Clarification

ON Aug 2, we reported that police had charged a senior officer of the National Superannuation Fund (Nasfund) with one count of conspiracy to defraud.
The report, headlined “Senior Nasfund officer charged in fraud probe” and quoting an officer from the National Fraud and Anti-Corruption Directorate, said the charge centred on a review of the Nasfund investment portfolio and removal of Melanesian Trustees Services Ltd (MTSL) as a fund manager.
It also said that investigations are continuing into the possible involvement of some other Nasfund officers.
We regret that the report was not entirely accurate although the senior officer mentioned was formally charged in court the next day.
The officer is accused of conspiring with three others by holding a meeting on June 1 this year, appointing one Gheno Minia as their investment manager, and writing a letter dated July 8 to Lawrence Stephens, of MTSL, to “review Nasfund’s investment portfolio with intent thereby then to remove Melanesian Trustee Services as the fund manager of Pacific Balance Fund” (PBF).
Nasfund also states that Bank South Pacific Capital is its investment manager and Melanesian Trustees Services Ltd remains the fund manager of Pacific Balance Fund.
We apologise to Nasfund for the inaccuracies in our Aug 2 report and any inconvenience caused.