UBS Australia could face a 10-year ban from doing business in Papua New Guinea over its role in a controversial $1.3 billion loan to the Pacific nation, which has been the subject of a royal commission.
Counsel assisting the commission has recommended the Swiss bank’s Australian unit, law firm Norton Rose and certain individuals involved in the 2014 transaction be banned from conducting business in PNG for up to 10 years.
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Jonathan 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 is Enterprise Journalism Editor and host of The Fin podcast. Connect with Lisa on Twitter. Email Lisa at lmurray@afr.com
