Commission sets date to hear evidence from central bank governor

BANK of PNG Governor Loi Bakani appeared before the Commission of Inquiry (COI) into Union Bank of Switzerland (UBS) loan deal yesterday.
COI chairman Sir Salamo Injia told the inquiry that Bakani’s attendance was for the commission to take note of his appearance and secondly, to set a date in which he would give evidence on the matters that had been set out in the letter of request sent to him.
Sir Salamo said Bakani would be required to give the first part of the evidence on some of the questions raised about the economy that related to the government’s policy on the economic system that PNG had adapted, in particular the government and the prime ministers since independence.
He said the second part of the evidence would be specifically on the International Petroleum Investment Company (IPIC) and the UBS loan deals.
“There will be separate letter of request issued in respect of the second part which is the main part of the evidence that is in relation to the economic situation in the country that will set the stage for the evidence in relation to the IPIC loan and the UBS loan,” Sir Salamo said.
Bakani has been scheduled to appear on April 7 at 9.30am to provide the evidence as requested by the commission.
He will be assisted by the counsel assisting the commission and solicitors to prepare the evidence which he will provide in April.
Meanwhile, National Research Institute (NRI) director Dr Osborne Sanida also appeared before the commission to be noted and a date scheduled for him to return to give requested evidence.
Sir Salamo said NRI had done some research into the economic system in PNG, the involvement of government and private business and state-owned corporations.
Dr Sanida will on April 7 at 1.30pm appear before the commission and present the evidence as requested.
The counsel and solicitors will also assist him to prepare the evidence for the date when he will appear before the commission.