UBS can no longer ignore its past misdeeds
If UBS chooses not to engage with the PNG royal commission, it will almost certainly find the $1.3 billion loan was unconstitutional, charged excessive interest and was âfalse and miss-leadingâ.
Jul 16, 2021 â 3.29pm
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For the past four months, a royal commission into an eight-year-old deal most Australians have never heard of, in a country that rarely rates a mention, has been quietly chipping away.
James Renwick, counsel assisting the royal commission, has outplayed UBS.Â
Forced online by COVID-19, the inquiry into a $1.3 billion loan extended by the Sydney office of UBS to the government of Papua New Guinea has heard from prime ministers, chief executives, a cabinet minister and top bureaucrats.
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