Inquiry into deal starts

THE Commission of Inquiry into the K3 billion Oil Search equity buy deal is expected to start today.
The head of the inquiry, former Chief Justice Sir Salamo Injia, had announced the start today.
Counsel assisting the COI Sam Koim was recently appointed commissioner-general of the Internal Revenue Commission.
Prime Minister James Marape announced the establishment of the COI costing about K4 million early last month.
The COI is to look into the controversial K3 billion UBS loan by the former Government led by Peter O’Neill to buy back equities in Oil Search Ltd.
The term of reference would look into the PNG LNG project, UBAS loan, the purchase of Oil Search shares and the sale of Oil Search shares.
An investigation into the loan had mentioned several high-profile people including O’Neill, current Prime Minister James Marape in his capacity as the Finance Minister then, and other bureaucrats, negotiators and advisers, including lawyers.