No PNG fraud charge for Clearview di­rec­tor

Townsville Bulletin - - NEWS | BUSINESS -

CLEARVIEW Wealth non-ex­ec­u­tive 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 court, 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 Clearview, a life in­surer and wealth group, 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.

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