PM vows to present reports

THE Government would soon present inquiry reports on the Union Bank of Switzerland (UBS) loan and the purchase of land at Motukea wharf involving billions of kina to Parliament, Prime Minister James Marape says.
Marape said this in response to Southern Highlands Governor William Powi’s questions on the purchase of land at the Motukea wharf.
It was reported in the media on Tuesday that the value of a piece of land at the wharf was falsely increased by more than K300 million during valuation in 2014.
Powi asked if the increase of K303,849,100 for the initial land valued at K418,377,900 to K722,227,000 was true and where the extra funding would have gone as it was too big sum of money.
Marape said more than K1 billion transaction was done through sale and purchase of the land where Motukea wharf was located.
Marape said while the matter was now with the commission of enquiry to review, the enquiry into the UBS loan was in its final stage and if completed, the reports would be presented before Parliament rose.
He said the enquiries that were taking place would fully review all the finer details of what took place in the UBS K3 billion loan negotiations and the transaction of the purchase of land at Motukea wharf.