The collar loan: The story behind UBS’ ill-fated PNG deal
More than eight years after big bonuses were paid to UBS bankers its complex and ill-fated PNG deal continues to haunt the Swiss bank.
Peter O’Neill, the former prime minister of Papua New Guinea, was at the epicentre of the controversial $1.3 billion UBS loan that was the subject of a royal commission.
But on Thursday he joined his political foe, current prime minister James Marape, in calling on the Australian branch of the Swiss bank to repay the Pacific Island nation.
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