A company owned by Papua New Guinea's prime minister won a $US32 million contract to build bridges through an allegedly corrupt procurement process.
The contract was so fraught with problems the Asia Development Bank stopped its payments before the contract was eventually re-tendered.
The Guardian and the investigations group PNGI say Wild Cat Developments, of which Peter O'Neill was the sole shareholder, was awarded the contract in 2014 - three years into Mr O'Neill's first term as prime minister.
The contract was to build 12 bridges in West New Britain, and the ADB was to pay 90 percent of the money.
But a year later, ADB inspectors found only 10 percent of the work had been done, but 60 percent of the money had been paid.
Mr O'Neill sold his shares in Wild Cat soon after the inspectors were sent in.
Today's report said Wild Cat was unqualified, didn't have the capacity to meet the contract, and misrepresented its financial situation to the ADB.
Mr O'Neill's office disputed the allegations, adding that Mr O'Neill did not receive any income from Wild Cat.