MVIL recovers K42m from Aust

 THE Motor Vehicle Insurance Limited has recovered about K42 million ($A20m) from an Australian company it had invested in six years ago.

Independent Public Business Corporation managing director Wasantha Kumarasiri said Woodlawn Capital Pty Limited was ordered by the Australian Supreme Court to repay the money invested in Woodlawn by the previous management of MVIL. 

It had transferred K96 million (about $A43m) to Woodlawn to invest and manage the fund “with the aim of growing the fund over time”.

Kumarasiri said the recovery of the money was a victory for the people of PNG.

“This is the latest outcome in the long-running court case between the parties who are battling over $A26 million (about K53m) still held in bank accounts managed by Woodlawn,” he said in a statement.

The accounts had been frozen by the court since March 20, 2012.

He said the initial transaction was the subject of a challenge in the PNG National Court and Supreme Court by the corporation.

“In relation to the matter in Australia, the IPBC board has approved legal action against those responsible for the losses incurred in the transaction and the establishment of the fund,” he said.

Woodlawn transferred the K42 million to the Gadens Lawyers Trust Account in PNG last December. 

The law firm had provided legal representation for MVIL in the matter since 2011.