PNG Ombudsman Freezes Loan to Govt for Oil Search Stake: AFR
2014-03-25 03:28:59.824 GMT
By Edward Johnson
March 25 (Bloomberg) -- Papua New Guinea ombudsman issues
order freezing progress on loan to government to finance
purchase of 10.1% stake in Oil Search, AFR reports, citing
report in Post Courier newspaper.
* Loan to be frozen until ombudsman completes investigation
into government’s move to regain ownership stake in co.:
report
* “The ombudsman commission is not asserting that there are
irregularities involved nor does it want to interfere with
any development initiatives of the national government, but
to ensure compliance with all the relevant laws,” ombudsman
cited as saying
* NOTE: Oil Search said Feb. 27 it will sell about
A$1.2 billion in shares to Papua New Guinea and will use the
funds to buy 22.8% of a license that includes Elk and Antelope
natual gas discoveries. UBS AG organized the funding for Papua
New Guinea’s stake in the co. NSN N1N90R6TTDUP <GO>
* Link to AFR report: http://bit.ly/1fWgUEh (Subscription
reqd.)
* Loan led to sacking of PNG Treasurer Don Polye, who refused
to sign some of documentation over concerns about the impact
on nation’s budget and sovereign wealth fund: report

