Police restrained from interfering in security commission

The National Court has granted interim injunctive orders restraining the police from interfering in the role of the Chairman of the Securities Commission of PNG, Alex Tongayu, and the function of the Commission.

The interim injunctive orders were handed down on September 27th against Fraud and Anti-Corruption Directorate Director, Matthew Damaru, and Police Commissioner, Gari Baki.

Tongayu, as the first plaintiff and the Securities Commission as the Second plaintiff, sought the interim injunctive orders.

The orders restrain police from threatening, conspiring, intimidating, arresting or taking steps to arrest Tongayu and interfering in the work of the Securities Commission pending the hearing and determination of the substantive proceedings.

The Substantive proceedings involve the termination of Melanesian Trustee Services Limited (MTSL) as Trustee and Fund Manager of the Pacific Balanced Fund (PBF).

Soon after Oxley Equities Limited, a newly registered company was appointed as Trustee and Fund Manager of PBF, it was alleged by the police that Tongayu had conspired with others to terminate MTSL’s trusteeship of PBF.

Meanwhile, Minister for Trade and Commerce, Wera Mori, following the termination of MTSL Trusteeship of the PBF, directed that the appointment of Oxley be reversed and a proper tender process be conducted.

Mori said this is to ensure there is transparency in the appointment of a Trustee and Fund Manager of PBF.

Last week it was reported in one of the daily papers that the head of Oxley Equity Limited, Kennedy Wemin, was arrested by police after a complaint was laid by MRO, a unit holder of PBF.

Wemin is the former CEO of MTSL.


Cedric Patjole