After 36 years and good economic growth and healthy budgets, the nations’ health was being squandered and concentrated in the hands of a few leaders, said O’Neill.
He said his government would diligently steer the country away from bankruptcy.
The prime minister said his government had uncovered corruption in places like National Planning and Monitoring Department and the Independent Public Business Corporation.
O’Neill said a massive cleanup exercise is underway to expose corrupt practices and prosecute those involved.
An investigative team has been established to probe various financial abuses and suspicious financial transactions that occurred during the final months of the last government.
Meanwhile, police have arrested and charged the former member for Madang, Alois Kingsley, with misappropriation.
The charge relates to the controversial $56.6 million sovereign community infrastructure Treasury bill issued for development projects in Kokopo district.
Kingsley was arrested at Tokua airport in East New Britain as he was about to board the early morning flight to Port Moresby last Thursday.
Kingsley was arrested and taken to Kokopo Police Station where he was interviewed and formally charged.
The charges relates to $2.9 million part of the Sovereign Community Infrastructure Treasury Bill issued by Nasfund through National Capital Limited.
This is the first arrest relating to the controversial issue.
