The watchdog group, Transparency International Papua New Guinea, says the findings from the current commission of inquiry into the controversial UBS loan must be acted on.
According to TI PNG's Chairman Peter Aitsi, his group is putting the government on notice.
Transparency International PNG's Peter Aitsi Photo: Transparency International PNG
The inquiry is into a loan by the government of about $US1.2 billion dollars to buy shares in Oil Search, the largest oil and gas exploration and development company incorporated in PNG.
The deal, which was broked by Sydney-based consultants of the Zurich-based investment bank UBS, led to a net loss of $US432 million.
UBS reportedly profited around $US83 million in fees, interest and trading revenue from the deal,
The commission of inquiry has heard how the loan was pushed through against cabinet advice and not put before parliament until after it was in place.
Aitsi said TI valued the inquiry but was concerned since many of the people involved in the UBS deal were those that set up the investigation.
"Essentially it will be the same people who will be the recipients of this report so it does ask the question, it beggars the question, that will they be committed to taking any action because some of them maybe the individuals that are prosecuted," Aitsi said.
He said they will be watching the prime minister, James Marape, carefully, because "importantly the Prime Minister had made a commitment to initiate this inquiry".
"So really, we will be watching him very carefully in terms of how he honours that commitment, as and when the commission of inquiry is concluded and any resulting action coming out of the recommendations made by the commission."
Marape was finance minister at the time of the UBS deal in 2014.
The prime minister at the time, Peter O'Neill, who is believed to have driven the deal through, told the inquiry earlier this month that parliamentary approval wasn't required.
He said cabinet had approved it but it is known that some in cabinet were strongly opposed to the deal, including the then treasurer, Don Polye, who lost his job as a result.
Polye had said such a loan was reckless and breached PNG's mandated fiscal debt ceiling.
