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The Guardian - AU
The Guardian - AU
World
Lyanne Togiba in Port Moresby and Ben Butler in Melbourne

UBS should be banned from doing business in PNG after loan deal, PM tells parliament

UBS PNG James Marape Peter ONeill Oil
PNG prime minister James Marape.
PNG prime minister James Marape told parliament his predecessor Peter O’Neill should be prosecuted over his role in a controversial UBS loan deal. Photograph: Mike Bowers/The Guardian

The Australian arm of UBS should be banned from doing business in Papua New Guinea for ten years and former prime minister Peter O’Neill should be prosecuted over their roles in a loan that resulted in a huge loss to the country, current prime minister James Marape has said.

A former government led by O’Neill obtained the AUD$1.3bn loan from global investment bank UBS in 2014, in order to acquire a 10.1% share interest in oil and gas exploration company Oil Search Limited. However the price of Oil Search shares soon plunged, with PNG’s shares later sold at a loss.

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