PNG opposition to pursue PM over UBS loan

11:43 am on 22 October 2015

Papua New Guinea's opposition leader Don Polye says he will file two fresh legal challenges against the government and the prime minister, Peter O'Neill.

According to EMTV Online, the cases are in relation to the controversial UBS loan of US$1.2 billion to buy a 10 percent stake in PNG's leading oil exploration company, Oil Search, and the impending sovereign bond deal.

Mr Polye says he will also pursue criminal charges against Mr O'Neill for unlawfully concluding the UBS transaction.

He says he will file a fresh affidavit disclosing new evidence to the courts as an extension to his existing case to have the courts declare the UBS deal as illegal and corrupt.

Mr Polye has also raised questions relating to the proposed National Executive Council's policy to create a sovereign bond.

The UBS loan controversy had earlier been referred to the Leadership Tribunal but proceedings were halted with a procedural challenge.