O’Neill cries foul over UBS inquiry

Former prime minister and Ialibu-Pangia MP Peter O’Neill has expressed his concern and disappointment that the K30 million taxpayer-funded UBS Commission of Inquiry is being politicised.
O’Neill said in a statement on Friday that Prime Minister James Marape has sought to politicise his (O’Neill’s) role in the deal rather than getting to the true picture.
“If he (Marape) was genuine, he would instead of trying to demonise my role publicly in the UBS transaction, be telling the public that when approached recently by the State’s legal representatives to testify against UBS (Australia) and others in a potential legal case to recoup the fees and charges paid in the UBS loan, I immediately agreed and offered to help in any way I could,” O’Neill said.
“I have been approached to provide written testimony to ensure that the fees and charges paid by PNG to UBS (Australia) are recouped.
“I gave my full support to the lawyers’ requests and stand ready to help.”
He said Marape was no doubt well aware of his lawyers’ approaches and yet he chose not to mention this. “I have taken full responsibility for my role as chairman of NEC and Prime Minister at the time of the UBS loan,” he added.
“Marape was finance minister at the time and if there was any impropriety, he should have said so at the time or provide evidence of it.
“Furthermore, I have talked openly about my role and have stated multiple times publicly that given time again, I might have sought more detailed advice and might have questioned more deeply the motivations of the financiers and Oil Search management. “I did nothing wrong and categorically deny any allegations or inferences I made off with any money over the transaction.
“It is simply not true.
“The extensive UBS Commission of Inquiry found there was no evidence I personally gained financially.”
O’Neill said people were not fools.
“The country is falling apart – no power, no water and to end the week, fuel is being rationed,” he said.
“Porgera after nearly four years is still not open costing K4 billion to date and another 10-years at least before any benefit will flow to the people of PNG.
“To deflect attention to his massive failings, Marape grandstands about the UBS matter.
“He is fooling no one and certainly not the public of our country who are suffering under the high cost of living and the economy slowing putting extreme pressure on our ability to repay the nearly K60 billion in debt we now owe.
“The prime minister should stay home and focus on fixing the massive problems he has created,” O’Neill added.