David Brown, a non-executive director of ClearView, has been arrested and charged in Papua New Guinea.
Mr Brown, who was appointed to the ClearView board in October 2012, was arrested by the Royal Papua New Guinea Constabulary on Monday, 30 July 2018.
According to a statement by ClearView posted on the ASX this morning, the charges concern a claim by Melanesian Trustee Services Ltd of an attempt to remove and replace the current fund manager of the Pacific Balanced Fund by National Superannuation Fund (NASFUND).
"The charge against Mr Brown has not been proved and his employer, NASFUND, is fully supporting Mr Brown, believes he has not breached any laws and has stated that it will support Mr Brown in his defence of the charge," said ClearView.
"Mr 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."
Mr Brown is the chief investment officer of NASFUND, which succeeded the PNG National Provident Fund in 2002 and manages $1.75 billion.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Aug 2018Grandfathering is not in consumers' interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- view all