K3 billion UBS loan hearing set for April

 By DEMAS TIEN

THREE consolidated court cases relating to the Government’s decision to obtain a K3 billion Union Bank of Switzerland (UBS) loan to acquire a 10 per cent shareholding in Oil Search Ltd were listed for hearing on April 28-29 before five Supreme Court judges. 

Chief Justice Sir Salamo Injia yesterday told the parties involved to file their extract of arguments at the Supreme Court registry by April 15. 

A draft of the consolidated reference book was handed to the court by a lawyer representing Prime Minister Peter O’Neill.

The court endorsed the consolidated reference book after it was satisfied that all parties had  signed the reference book, agreeing to all the facts stated to be heard in court.

The three references before the Supreme Court are those by Justice David Cannings, Attorney General Ano Pala and Justice Collin Makail. 

The reference by Cannings was done pursuant to Section 18(2) of the Constitution concerning the powers, functions and responsibilities of the Public Prosecutor and Leadership Tribunal.

The reference by Pala was pursuant to Section 19(1) of the Constitution and it also deals with Sections 26 to 31 and Section 177 of the same law and Sections 17, 20 and 27 of the Organic Law on Duties and Responsibilities of Leadership.

The reference by Makail referred to issues on whether the Ombudsman Commission had the jurisdiction to give directions to O’Neill and Treasury Secretary Dairi Vele to stop further dealings on the loan arrangements. 

The National Executive Council on March 6, 2014 approved the K3 billion offshore loan from UBS to acquire a 10 per cent equity in Oil Search Ltd.