BY CARMILLA KORAIKOVE
UPNG Journalism Student
THE enquiry into K3 billion Union Bank of Switzerland (UBS) loan obtained by the then O’Neill Government is now at a stage of prosecution.
Prime Minister James Marape revealed this on the floor of parliament on Wednesday while responding to questions raised by East Sepik Governor Allen Bird on the progress of the UBS enquiry.
“Now that we have a very detailed report that’s been presented, could the PM inform us which agencies will be taking action on the recommendations, how soon the perpetrators of this fraud be prosecuted to the full extent of the law, and when can we expect that the resources of the people of PNG that was squandered in this instance be recovered and brought back to the country,” Governor Bird asked.
The Governor went on saying most parliamentarians are concerned that a lot of money were spent on public inquiries and the issues arising that they hardly see actions on the recommendations that come from those findings.
PM Marape said “this enquiry will not be collecting dust like many other enquiries that have been conducted in the past”.
He said the enquiry is now at the stage of prosecution where it is being assessed and to be prosecuted by police, ICAC, Ombudsman Commission as well as others that are being asked to look into the findings of the UBS enquiry.
“These agencies will assist the government to find people who breached the laws of this country and most importantly, is for us to seek restitution for the money we wasted through this unfortunate transaction that the PNG people lost over a billion kina.”
“We are on the lookout for a litigation firm to go after UBS; as per the report’s findings, UBS can payback PNG over US$300 million (K1.5 bliion).”
“We are also in the process to engage an international litigation firm to go after UBS and recoup this money that was illegally transacted through the UBS transaction,” PM said.
The Prime Minister added that those found guilty of part-taking in this offence will be held accountable.
