If UBS chooses not to engage with the PNG royal commission, it will almost certainly find the $1.3 billion loan was unconstitutional, charged excessive interest and was “false and miss-leading”.
For the past four months, a royal commission into an eight-year-old deal most Australians have never heard of, in a country that rarely rates a mention, has been quietly chipping away.
James Renwick, counsel assisting the royal commission, has outplayed UBS.
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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
