Papua New Guinea's probe into the controversial UBS loan will look at whether the country's leaders breached laws in passing the deal.
LNG Project site (run by project partner Oil Search) in Nagoli, Hela Province, Papua New Guinea. Photo: RNZI / Johnny Blades
The $US1.2 billion state loan was used by PNG in 2014 to buy a stake in the company Oil Search, only to see its share sour with falling oil prices.
The terms of reference for the commission of inquiry, released this week, lays out a tentative 3-month deadline, with work to start on September 2.
The Post Courier reports the inquiry, being led by former chief justice Salamo Injia, will examine the Peter O'Neill-led government's decision to take the loan and its selection of UBS.
It will also look at people and businesses involved with the deal, including PNG's leaders at the time, and the purchase and sale of Oil Search shares.
Under PNG laws, a commission of inquiry can summon anyone to give evidence before it.
On 30 April 2019, members of Papua New Guinea's Ombudsman Commission delivered to the Speaker of Parliament, Job Pomat, its report into the UBS loan. Photo: PNG Ombudsman Commission