Court grants stay order for Tongayu to fight case

The National National

THE Waigani National Court has ordered police not to arrest Securities Commission chairman Alex Tongayu pending the outcome of his court case.
Justice Oagile Dingake granted the order yesterday after Tongayu appeared in court to move his interim stay application.
Tongayu named the National Fraud and Anti-Corruption Directorate Chief Superintendent Mathew Damaru, Police Commissioner Gari Baki and the State as defendants in the matter.
Tongayu and the Securities Commission are plaintiffs in the case.
Justice Dingake restrained the defendants, their servants and agents from threatening, conspiring, intimidating, arresting or taking any step to arrest Tongayu in connection to matters that relate to the performance of his powers and functions as chairman of the commission.
Justice Dingake also restrained the defendants, their servants and agents from interfering with Tongayu’s performance and functions as chairman of the Securities Commission of PNG.
A copy of the originating summons obtained by The National showed that Tongayu seeks:

  • A declaration that police do not have the power to interfere with the exercise of the regulatory powers and functions of the Securities Commission of PNG; and
  • A declaration that the plaintiffs as the regulator of the capital markets have the discretion to investigate, conduct enquiries independently under the Securities Commission Act 2015 and prosecute offenders by liaising with the public prosecutor in accordance with section 102 of the Securities Commission Act.
    Tongayu is also seeking the court to declare that the actions of the defendants in:
  • Causing a letter dated Aug 13, 2018 to Tongayu directing him to withdraw his letter dated Aug 3, 2018 to the Melanesian Trustee Services Ltd (MTSL) to commence regulatory investigations in MTSL was an abuse of police powers and amounted to interference and infringement of the Securities Commission Act 2015.

Tongayu is also seeking a permanent injunction restraining the defendants and their servants and agents from interfering with the lawful exercise of regulatory powers and function of Tongayu and the Securities Commission of PNG.
The matter returns to court at a later date.