Former MTSL boss Wemin charged with stealing K2mil

The National National

By Alice Osii
FORMER Melanesian Trustee Services Ltd (MTSL) chief executive and Metals Refining Operations (MFO) director Kennedy Ekel Wemin has appeared in the Waigani Committal Court charged with misappropriating and stealing more than K2 million.
Wemin, from Port Moresby, faces 10 counts of misappropriation and one count of stealing.
Magistrate Mekeo Gauli extended his bail and adjourned the case to Nov 9 for further mention.
Police alleged that between Jan 1, 2014, and Dec 30, 2015, Wemin while being the CEO of MTSL and director for MFO, fraudulently approved capital expenditure funds amounting to K2,124,579.29 for certain companies and businesshouses. MFO was the fund manager for Pacific Balance Fund (PBF) at the time.
It was alleged that Wemin approved a payment of K546,860.70 to go into his private account and paid another K1,577,718.59 to a number of companies, including PNG Power Ltd, which amounted to K2,124,579.29.
Police reports said that in September 2013, MTSL, in its board meeting in Brisbane, approved a capital injection funding of K5.6 million based on a submission by the board of MFO for:

  • K2.6 million for refurbishment of the building and specific equipment required to commence operations; and
  • K3 million minimum funding to commence alluvial buying operations.

Wemin awarded contracts to his business partners and the approvals were alleged to have been done by himself.
Wemin did not comply with the company’s policy.
Police claimed there was no board approval given by MRO for any service contractors and supply ontractors for the supply of goods.
Police alleged that Wemin used his position to unilaterally approve a number of payments worth more than K200,000 each in which he breached the company’s policy, which said that as director he could only approve up to K100,000. It was claimed the policy clearly stated that amounts exceeding K100,000 would require the approval of the MRO board.
Wemin is the current chief executive of Oxley Investments Ltd.