Pacific Balance Fund (PBF)

For the next 3-4 months as Interim Trustee to PBF, it will address PBF issues.

Paul shared that PBF’s profile shows it is one of the largest equity fund in PNG that consists of blue-chip companies in PNG like Trukai Rice, Toyota Tsusho, BOC Gas and Origin Gas to name a few.

Chairman for SCPNG, James Joshua said the appointment was after the cancelation of the Melanesian Trustee Services Limited (MTSL) as a Trustee and Fund Manager for the PBF.

He said the changes were pursuant to the Commission’s powers under section 48(1)(a), (2)(a)(i)(iii), (5), (10) and Section 202 of the Capital Market Act 2015.

The commission has now tasked Weathermen to fix up PBF and other key deliverables that includes;

The PBF is one of the country’s largest equity funds that is owned by nearly 20,000-unit holders.

Chairman of SCPNG, James Joshua, stated that investigations on the performance on MTSL commenced on the 29^th of June, 2023 and several breaches of MTSL’s fiduciary duty to unit holder that had been identified.

Minister Maru raised concern that PBF has regressed in its growth while other similar unit trusts managed by the Mineral Resources Development Company (MRDC) grew tremendously from K680 million in 2008 to K7 billion net worth to date.

Ha added that the Mineral Resources Lihir Ltd (MRL) has also grown fund from K60 million in 2009 to K700 million presently while PBF’s net worth assets was K556 million in 2018. At the end of 2021, PBF was worth K584 million.

The PBF fund established in 1973 has not grown to meet expectations over the years.

On the back of winning last year’s pageant, PBF will this year sponsor 19-year-old Melody Leke