UBS made $81 million in excessive profits from an overly complex loan to Papua New Guinea, while the investment bank failed to disclose it had structured an option agreement weighted heavily in its favour, a royal commission was told on Thursday.
The commission into the so-called UBS loan affair heard evidence from Dr George Oldfield, a derivatives expert who previously worked at the US Securities and Exchange Commission and the Federal Reserve, who described the deal as a “mess”.
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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
