UBS loan inquiry to be set up soon: Marape

By CHRISTOPHER YANDAWAI

THE Commission of Inquiry into the Union Bank of Switzerland loan investigation report by the Ombudsman Commission will begin soon says Prime Minister James Marape.

Marape made this comment while responding to series of questions raised by Komo Magarima MP, Manasseh Makiba during question time in parliament on Wednesday in regards to the Commission of Inquiry into the UBS loan report.

Last week during parliament session, Prime Minister had announced that a COI will be established to inquire the findings following the tabling of the UBS investigation report by the Ombudsman Commission.

In a bid to know the actual start of the inquiry, Mr Makiba asked the Prime Minister James Marape if he could inform the house, when will the Commission of Inquiry start along with what terms of reference and who is expected to administer it.

Marape in response said the National Executive Council has tasked the Attorney General’s office to appoint a team in its wisdom which will conduct the Commission of Inquiry into the UBS loan report.

‘‘I want the inquiry to be set up quickly and have advised the Attorney General’s office to put up a team together with the terms of reference within a month or so,’’ Marape said.

Marape who is also amongst other leaders who were alleged to be involved in the UBS saga did welcome the findings of the report when it was tabled in the parliament.

“Many individuals who have served the State in various capacities including the former Prime Minister Peter O’Neill, one or two Ministers of State and many heads of departments are mentioned in the report.

“What is quite possibly silent and I’m yet to fully digest the entire report in its totality is the conduct of whether some state-owned companies or companies and banks involved in this entire saga,’’ Marape said.

“The inquiry will dive deeper into the UBS loan, meaning all players involved including lawyers, accountants and the UBS itself.

“It will start with the political leadership all the way down the line in the entire UBS deal so that no stone will be left unturned during the inquiry,’’ Marape reiterated.

“I’m not afraid of the outcome and I would like to see the Commission of Inquiry be established at the earliest to fully ascertain the entire UBS saga and actions taken on those implicated forthwith,” Marape said.

Marape also indicated that if the inquiry certifies him to be actually in anyway implicated in the UBS loan saga, he expects to resign from the office of the Prime Minister.

Meanwhile, former Prime Minister and Member for Ialibu-Pangia, Peter O’Neill has welcomed the report by the Ombudsman Commission on the much famous saga of the UBS loan.

“I welcome it because this matter was referred to the Ombudsman Commission by two members of the opposition who alleged that this was an illegal loan that was acquired by the State to purchase the shares in Oil Search,’’ O’Neill said.

O’Neill further highlighted that the UBS Loan “was acquired to make sure that we purchase the shares in Oil Search which were mortgaged to the Arabs by the then Somare Government”.