UBS preyed on ‘poor country like PNG,’ inquiry told
Angus GriggNational affairs correspondent
Investment bank UBS “preyed” on Papua New Guinea, had multiple conflicts of interest and held a gun to the head of cabinet, former Treasurer Don Polye has told the royal commission into the $1.2 billion loan scandal.
In emotional testimony on Friday, Mr Polye said he was given just 40 minutes to approve the loan during a “highly stressed” 2014 cabinet meeting that almost came to blows.
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