Govt urged to establish UBS team

By KELVIN JOE
PETROLEUM Minister Kerenga Kua has urged the Government to establish an independent team to implement the recommendations of the Commission of Inquiry into the Union Bank of Switzerland (UBS) K3 billion loan.
He said the country had lost more than K3 billion, so if it took another K30 million to investigate the loan, then anyone questioning it could have something to hide.
The report was tabled in Parliament on Wednesday by Prime Minister James Marape.
“I recommended (that) we should establish a strong and independent taskforce to take all the consequential actions on the recommendations in this report,” Kua said.
“If further action is needed, we must make available another K30 million because we want to demonstrate that Papua New Guinea refuses to be involved in corrupt practices, and we will no longer stand up to such practices.”
He said the country had gained nothing from the K3 billion.
“We need to build the roads and bridges, aid posts, schools and classrooms, and keep maintenance up to date,” he said.
“But we can’t do that because somebody gave that K3 billion away.”
Kua said the report would enable the Government to go through the loan process information which the people needed to know.
“(The) composition of this taskforce is important,” he said.
“(It should be) given all the financial assistance necessary to conduct all the consequential actions in the report.
“Follow up actions must not be in the county alone but overseas (too).
“We must chase them all the way.
“All those major law firms from Australia involved must be brought to account under their professional conduct rules.”