Prime Minister Marape welcomes Commission of Inquiry into UBS Loan.

UBS loan inquiryGovernmentMedia Release 4th July 2019
Prime Minister Hon. James Marape, MP
The Prime Minister, Hon. James Marape, MP, has proposed to Parliament for a Commission of Inquiry to be established to inquire into the UBS Loan transaction between the State and Union Bank of Switzerland (UBS). 

This follows a report presented by the Ombudsman Commission on the inquiry into the UBS Loan in April 2019. The report concluded with an alleged wrong doing by the public office holders including the Prime Minister himself in the former capacity as the Finance Minister. 

“I welcome the tabling of the report by the Ombudsman Commission into the UBS Loan transaction, and I expressed my utmost support for the debate, so that the Parliament is given the opportunity to discuss the report 

“In my statement, I said quite clearly that I simply acted upon the NEC Decision No 79/2014 and other various NEC decisions. 

“I do not see this as a breach of the Leadership Code, however I am happy to respond accordingly, said the PM. 

He said the Report only discussed the part played by the Government and its public officials as they are subject to the Leadership Code, rightly so under the Constitution and the Leadership Code. 

The Terms of COI will be developed in consultation with the key Government Agencies including the Department of Justice and Attorney General whereby it is including both public and non-public office holders such as Oil Search Limited, UBS, and internal and external advisors involved in the Loan transaction. 

“This is very important to ensure that every individuals and organisation is given the opportunity to present their involvements in the UBS Loan transaction, and for the COI to determine whether there was any wrong doing or not, said Mr Marape.

He said that Chief Justice would be consulted for a nomination of a retired Judge with the right credentials on such commercial transactions to undertake the inquiry. 

“I appeal to the public to restrain from making any unsolicited accusations against any individuals or organisations, and their rights to be respected and allow normal course of justice to take its course after the conclusion of the COI,” said PM Marape.