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UBS preyed on ‘poor country like PNG,’ inquiry told

Angus Grigg
Angus GriggNational affairs correspondent
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Investment bank UBS “preyed” on Papua New Guinea, had multiple conflicts of interest and held a gun to the head of cabinet, former Treasurer Don Polye has told the royal commission into the $1.2 billion loan scandal.

In emotional testimony on Friday, Mr Polye said he was given just 40 minutes to approve the loan during a “highly stressed” 2014 cabinet meeting that almost came to blows.

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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
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    Original URL: https://www.afr.com/companies/financial-services/ubs-preyed-on-poor-country-like-png-inquiry-told-20210618-p58284