ClearView direc­tor off the hook

The Daily Telegraph (Sydney) - - Business Daily -

CLEARVIEW Wealth nonex­ec­u­tive direc­tor David Brown has had a crim­i­nal fraud charge against him dropped by a court in Pa­pua New Guinea.

The charge by the PNG Na­tional Fraud and Anti-Cor­rup­tion Direc­torate has been “dis­missed” by a dis­trict count, ClearView said in a state­ment lodged with the Aus­tralian Se­cu­ri­ties Ex­change yes­ter­day.

Mr Brown was ar­rested last year and charged with one count of con­spir­acy to de­fraud by the direc­torate.

He is also the chief in­vest­ment of­fi­cer of the Na­tional Su­per­an­nu­a­tion Fund in PNG, the na­tion’s largest pri­vate sec­tor su­per fund.

Both the fund, and life in­surer and wealth group ClearView, came out in de­fence of Mr Brown last year.

At the time, ClearView said Mr Brown had as­sured the board he acted at all times “in ac­cor­dance with the law”.

The charge con­cerned claims by the Me­lane­sian Trus­tee Ser­vices group of an at­tempt to re­move and re­place the fund man­ager of the Pa­cific Bal­anced Fund by Mr Brown’s Na­tional Su­per­an­nu­a­tion Fund.

Mr Brown joined the ClearView board in late 2012.

David Brown

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