A $1.24 billion loan arranged by UBS Australia for the government of Papua New Guinea may have breached 15 laws in the Pacific Island nation, according to the watchdog in Port Moresby, which labelled the deal "highly inappropriate" and "speculative".
The 332-page report compiled by the Ombudsman Commission of PNG outlines a series of possible legal and governance breaches by Prime Minister Peter O'Neill and is set to refocus attention on the role of UBS in providing the loan.
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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
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
