Oil Search accepted demands for shares: Aopi

GEREA Aopi, a former director of Oil Search Ltd (OSL), says they had accepted then prime minister Peter O’Neill’s decision or demands to retain at least 10 per cent shares in the company.
Aopi, a former chairman for Independent Public Business Corporation (IPBC), yesterday told the Commission of Inquiry into the Union Bank of Switzerland (UBS) loan in 2014 that the idea to retain shares of 10 per cent or 8.2 per cent was put forward by O’Neill.
“To the best of my recollection, I had a meeting with OSL MD Peter Botten and O’Neill at Airways Hotel and he said the IPBC was trying to refinance the exchangeable bonds issued in favour of the International Petroleum Investment Corporation (IPIC) which was not going well then,” he said.
“The prime minister also said he wanted the state to acquire at least 10 per cent of the issued shares in OSL.
“I attended a meeting with the OSL board of directors and on the next day I met with Treasury Secretary Dairi Vele.
“Vele called me that night and informed me that he had discussions with O’Neill on share placement and that his (O’Neill’s) position had not changed.”
Aopi said there were some benefits associated with having the state as a significant shareholder of OSL.
Aopi will give more evidence on July 15.