SIR Nagora Bogan has been appointed chairman of Oxley Equities Ltd, which has been appointed by the Securities Commission to look after Pacific Balanced Fund.
The commission has revoked the licence of the Melanesian Trustee Services Ltd (MTSL) as the trustee of the Fund and appointed Oxley in its place. Sir Nagora said the paramount concern was to protect the interests of unit holders.
“In that context, our immediate focus will be to undertake the following as required by the Securities Commission of Papua New Guinea:
- Conduct an investigation into the operations of MTSL and PBF and to meaningfully assess all assets and liabilities of PBF;
- review the current trust deed to ensure that it fully reflects the provisions of the Capital Market Act 2015 and submit proposed amendments to the trust deed to the Securities Commission of PNG for approval; and
- to confirm the exact number of unit holders.
“I am advised that the 2017 accounts have not been finalised or audited,” he said.
“We will also focus on completing these matters as soon as practicable. A report on these matters will be completed within three months or a longer period as the National Court may authorise, and presented to unit holders in a duly-convened meeting.”