The Papua New Guinea Government has already concluded the 1.1 billion US dollar loan with Swiss Bank UBS to purchase 10.01 per cent shares in Oil Search Limited with the share transfer having taken place on March the 13th.
The Post Courier paper says this means the Ombudsman Commission's investigations will look into what has happened rather than stopping the deal from going through.
Senior government officials confirmed on Monday that the deal has been completed and the shares were already issued to PNG, who is now the second single largest shareholder in Oil Search.
The funds have already been transferred to Oil Search Limited thereby giving it an interest in the the Elk and Antelope gas fields which are expected to provide for PNG's next big LNG project.
Senior government advisors told the Post Courier on Monday that the instruments for the UBS loan were already signed and sealed by the Governor General Of Papua New Guinea Sir Michael Ogio and the Cabinet.
