CEO jailed 7yrs

Main Stories

THE National Court has jailed a former chief executive officer (CEO) of an insurance brokers company seven years for misappropriating more than K900,000 in Port Moresby four years ago.
Acting Judge Laura Wawun-Kuvi at Waigani yesterday when sentencing Robert Ralewa, 55, of Hula in Central, said the money stolen was significant and a serious breach of trust was committed in the offence.
“The offence of dishonesty including misappropriation has not only become regular but is also increasing in your society.
“I have considered the surrounding issues and satisfied that seven years of imprisonment is appropriate,” Wawun-Kuvi said.
It was before the court that Ralewa between Jan 27, 2017 and March 2, 2018 when he was a shareholder and CEO of Asia Pacific Brokers Limited (APBL), created an online account with the Bank South Pacific and made several transections from the company’s trust account to his own company’s (J&R Ltd) account and used it for his personal use.
Ralewa in his defence submission last month said the APBL did not pay him his salary as it supposed to for a period of time and the money he got was rightfully his entitlements.
Wawun-Kuvi said the money in the trust account was not APBL’s money to be used as pleased.
“It was the insurers’ money kept in the trust account,” Wawun-Kuvi said.
She said Ralewa was an educated person who had been dealing with finance and accounts since his first employment in 1982. He is not a simple village person who has no knowledge of the procedures.”