UBS inquiry draining funds


HERE is so much excitement and anxiety going on now on the royal commission of inquiry into the loan obtained in 2014 from the Union Bank of Switzerland.
Almost every front page of our dailies are publishing stories on the inquiry.
However, people are starting to ask what Papua New Guinea would gain in the most expensive commission of inquiry on a loan that was obtained some seven years ago and was fully repaid to the last toea.
Yes, of course it is all about the joy of checks and balances and setting records straight.
But is it really necessary to have a inquiry at the time when the country is hard hit by a worst financial crunch ever coupled with a global pandemic?
Looking at it more carefully, was it the wisest thing for the Government to shut off all the revenue streams – Porgera mine, Papua LNG, Wafi-Golpu, corporate taxes – and open the flood gates of revenue outflow including the K28 million Union Bank of Switzerland’s commission of inquiry?
Recently, inquiry chairman Sir Salamo Injia said the cost of the inquiry is likely to triple and the period double from initial projections.
So you do the math.
Not to mention the previous expensive inquiries only to raise euphoria and then suddenly go cold or stashed away to collect dust.
But what appears is a political witch-hunt on a largest scale ever undertaken using State resources and apparatus to vindictively go after one man just as the elections are drawing nearer.

David Lepi

One thought on “UBS inquiry draining funds

  • Add the cost of running this useless COI into UBS and match against that loan to see how they fair.
    Why waste so much to gain less and if there are some culprits, will they be convicted?
    This COI is adversely using up scarce resources while the people suffer.
    This Government and its contents are dried to the bones and PO can smell it.
    PO is king of development and he is on the come back trail and am pretty sure he commands a lot of respect, here in East Sepik too.

Comments are closed.