Nothing to hide

 THE Government will table in Parliament the details of the K3 billion loan after the Ombudsman Commission completes its review of it, Prime Minister Peter O’Neill says.

Welcoming the commission’s decision to freeze all transactions on the loan pending the review, O’Neill said all the details of the loan would be made available to the commission for its review.

The State is acquiring the K3 billion loan from the UBS Investment Company to buy a 10.1 per cent stake in Oil Search Limited.

It created a public row after Treasury Minister Don Polye was sacked on March 11 because he refused to sign the loan documents.

Polye and others were critical of the way the Government had gone ahead with acquiring the loan without obtaining parliamentary approval and following due processes.

O’Neill said in a statement yesterday: “So much lies, misinformation and innuendos have been spread about this loan since NEC made the decision. I welcome this review announced by the Ombudsman Commission.

“I have said that unlike past practice, all details relating to this loan will be tabled in Parliament by this government for scrutiny. All these details will be made available to the Ombudsman Commission for the review it is conducting.

“As I said before, this loan was obtained so our people, through the government, can own a part of this strategic company, Oil Search, and be a direct player in the development of our vast petroleum resources.

“We cannot be mere bystanders anymore. We must partner and partake in the development of our resources, so we benefit from taxes, and in taking profits as a shareholder as well.”

O’Neill reiterated that PNG’s debt as a portion of GDP would remain unaffected at 35% by the loan and how it was structured.

“I want to again assure every Papua New Guinean that the decision by NEC to buy 10.1 per cent  of Oil Search is a very good deal for all of us. We will provide all the information on this transaction to the Ombudsman Commission and table them in Parliament in May.”