to be entered, with the notable exception of critical information concerning the sale of Oil Search shares and the losses which ensued,” he said.
Peter Graham, then-managing director of ExxonMobil, gave evidence yesterday via Brisbane.
Graham was asked if he recalled being the managing director of GLO-CO.
He said he never recalled being managing director of GLO-CO, which was established to receive the proceeds of sales of PNG LNG and would fit within ExxonMobil Gas and Power marketing company.
“PNG LNG was established as an unincorporated joint venture with operator (ExxonMobil) (33.2 per cent),” Graham said.
“Other joint venture participants were Oil Search Ltd (29 per cent), Santos Ltd (13.5 per cent) NPCP (Kroton) now Kumul Petroleum Holdings Ltd (16.8 per cent), Mineral Resources Development Ltd (2.8 per cent) and JX Nippon Oil and Gas Exploration (4.7 per cent).
“The PNG LNG project commenced exporting on May 25, 2014, which was the date of the first cargo to TEPCO in Japan.
“I do not have access to the data regarding the distributions made to the State’s nominee participant in the PNG LNG project, namely the Independent Public Business Corporation (IPBC), National Petroleum Company of PNG (NPCP) (Kroton) and Kumul Petroleum Holdings Ltd.”
Graham said Peter Laden, the current ExxonMobil managing director, would have the information.
Graham will appear again on Friday.

2 comments

  • Many COIs never concluded successfully without any convicted MP/Ministers arrested and brought to court. Its a waste of time and peoples money. Lets wait and see if Peter O’Neil and his accomplishes will be convicted and arrested.

  • This K30 million-plus COI is a complete waste of people’s money when this country is at an economic downturn that is severely affecting the people. This government of Marape has made some very bad decisions since it came to power, including the shutting down of Porgera Gold Mine. Hopefully, it does not return after the 2022 elections!

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