UBS Loan

Trevor
30/06/2021

It is a 2014 loan provided to PNG during the Prime Ministership of Peter O'Neil.  The loan was not put through the necessary approval process due to the urgency of PNG requiring money or so the former Prime Minister says. 

UBS is a global firm providing financial services in over 50 countries.  UBS Group AG/UBS Group SA/UBS Group Inc. ("UBS") is a public company incorporated under the laws of Switzerland and with registered and principal offices in Zurich.  UBS is listed on the Swiss Stock Exchange (SIX) and the New York Stock Exchange (NYSE).

Under the deal, PNG borrowed $1.2 billion from UBS to buy a 10 per cent stake in ASX-listed Oil Search. The highly speculative transaction went bad when Oil Search shares fell sharply in late 2014 and PNG was forced to sell out. The Pacific nation is thought to have lost $400 million on the deal, while UBS is believed to have made more than $100 million.

Tags: Peter O'Neil, UBS Loan
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