ClearView director off the hook
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.