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Top-tier law firm Norton Rose Fulbright is under pressure to hand over files from its work on a $1.2 billion loan extended by UBS Australia to Papua New Guinea, which saw the Pacific nation suffer heavy losses.
PNG’s royal commission into the so called “UBS loan scandal”, which got under way last month after being delayed due to the COVID-19 pandemic, heard on Thursday that Norton Rose was resisting handing over its files, despite the client having given approval.
James Renwick, counsel assisting the royal commission, has called on Norton Rose to hand over its files.
Counsel assisting, Australian barrister James Renwick, SC, told the inquiry PNG Prime Minister James Marape had ordered all state institutions to fully co-operate.