ClearView Wealth said it has been provided with additional information concerning its independent non-executive director, David Brown, who was arrested and charged by the Royal Papua New Guinea Constabulary earlier this week.
In a statement to the Australian Securities Exchange, ClearView said the charge laid against Brown related to a claim by the Melanesian Trustee Services Limited of an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by PNG’s National Superannuation Fund (NASFUND).
Brown was arrested and charged with one count of conspiracy to defraud under the Criminal Code 1974 (Papua New Guinea) by the National Fraud & Anti-Corruption Directorate of the Royal Papua New Guinea Constabulary on Monday.
ClearView said the charge against Brown has not been proven and that his employer, NASFUND, is fully supporting Brown, believes he has not breached any laws and has stated that it will support him in his defence.
“Brown has assured the board of ClearView that he has acted at all times in accordance with the law and does not consider there is any basis for the charge and will vigorously defend it,” the ClearView statement said.
“Mr Brown has made a valuable contribution to ClearView since he was appointed and the board of ClearView supports his continuing as a director.”