Papua New Guinea delays inquiry into UBS loan for ill-fated Oil Search stake [Reuters (UK)]
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Source: Reuters
Papua New Guinea delays inquiry into UBS loan for ill-fated Oil Search stake - Reuters 3 Min Read (Reuters) - Papua New Guinea has delayed an inquiry that was due to begin this week into the terms of a A$1.2 billion ($819.00 million) loan from Swiss bank UBS that was used for an ill-fated government investment in the gas sector. The commissioner for the inquiry, Salamo Injia, blamed slow-moving government officials for the delay, saying they had failed to appoint an overseas legal team as ordered by Prime Minister James Marape last month. Injia, a former chief justice, said in an email late on Thursday that he was “hopeful” the relevant government agencies would prioritize the task so public hearings could begin on Nov. 4. The government-backed inquiry is looking into how the UBS loan was used by the government to buy a 10% stake in PNG-focused energy firm Oil Search in 2014 under former prime minister Peter O’Neill. Marape, who was finance minister at the time of the deal, set up the
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