The only thing I can add is that.. as I understand it, a US...

The only thing I can add is that.. as I understand it, a US investment bank was interested in taking placement stock in KSL to get better (more preferential) access/exposure to the development-funding pipeline/deals in PNG.

Now for some speculation... That it ended up being ADB that took/gained the placement could be a corporate/strategic maneuver (secured through offering a superior placement price) to keep the US bank further out of the development-funding contest. As for ADB's motive, in some way, it would have to be $ I expect..

When I look around the corporate world, it doesn't appear to be hard to spin/sell a story that is supposed to arrest conflict of interest concerns. I think that sometimes the protocols enacted to deal with conflicts of interest are followed.