Ex-insurance boss convicted of misusing nearly K1mil

THE WAIGANI National Court yesterday convicted a former chief executive officer of an insurance company for misappropriating close to K1 million.
Acting Judge Laura Wawun-Kuvi in finding Robert Ralewa, 55, of Hula in Central, guilty of one count of misappropriation, said Ralewa’s act of transferring money from Asian Pacific Insurance Brokers Ltd PNG (APBLP) trust account to other accounts online was improper.
“I do not accept that his action was honest and without the intention of defraud,” she said.
“Ralewa claimed that he was not paid his salary over time and therefore he transferred the money as his salary entitlement but bank statement tells a different story.”
“The bank statement shows that Ralewa was paid K7,000 from the company’s operational accounts using cheque,” Justice Wawun-Kuvi said.
She said Ralewa submitted that the money was believed to be rightfully his due to his entitlements as a shareholder of the company.
“The money in the trust account are premium which the broker company is only allowed to look after and not for salaries purposes while the company’s operational accounts take care of the salaries and other operational use,” the judge said.
“The money in the trust account is to be paid to the licenced insurers and only the commission is paid to the APBLP operating account.
“Ralewa was aware of the process of the payments under the cheque system which was the established method.
“It was an ongoing process and he was aware that the money was to be remitted to insurers and not for salaries and entailments.”
She said Ralewa’s action of transferring K58,500 directly from APBL into another account was dishonest and fraudulent.
“In terms of the K873,300, I also find that Ralewa was dishonest and with intent to defraud.
“Salary is different from the shareholder agreement which was subjected to the dividend of the company’s profit.”
The matter will return on May 24 for pre-sentence report.