August 1, 2018 / 10:08 PM / 2 months ago

UPDATE 1-ClearView Wealth says director arrested over claim by Melanesian Trustee Services

(Adds detail on NASFUND’s support for Brown, background)

Aug 2 (Reuters) - Australia’s ClearView Wealth Ltd said on Thursday the arrest on Monday of independent non-executive director David Brown in Papua New Guinea was regarding a claim by the Melanesian Trustee Services Ltd.

The claim concerns an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by Brown’s employer National Superannuation Fund, ClearView said in a statement.

ClearView added that NASFUND believes Brown has not breached any laws and will fully support him in defending the charge.

Brown has assured ClearView that he has acted in accordance with law at all times and will vigorously defend the charge, the company said.

“The Board of ClearView supports his continuing as a director,” the company said.

The wealth management product provider was informed on Wednesday that Brown was arrested and charged with one count of conspiracy to defraud under the Criminal Code 1974 (Papua New Guinea) by the National Fraud & Anti-Corruption Directorate of the Royal Papua New Guinea Constabulary.

Brown, who has been a director of ClearView since 2012, is the chief investment officer of the NASFUND in Papua New Guinea.

Melanesian Trustee Services was not immediately available for comment. (Reporting by Aditya Soni in Bengaluru Editing by James Dalgleish)

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