Former PNG Treasurer Reveals NO UBS Loan Documents were tabled in Parliament

The former Papua New Guinea Treasurer in the O'Neill Government says he did not table any documents relating to the Union Bank of Switzerland, UBS loan, on the floor of Parliament in 2014.

Patrick Pruaitch revealed this yesterday to the Commission of Inquiry into the K3-Billion UBS loan obtained by State to acquire 10% shares in Oil Search Limited.  

Mr. Pruaitch says he only delivered a Ministerial Statement on September 5th, 2014, explaining the event that had occurred earlier, but did not table any documentation pertaining to the UBS loan transaction.

Mr. Pruaitch still maintained that a loan of a magnitude of K3 Billion needed Parliament's approval because it involved large sums of money and was done outside of the normal budgetary process.

Mr. Pruaitch was cross-examined on his Ministerial Statement delivered on the floor of Parliament in September 2014, as the then Treasurer, on the acquisition of shares in Oil Search Limited.

 Mr. Pruaitch stated that a Ministerial Statement does not equate to the approval of Parliament for the State to enter into a loan negotiation.

 He says it is the Budget Bills that forms the Appropriation Act, that allows for the State to enter into any borrowing. The former Treasurer stated that a Ministerial Statement is only a statement he delivered at the request of then Prime Minister Peter O'Neill, describing what has taken place.

Mr. Pruaitch further stated that the decision to enter into the UBS loan deal in 2014 was done before he was appointed as the then Treasurer.

NBC News / ONE PNG

Next : Trukai Continues Support for the Goroka Show with K25,000