Police Arrest Mr Lawrence Stephens for Illegally Carrying Out Capital Market Regulated Activities in Papua New Guinea
FOR IMMEDIATE RELEASE
09-7-2024
Port Moresby, July 09, 2024 – Mr. James Joshua, Chairman of Taskforce Shield, announced that the National Executive Council is dedicated to safeguarding the investments of Papua New Guineans. In line with this commitment, an inter-agency task force named Taskforce Shield was established in May 2024. The task force’s primary objective is to conduct a comprehensive investigation into the alleged mismanagement and illegal misappropriation of over K200 million from the Pacific Balance Fund by the former Trustee and Fund Manager, Melanesian Trustee Services Limited.
The Pacific Balance Fund was originally established in 1973 through investments made by Papua New Guineans and is currently one of the largest trust funds in Papua New Guinea. Owned by nearly 20,000 unit holders who are citizens of Papua New Guinea, the fund was created as a commercial unit trust derived from the Investment Corporation Fund of Papua New Guinea during the privatization of state-owned enterprises in 2001.
Mr. Joshua stated that, according to an initial findings by the regulator, the Securities Commission of Papua New Guinea, Taskforce Shield was established. The team has been diligently working towards completing its objectives within a three-month timeframe from the date of its inception. He expressed satisfaction with the progress made by the team.
On July 8, 2024, Taskforce Shield launched its first criminal investigation by apprehending Mr. Lawrence Stephens, Co-Chief Executive Officer of Melanesian Trustee Services Limited. He is accused of failing to transfer control of bank accounts and assets valued at hundreds of millions of kina to the interim trustee appointed by the Securities Commission. Additionally, it is alleged that the suspect was involved in managing cash transactions for Pacific Balance Fund’s subsidiary companies.
The Taskforce Shield, overseen by the Honorable Richard Maru, Minister for International Trade & Investment, is further tasked with initiating comprehensive processes to recover assets belonging to Pacific Balance Fund, both within Papua New Guinea and internationally. The primary objective is to ensure that justice is served to those responsible for these offenses. Despite the enormity of the task at hand and the limited timeframe available, Mr. Joshua emphasized that no excuses will be made. The team is committed to delivering a thorough report on this critical investigation to the National Executive Council by mid-July 2024.
Joshua acknowledged that the task ahead is substantial, and the time frame is limited. However, he emphasized that this would not be an excuse, and the full report on this critical investigation will be submitted to NEC (National Executive Council) by mid-July 2024.
Mr. Joshua expressed his gratitude to Honorable Minister Maru and the Marape Rosso government for their courageous initiative in reclaiming assets rightfully belonging to the ordinary citizens of our country. He emphasized the pivotal role financial institutions will play in our nation’s future, especially as mineral deposits and other non-renewable resources are depleted over time. Mr. Joshua highlighted that our economy can be strengthened through the support of robust financial institutions, underpinned by sound monetary policies and prudent financial management. He pointed out that successful economies worldwide are underpinned by the stability and reliability of their financial institutions.
Authorized for Release
JAMES JOSHUA
Acting Executive Chairman-SCPNG/ Chairman-Taskforce Shield
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