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The collar loan: The story behind UBS’ ill-fated PNG deal

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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Jonathan Shapiro
Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Lisa Murray
Lisa MurrayEnterprise Journalism EditorLisa Murray is Enterprise Journalism Editor and host of The Fin podcast. Connect with Lisa on Twitter. Email Lisa at lmurray@afr.com

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Original URL: https://www.afr.com/companies/financial-services/the-collar-loan-the-story-behind-ubs-ill-fated-png-deal-20220421-p5af7n