Papua New Guinea lost $US432 million ($576 million) in just 3½ years on a loan arranged by the Sydney office of UBS, far more than earlier estimates, a royal commission into the ill-fated deal heard on Monday.
It is the first time the full cost of the 2014 loan has been made public and will add to pressure on UBS and law firm Norton Rose to co-operate with the inquiry and explain their role in the transaction, which has been branded illegal and unconstitutional.
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Angus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards. Connect with Angus on Twitter. Email Angus at agrigg@afr.com
