- Sports News : Pacific Games Council welcomes CNMI U-turn [24/05/2019 - Northern Mariana Islands]
- Sports News : PNG Rugby League naming rights sponsor terminated [24/05/2019 - Papua New Guinea]
- News Feature : Hooked on tuna [24/05/2019 - Papua New Guinea]
- News : Samoa to host signing ceremony for post-2020 ACP-EU Treaty [24/05/2019 - Samoa]
- Business News : SINPF buys 15% shares in PNG-based Loloata Island Resort [24/05/2019 - Solomon Islands]
- News : Papua New Guinea PM denies Australian citizenship claims [24/05/2019 - Papua New Guinea]
- News : FSM President hold high level meetings in Washington to discuss Compact provisions [24/05/2019 - Micronesia, Federated States of]
- News : Wamytan elected as New Caledonia Congress president [24/05/2019 - New Caledonia]
- Sports News : Fiji and Samoa join World Rugby Council meeting in Dublin [23/05/2019 - United Kingdom]
- Sports News : Athletics PNG names Samoa Pacific Games Squad [23/05/2019 - Papua New Guinea]
- News : U.S assures FSM, Marshall Islands and Palau it will defend them against outside threats [23/05/2019 - United States]
- News : Work on Niue’s new parliament stalled over land lease issues and court injunction by Opposition MP [23/05/2019 - Niue]
- Sponsored : Oceania National Olympic Committees (ONOC)
Swiss financial watchdog FINMA is in touch with UBS about a 2014 loan to Papua New Guinea (PNG) that prompted a review of whether the PNG government had followed its own borrowing rules, the agency said.
“FINMA is aware of the financial transaction and we are in contact with the bank about this,” it said in a statement, declining to go into further detail about a transaction that has drawn critical comments in the Swiss media.
An independent commission froze the deal in March 2014 to investigate whether the PNG government broke its own rules in taking on an A$1.2 billion (now worth US$847 million) loan from UBS to buy a key stake in oil and gas producer Oil Search.
PNG’s Ombudsman Commission was looking into whether Prime Minister Peter O’Neill followed correct legal procedures in deciding to borrow the money.
The loan came under fire from former Treasurer Don Polye after he was dumped by O’Neill earlier that same month. Polye has said the deal breached budget guidelines and was done without approval from parliament, but others familiar with the transaction said the government did nothing wrong.
Asked about the matter, the bank said: “UBS does not comment on specific client transactions. UBS adheres to strict standards in the due diligence and execution processes of our banking operations.” .
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media