Australian authorities told to ‘walk the talk’ on UBS PNG loan

Lisa Murray and Jonathan Shapiro

Apr 26, 2022 – 8.26pm

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A Papua New Guinea cabinet minister has called on the Australian government to take the findings of a royal commission into the 2014 UBS loan affair seriously and investigate whether local authorities should take any action.

Kerenga Kua, PNG’s Petroleum Minister, told The Australian Financial Review that the government was holding a cabinet meeting on Wednesday and would discuss the establishment of a task force to implement the commission’s recommendations. These include a 10-year ban for UBS and referral of the matter to the Australian Securities and Investments Commission.

Lisa Murray is Enterprise Journalism Editor and host of The Fin podcast.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.