FORMER PM O'NEIL SINGLED OUT

 

 

O'NEIL SAYS HE WILL TEST UBS FINDINGS IN COURT

BY THIERRY LEPANI

FORMER Prime Minister Peter O’Neill has been singled out for prosecution in the controversial UBS loan saga.

He was named in the Commission of Inquiry Report into the UBS loan and recommended for prosecution for giving false evidence to the inquiry.

The much-anticipated report of the inquiry, chaired by former Chief Justice Sir Salamo Injia, was presented to Parliament yesterday by Prime Minister James Marape, whose statement was interrupted by a spooky power black-out which left the Chamber in darkness for a while.

Former PM Peter O'Neil

On Mr O’Neill, Point 1.28 (a) of the Report states; “Mr O’Neill be prosecuted for giving false evidence to the Commission and referred to the Independent Commission against Corruption.”

Mr Marape when presenting the Report described the UBS loan deal in no lesser terms than to say it was “the worst deal ever” in the country’s history, and indicated that any agency would be established to pursue the recommendations of the Commission of Inquiry.

He said the Commission had declared that the UBS loan was entirely unnecessary because it resulted in;

·         The loss of the same shares;

• Significant financial losses to the State of in excess of AUD 340 million (approximately K902 million);

• Lost opportunities, including the establishment of the Sovereign Wealth Fund as intended; and,

• A significant diversion of revenues from the PNG LNG project, once the exports of LNG began in 2014.

“The people’s house must ensure that an incoming government must establish a multi-agency team comprising the Department of Prime Minister and NEC, Treasury and Finance, Ombudsman Commission, Transparency International, to take up the report, take stock of its clear recommendations and ensure that they are fully implemented,” Mr Marape implored.

Prime Minister James Marape

He said it would also be any Government’s responsibility to pursue restitution of millions of kina lost.

“All roads lead to you Carlo Sivelli (the principle of UBS), all roads to you Oil Search, all roads lead to you UBS and, sadly, but truly, all roads lead to you member for Ialibu-Pangia,” Mr Marape said.

Mr O’Neill, in his defence, said in Parliament that whilst he welcomed the Commission’s findings, he was prepared to test it in ICAC ( the Independent Commission Against Corruption) or in the courts as he believed the testimony relied upon by a certain witness was unreliable.

In a statement later, Mr O’Neill said: “I want to thank the Commissioners for their report who have pointed out that the advice received by me and the State from UBS and financial advisors with serious conflicts were not done in the best interests of the State.”

Kandep MP Don Polye

“These professionals, including UBS, have provided misleading advice to government and any government coming in after elections must pursue recovery of the monies paid outside of the agreed fees,” he said.

“The UBS COI report also points out weaknesses in our system of Government that we need to consider and action should we form Government in July.”

The reports presentation led to a number of MPs rising to debate the issue – with some fiery remarks consuming most of the sitting. The general consensus of the debates was that the report is taken seriously and its recommendations acted upon.

Firebrand Opposition leader Belden Namah - all ministers who supported the UBS loan deal are equally culpable.