Sonk recalls seeing submission signed by O’Neill as KPHL trustee


KUMUL Petroleum Holdings Ltd (KPHL) managing director Wapu Sonk yesterday recalled seeing a policy submission signed by the then prime minister Peter O’Neill as trustee of the State-owned company.
Sonk told the Commission of Inquiry into the Union Bank of Switzerland (UBS) K3 billion loan in 2014 by the State that the purpose of the submission was to seek Cabinet approval for KPHL as a company and NPCP Investments Ltd as holder to deal with the equity derivative financing transaction entered into by NPCP Investments Ltd and UBS, referencing shares in Oil Search Ltd.
Sonk was yesterday shown the policy submission dated Oct 8, 2015, obtained from the National Executive Council.
He agreed that the policy submission was approved and endorsed by O’Neill and there were no financial implications for the State.
“It really was confined to KPHL’s finances,” he said.
Sonk said the body of the submission has been prepared by KPHL “but the language around the decision itself would have been prepared by UBS and us (him and his staff)”.
Sonk said the KPHL board was aware of and approved the body and the language of the submission.