Securities Commission of PNG

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.

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.

The interim injunctive orders were handed down on September 27^th 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.