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Polye's dramatic evidence to UBS inquiry

Don Polye - about to spill the beans on the K4.2 billion UBS loan


NOOSA - Former finance minister Don Polye has provided a stunning statement of evidence to the UBS Commission of Inquiry, now in its third year.

Led by former chief justice Sir Salamo Injia, the inquiry is investigating whether there was any corruption or impropriety in the PNG government obtaining a $1.2 billion (K4.2 billion) loan from the Union Bank of Switzerland in 2014.

In August 2019, prime minister James Marape announced the inquiry to determine whether any laws were broken when the Sydney office of UBS loaned the money to the PNG government to buy a 10% stake in Oil Search, saying that many questions needed to be answered.

Several prominent leaders, including current and former parliamentarians, have been assisting the inquiry.

Polye, who was finance minister when the loan was secured by the O'Neill government, said he had provided the statement because he believed many laws were broken in obtaining the loan.

He said he had warned the prime minister and other ministers against the loan and soon after was sacked.

He joined the opposition before losing his seat, but has since been re-elected as MP for Kandep Open.

Polye described the loan as illegal and unconstitutional and said the documents presented to the inquiry concerned the loan, what it meant, its conditions and other relevant information.

His hearing is scheduled for later this month.

Source: FM100 News


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