NASFUND executive cleared of criminal charges
Last week Friday, at the Waigani District Court Port Moresby, the criminal charge laid against NASFUND Chief Investment Officer, Mr David Brown, on 30th July 2018 was dismissed following six months of repeated failure to produce a credible case against him.
In a released statement from the Chairman of the superannuation fund Mr Hulala Tokome stated that in the process of defending an obviously spurious charge, Mr Brown and his family have endured prolonged distress, not to mention the considerable disruption to the ordinary business of the fund itself.
“The NASFUND Board is pleased with the Court’s ruling, justice has prevailed, and David Brown’s professional reputation is restored.
“Importantly, the court’s decision recognises the good governance and regulatory obligations of the Superannuation Industry in PNG and those entrusted to implement the same.
“With this matter put to rest, we can now move on and concentrate on the bigger issues of looking after the interests of our members,” Mr Tokome stated.
NASFUND (National Superannuation Fund of Papua New Guinea) is an Approved Superannuation Fund under the Superannuation Act 2000 representing the retirement savings of over half a million members with assets of K5 billion.
Among a broad and diverse balanced portfolio, NASFUND has an investment representing around K100 million in a unit trust called the Pacific Balanced Fund (PBF) as its largest single unit holder with 20.33 per cent of issued units.
The manager and trustee of the Pacific Balanced fund is Melanesian Trustee Services ltd (MTSL)
MTSL made a complaint to the police in response to a routine letter requesting information including audited accounts for the 2017 Financial year, which was signed by Mr Brown and sent on 18t h July 2018
The National Fraud and Anti-Corruption Directorate (NFACD) of the Royal PNG Constabulary (RPNGC) visited NASFUND offices late Friday afternoon on 27th July 2018 without proper identification, but later that afternoon requested by letter an interview scheduled for 9:00am Monday 30t h
Around 10:40am, after commencing the interview at the Konedobu Police station, Mr Brown was charged with “Conspiracy to Defraud” under section 407 (1) (b) of the Criminal Code (CCA) chapter 262 and at 5pm transferred and incarcerated at the Boroko Police Station.
He was released on bail at 8:45pm the same day
On August 3rd, travel restrictions attached to his bail conditions were waived after application to the National Court allowing Mr Brown to travel into and out of PNG for business and personal reasons at will.
Mr Brown attended The Waigani District Court for Committal hearings on 12 separate occasions over five and a half months for the prosecution to bring their case
On 11t h January Committal Court Magistrate Mekeo Gauli ruled dismissing the case.
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